The global bearing market was USD 127.72 Billion by 2021. Between 2023 & 2032, it is projected to expand at a compound annual growth rate (CAGR) of 7.6%.
Bearings can be found in every type of machine or equipment. They are used for everything from automobile parts and farm equipment to household, aerospace, and defense equipment. There are many applications for bearings in the automotive industry, including engine, interior, wheel hub, transmission, and engine. The demand for technology-enhanced solutions has increased with the increasing production of automobiles. Over the past few years, there has been an increase in demand for bearings with greater efficiency, less maintenance, and longer service lives.
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Roller bearings have cylindrical rolling components and are used for heavier weights, whereas ball bearings have spherical rolling elements and are used for lighter loads. Linear bearings are used to move along shafts in a straight line and may also be able to rotate. Mounted bearings are pre-assembled bearing assemblies fixed to frames and other structures to support the ends of shafts and other structures.
Bearings are a type of machine component that aids in the reduction of friction between moving elements by allowing them to move relative to one another. Bearings are required for automobiles, mining machinery, wind turbines, agricultural equipment, and machine tools. It is used in autos to ensure the smooth operation of electric and other vehicles. The bearings market is expanding rapidly due to the rising usage of bearing materials in different end-use industries, including electric cars and rolling mills. In the automobile sector, technical developments have boosted bearing goods’ overall efficiency and shelf life.
- The expansion of the industrial and automotive industries is directly linked to the growth of the bearing market. Increased commercial vehicle manufacturing is a critical driving element in the bearing industry. Furthermore, rising building activity throughout the world boosts the worldwide bearing market.
- In 2021, the Asia-Pacific area will account for more than 39% of total sales. Countries like China and Japan drive bearings market growth in Asia-Pacific. Sales are expected to skyrocket in the coming years due to the fast expansion of machinery and vehicle manufacturing and healthy aftermarkets for industrial equipment and automobile maintenance.
- Europe is expected to experience favorable growth because of its supportable economic growth and augmented investments. Europe is experiencing a boom in the bearing market due to increased sales and production of hybrid and electric vehicles and the expansion of the automotive and automobile industries.
Fluctuating Raw Materials Prices Can Restrain Market Growth
The cost associated with the market is one of its fundamental limitations. About 62% of the revenue generated by a manufacturer comes from raw materials. Changes in the market’s economic environment affect the prices of raw materials. Their price is affected primarily by global price fluctuations since alloy steel and high-grade steel is used in bearings. These factors challenge bearings manufacturers to produce high-quality products at affordable prices. Bearings are also subject to regular maintenance, which is necessary to ensure a longer life and avoid failures. This leads to higher maintenance expenses. Fluctuating raw material prices and continuing maintenance costs have hampered global market growth.
Market Key Trends:
Increased competition and continuous innovation are two key market trends.
- March 2021: NTN Corporation’s Tenter Clip Bearing has been developed to improve the reliability of film stretching machines within the packaging industry.
- March 2021: SKF released an update to their app, which provides instant information about super-precision bearings. Customers can scan their product code to get product information. The app’s updation will combine bearings data within the set and enhance traceability.
- December 2020: Timken Company announced its acquisition of Aurora Bearing Company. (Aurora) is a company that supplies off-highway equipment, packaging, and aerospace & defense sectors with plain spherical bearings.
- NTN Corporation
- Daido Metal Company Ltd
- JTEKT Corporation
- Schaeffler AG
- Aurora Bearing Company
- NSK Global
- NTN Bearing Corporation
- Timken Company
- Schaeffler Group
- Other Key Players
By Product Type
- Ball Bearing
- Roller Bearing
- plain bearing
- Railway & Aerospace
- Others Applications
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