Market Introduction The global bearings market held a market value of USD 76,418.9 Million in 2022 and is forecasted to reach USD 120,054.1 Million by the year 2030. The market is expected to register a CAGR of 6.7% during the forecast period.
Increasing utilization of bearing in motor, the demand for automotive electrification, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars are anticipated to boost the market growth. Also, bearings are used in all kinds of machines and equipment, such as household appliances, aerospace & defense equipment, farm machines, and automobile parts, among others.
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This wide range of applications is also estimated to boost market growth. Despite the driving factors the increasing sales of counterfeit products are estimated to hinder the market growth. During the COVID-19 pandemic, the market experienced a decline in growth due to supply chain disruptions.
The automotive sector, which is one of the largest consumers of bearings also faced losses, which negatively hampered the market growth.
Increasing demand for bearings in energy-efficient cars Modern automobiles, including cars, are aiming towards achieving maximum vehicle uptime, a better total cost of ownership, and utilization. Bearings are one of the most vital components for the performance enhancement of all the rotating parts. They also have applications in achieving lower system noise. The modern bearings are far more technologically advanced and refined as compared to the traditional bearings. They are increasingly being used in the manufacturing of modern powertrains, which are fuel-efficient as well as lead to lesser emissions. This is estimated to fuel the market growth.
Government initiatives to drive the manufacturing industry Globally, most nations have favorable government regulations and policies to manufacture safe products. For instance, the regulatory framework in India is supported by 3 government institutions the Ministry of Heavy Industries & Public Enterprises, the Bureau of Indian Standards, and the Ministry of Labour & Employment. The country also has favorable policies, such as the National Policy on Safety, Health & Environment at Workplace 2009 and National Capital Goods Policy 2016, among others. These help in setting standards & compliance on safety, health & environment. They also help in promoting exports, increase domestic production, technology improvement, mandatory standardization of machines & equipment by adopting ISO, reduce sub-standard imports through standardization, and skill development. All these factors support the manufacturing sector, hence boosting the market growth.
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Segments Overview: The global bearings market is segmented into product, size, material, industry, and industrial.
By Product, Ball Bearings o Deep Groove Ball Bearings o Self-Aligning Ball Bearings o Angular-Contact Ball Bearings o Thrust Ball Bearings
Roller Bearings o Tapered Roller Bearings o Spherical Roller Bearings o Cylindrical Roller Bearings o Needle Roller Bearings
Mounted Bearings Linear Bearings Slide Bearings Jewel Bearings
The ball bearings segment held the largest market share of around 42%, due to their high demand, as they have small surface contact and hence, decrease the friction to a great extent. Within the ball bearings segment, the angular-contact ball bearings segment is expected to witness a growth rate of 7.4%. The slide bearings segment is estimated to hit a market value of about USD 5,799.8 million by 2027.
By Size, 30 to 40 mm 41 to 50 mm 51 to 60 mm 61 to 70 mm 70 mm and above
The 30 to 40 mm segment held the largest market share of about 36% owing to its increasing demand for various industrial applications. The 61 to 70 mm segment is estimated to witness a growth rate of about 7.6%.
By Material, Specialty Steel Alloys Plastic Ceramics
The specialty steel alloys segment is expected to hold the largest market share owing to its high usage currently for the manufacturing of various types of bearings. The ceramics segment is anticipated to grow at the fastest rate owing to its rising demand.
By Industry, Automotive o OEM o Aftermarket Industrial o Agriculture o Railway o Mining o Aerospace o Machine Tools o Others
The industrial segment held the largest market share owing to the high usage of bearings in the aerospace and railway sector. Within the industrial segment, the machine tools segment is estimated to grow at a CAGR of 7.1%. By Industrial, OEMs
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Aftermarket The aftermarket segment held the largest market share owing to the strong aftermarket for motor vehicle repair and other industrial equipment. Regional Overview
On a regional basis, the global bearings market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region held the largest market share of around 48% owing to the presence of manufacturing facilities of various companies in the region. The Europe region held the second largest market share owing to the presence of many end-users in countries such as Germany and France, among others.
Competitive Landscape Key players operating in the global bearings market include SKF, Schaeffler India Limited, Timken India Ltd., NRB Bearings Limited, National Engineering Industries Ltd (NEI), SB Industries Private Limited, JTEKT India Limited, NTN Corporation, THB Bearings Co. Ltd, Menon Bearings Ltd, and Other Major Players. Major 6 players in the market hold about37% of the market share. These players are involved in mergers & acquisitions, product launches, and collaboration, among others. For instance, in August 2021, NTN Corporation announced the development of a low torque plastic bearing which is expected to contribute to lower fuel consumption in automobiles by reducing the torque by 30%, as compared to the conventional bearings.
The global bearings market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global bearings market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players. Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments The exports of bearings globally
The global bearings market report answers questions such as:
What is the market size and forecast of the Global Bearings Market? What are the inhibiting factors and impact of COVID-19 on the Global Bearings Market during the assessment period? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Bearings Market? What is the competitive strategic window for opportunities in the Global Bearings Market? What are the technology trends and regulatory frameworks in the Global Bearings Market? What is the market share of the leading players in the Global Bearings Market? What modes and strategic moves are considered favorable for entering the Global Bearings Market?
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