Bearing Market Size to Record 7.6% CAGR Through 2030

The global bearing market was valued at USD 121.30 billion in 2021 and is projected to reach US$ 243.03 billion by 2030, growing at a CAGR of 7.6% from 2022 to 2030.

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Bearings are essential in almost every application that involves motion, and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.

Report Scope of the Bearing Market

The market is estimated to witness considerable growth in the forthcoming years, ascribed to the aim to achieve energy efficiency. Energy-saving and bearings go hand-in-hand. The main objective of this element is saving energy by reducing friction, be it during the rotation of shafts of a transmission or the wheel of a vehicle. Additionally, the rising demand for commercial vehicles is expected to catapult the demand from the automotive sector across the world.

Technological advancements including smart bearings, development of advanced materials and lubricants, and integrating sensor units, are anticipated to provide high growth potential to the market. With the objective of enhancing performance, vendors are incorporating sensor units of the product. Sensor units help digital monitoring of rotation speed, axial movement, load-carrying capacity acceleration, and deceleration. These units are presently being used in conveyors forklifts, road rollers, and electric motors. Furthermore, the integration of IoT capabilities facilitates manufacturers to monitor operations constantly.

The market is mature with a dynamic demand closely related to the state of engineering industries and capital goods. Companies are offering integrated products that significantly decrease the number of bearings that go into an assembled product and reduce the overall cost of equipment. This in turn is also increasing the shelf-life and reliability of the product. Product manufacturers are increasingly investing in R&D to address the intensifying competition by providing innovative products.

Report Highlights

• Asia Pacific is expected to record fastest growing market with majority of market share in 2019.
• The Industry 4.0 trend is one of the prime drivers which is anticipate to lift sale of bearings as industrial and factory automation gets thrust during years to come
• Europe emerged as second largest bearing market due to presence of high number of automotive firms in the region
• Augmented demand for dedicated bearing solutions that cater several industry specific specifications is expected to lift the demand of bearings worldwide
• Automotive sector accounted for higher market share in 2019 due to upsurge in the global automotive production

Regional Insights

Asia-Pacific region accounted revenue share of over 40% in 2021. The countries such as China and Japan are driving the bearings market growth in Asia-Pacific, where sales are predicted to surge in the next few years due to rapid expansion of machinery and automobile manufacturing, as well as a robust aftermarket for industrial equipment and automobile repair.

Sale of automotive bearings is projected to surge in the nations of Asia Pacific, primarily in India, China and Japan during coming years. Growing demand for vehicles specifically passenger cars and two-wheelers by more than 1/3rd of the world population concentrated in India and China supports the sale of automotive bearings in these nations. Bearing market is projected to experience steady growth for automotive bearings by matured markets of North America and Europe. Emerging countries such as South Africa and Brazil are anticipated to record high growth rate during forecast period.

Some of the noteworthy companies in the bearing market include:

• SKF
• The Timken Company
• Rexnord Corporation
• MinebeaMitsumi Inc.
• NSK Ltd
• Schaeffler AG
• RBC Bearings Incorporated
• JTEKT Corporation
• NTN Bearing Corporation
• Danaher

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Market Segmentation

By Product Type

• Plain Bearing
• Ball Bearing
  • Four-point Contact
  • Self-aligning
  • Deep Groove
  • Angular Contact
  • Others
• Roller Bearing
• Others

By Type

• Mounted Bearing
• Unmounted Bearing

By Material Type

• Metal
  • Stainless Steel
  • Chrome Steel
  • Carbon Steel
  • Brass
  • Others
• Plastic
• Ceramic

By Distribution Channel Type

• Offline
• Online

By Component Type

• Cages
• Balls
• Rollers
• Rings
• Others

By Application Type

• Construction
• Aerospace
• Automotive
• Power Transmission
• Oil & Gas

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

Why should you invest in this report?

If you are aiming to enter the global Bearing market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Bearing market are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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