The Global Bearings Market was worth US$ 130 billion in 2022 and is anticipated to reach a valuation of US$ 206 billion by 2028 and is predicted to register a CAGR of 8.00% during 2023-2028.
Market Overview:
A bearing is a component of the machine that allows free movement of the moving parts of the machine. Various types of bearings are used in different kinds of machines, like rotary, shaft, ball, and plain bearings. The main function of a bearing is to reduce friction among the components. The main function of a bearing is to assist the rotation of the part to which it is attached. Airplanes, generators, gears of automobiles, and also everyday equipment like AC and vacuum cleaners have bearings in them.
Market Drivers:
Rising sales of automobiles are one of the biggest drivers of the bearings market. An average car has more than 35 bearings of various sizes fitted in various components. Now advancements in the automobile industry, like the growing demand for Electric Vehicles (EVs), are also reasons for the increasing demand for the bearings market. Also, as railways are improving with time, this boosts the bearings market as bearings are also being used in railway engines.
The growing food industry is acting as a driver for the bearing market as the food processing machines also require various kinds of bearings. Similarly, medical devices also bear bearings in the devices.
it can be said that the growth of the automobile industry, improvements in railways, and technical advancements in the medical and food processing industry are the major factors that drive the bearings market toward growth.
Market Restraints:
The long-lasting life of the bearings is the biggest restraint for the bearings market. Most of the time, the life of a bearing is more than the machine in which it is being installed. Therefore, a very less amount of bearings is changed in any kind of industry. Due to this, the bearings produced are only for the new equipment being manufactured.
Insufficient lubrication or leakage can be the possible reason for damage to bearings. This minor damage can affect the working of the whole machine. This can affect the bearings market negatively and impact the market value negatively.
Market Opportunities:
Increasing demand for renewable energy sources in the form of wind energy can be a great opportunity for the growth of the bearings market. The wind turbines use bearings in the propellers and shaft, and the power-generating setup has rotating parts that need bearings for smooth movement.
New kinds of asymmetric ball bearings are being produced for modern machines, which can increase productivity and reduce the heat generated while moving the parts.
Market Recent Developments:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 – 2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023 - 2028 |
|
CAGR |
8.00% |
|
Segments Covered |
By Type, Product, Application, and Region. |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
NTN Bearing Corporation, Danaher, SKF, The Timken Company, Rexnord Corporation, NSK Ltd., JTEKT Corporation, and Others. |
Market Segmentation:
The mounted bearings are leading the bearings market. The mounted bearings come assembled to the consumer and must be mounted in the bracket. Their installation and maintenance are much easier in comparison to the unmounted bearings.
The consumers must assemble the unmounted bearings before use, which is a time-consuming and tedious process. The unmounted bearings are less expensive when compared to mounted bearings, but the market value is less due to the prerequisites it has.
The roller bearing is ruling the bearing market. Roller bearings have the highest market share currently and are the fastest-growing segment of all. It is mainly used in machines with functions like rotational friction, supporting axial and radial loads, and sustaining limited axial loads and heavy radial loads.
The ball bearings segment holds the second-largest share of the bearing market. Ball bearings are easier to mount and cost-effective compared to roller bearings.
The automotive industry is leading with the dominant shares of the bearings market. More than half of the bearing market is captured by the automotive industry. In a single vehicle, the bearings are used in parts like gears, suspensions, brakes, wheels, steering, and the car's engine.
The power transmission segment is next in holding significant shares of the market. In power transmission systems, the bearings have applications in generators, motors, and turbines.
The construction segment has the highest growth rate during the forecast period. The bearings are very useful in the construction industry in the machines like bulldozers, excavators, and cranes.
Market Regional Analysis:
The Global Bearings Market Report includes the segmentation of regions:
Asia Pacific region is ruling with the dominant shares of the bearings market. The region's dominance is due to the presence of major automobile companies like Suzuki, Mahindra, Hero, and Toyota. In the aerospace industry due, the rapid growth of the number of air travelers in the region also increases the need for the manufacturing of new aircraft. Growing air travelers across the world and the increasing need to manufacture high-quality aircraft are gearing up the shares of the market.
North America is positioned second in leading the prominent shares of the bearings market with the rise in support from both the private and public sectors through investments in automobiles.
Europe is deemed to showcase the highest CAGR by the end of 2028, with the increasing economy in developed countries like Germany, Italy, and Spain.
Market Key Players:
Frequently Asked Questions
The Global Bearings Market is expected to grow with a CAGR of 8.00% between 2023-2028.
The Global Bearings Market size is expected to reach a revised size of US$ 206 billion by 2028.
NTN Bearing Corporation, Danaher, and SKF are the three Bearings Market key players.
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