Bearings for Mechanical and Electrical Products Market

Global Bearings for Mechanical and Electrical Products Market Size (2023 to 2028)

The global bearings for mechanical and electrical products market is estimated to be worth USD 977.6 million by 2028 from USD 661.6 million in 2023, growing at a CAGR of 8.12% from 2023 to 2028.

Bearings for mechanical and electrical products are devices used to support the smooth and effective operation of oscillating or rotating parts. They help decrease friction, guide moving parts such as pivots, shafts, and wheels, and support the load. Element (roll, spherical, and ball), plain, and tampered bearings are general types of bearings used for mechanical and electrical products. The selection of the required bearing depends on speed and load. Also, they are chosen upon the maximum load distribution it can process at a defined rate. Bearings are commonly used in ceiling fans, automobiles, electric motors, and many other mechanical and electrical products.

MARKET DRIVERS:

Wide usage of bearings for mechanical and electrical products in daily life activities is one of the major factors driving the growth of the global market. Bearings are widely used in mechanical and electrical products such as automobiles, electric motors, refrigerators, and many other products. The bearings are small, provide low friction, and work under extreme conditions of speed and performance. These technical factors are driving the market growth in the period. Further, the bearings involve a low cost of maintenance and a simple lubrication process supporting market growth. It also has the capability to resist the passing shock, which can fuel market expansion. Moreover, it is cost-effective due to less complex production bolstering the market expansion.

The increasing automation in manufacturing industries provides lucrative opportunities for market growth. The advent of the Industrial Internet of Things (IIoT) and Industry 4.0 is supporting market expansion in the coming years. The increase in people's purchasing power has led to a rise in sales of white-label goods, further providing market growth in the forecast period. Furthermore, the rapid increase in the automobile industry is providing numerous opportunities for market expansion.

MARKET RESTRAINTS:

The lack of technical advancements is primarily hampering the growth of the global market. The bearings with technical limitations can hamper the growth of bearings for the mechanical and electrical products market during the forecast period. Instances such as plastic bearings cannot withstand high temperatures. Further, the current bearing for mechanical and electrical products in the market has a low capacity to withstand any shocks during the process. In addition, they are noisy, and most of the power is lost due to friction, impeding market expansion.

Impact of COVID-19 on the global bearings for mechanical and electrical products Market:

The world went into lockdown to contain the spread of the deadly virus COVID-19. WHO is under pressure to formulate a vaccine and support the infected countries. Most nations have faced humanitarian and economic losses globally. The processing and non-processing industries are having a shortage of raw materials. Limited workforce and low productivity due to pandemic restrictions. Further, there is a supply and demand mismatch in essential goods and services due to supply chain disruptions and economic crises. This outbreak has an economic impact and implications on markets globally, along with bearings for the mechanical and electrical products market. The prime companies have halted or scrapped their projects owing to uncertainties and high production costs. In addition, fluctuations in raw material prices and challenges in production have negatively impacted the market expansion. However, the market is observed to witness positive growth as companies resume their manufacturing facilities at total capacity.

REPORT COVERAGE:

This research report on the global bearings for mechanical and electrical products market has been segmented and sub-segmented into the following categories.

Global Bearings for Mechanical and Electrical Products Market - By Type:

• Ball Bearings
• Plain Bearings
• Roller Bearings
• Fluid Bearings
• Others

The Ball bearings segment holds the largest market share during the forecast period. The ball bearings use balls to maintain separation between bearing races and used to reduce rotational friction and support radial and axial loads. Their wide usage in automobile and food processing industries is driving the bearings for mechanical and electrical products market growth in the period.

Global Bearings for Mechanical and Electrical Products Market - By Application:

• Oil & Gas Industry
• Aerospace
• Mining Industry
• Power Generation
• Food Processing
• Agriculture
• Commercial Applications
• Automotive Industry
• Others

The automotive industry accounts for the largest market share in bearings for mechanical and electrical products market during the forecast period. The automobile industry is experiencing significant growth worldwide, which is driving the market growth. Bearings are the most common devices used for the smooth operation of automotive parts and have easy maintenance. These factors are driving the market expansion in the region.

Global Bearings for Mechanical and Electrical Products Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region holds the largest market revenue and is anticipated to sustain its market share in the bearings for mechanical and electrical products market during the forecast period. There are highly automated companies in well-developed countries such as the U.S. and Canada that are driving the market growth in the region. Further, the rapid growth in population and increase in purchasing power is fuelling the market expansion. In addition, the increase in sales of mechanical and electrical products is propelling the market growth.

The following highest growth is observed in the Asia-Pacific region owing to prominent markets in China and India, and the rise in investment for automation in the region is driving the market growth in the region. 

KEY MARKET PLAYERS:

Altra Industrial Motion, Antifriction Bearings Corporation (ABC) Bearings Limited, Asea Brown Boveri (ABB), Emerson Electric Company, Fujian Longxi Bearing (Group) Corp., Ltd, Harbin Bearings, Kaydon Corporation, Luoyang LYC Bearing Co., Ltd, Nippon Seiko K.K.(NSK), RBC Bearings, Rexnord Corporation, Schaeffler Group, Svenska Kullagerfabriken Aktiebolag (SKF Limited), Timken Company and Wafangdian Bearing are some of the noteworthy companies in the global market.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Fersa Bearings and PFI Bearings joined APRA Europe to support automotive remanufacturers. The companies have made a joint statement about their commitment to the growth and development of the remanufacturing industry.
• In 2023, NSK announced that it would be offering customized pre-assembled bearing units for extremely precise applications. These bearings facilitate high-speed, high-precision operations in devices like encoders, surgical equipment, and optical inspection instruments.