The bearing market in Europe is growing prominently. The European bearing market is expected to grow at a CAGR of 10.03% from 2023 to 2028, and the European market is expected to be worth USD 40.63 billion in 2023 and USD 65.53 billion by 2028.
Bearings are the only used component in equipment and machines. The usage of bearings can be noticed in several industries, including automotive, agriculture, defense, aerospace and others. The growing need for machines and equipment in various industries across Europe is primarily driving the European bearing market growth. Several industries are growing at a promising pace in Europe and are demanding a greater number of machines to accelerate productivity and address people's growing needs.
The growing manufacturing of vehicles in Europe is another major factor propelling the growth of the Europe-bearing market. Europe is the birthplace for several automotive companies and the consumption of bearings is high in the automotive industry compared to several other industries. The increasing ownership and growing popularity of electric vehicles in Europe are fueling the manufacturing activities of these vehicles and the usage of bearings, which is contributing to the European market growth. Technological advancements, growing emphasis on fuel efficiency by automotive manufacturers, and an increasing number of sustainability initiatives in the automotive industry across the European region are further promoting the growth of the European bearing market.
The growing renewable energy industry in Europe, especially wind energy, is promoting the growth of the European bearing market. Bearings are one of the integral components in wind turbines, and the number of wind turbine installations in wind farms has been considerably growing in the European region, which is accelerating the usage of bearings in wind turbines and contributing to the European market growth. Europe is keen on increasing its solar energy capacity and putting significant efforts to achieve this. As part of this, the European region has been installing several solar panels and using solar tracking systems to follow the movement of the sun in order to capture the maximum energy. Bearings are used in solar tracking systems, and an increasing number of installations demand an increased number of beards, resulting in the growth of the bearing market in the European region.
The growing usage of bearings in the aerospace and defense industry in Europe, an increasing number of construction and infrastructure projects, technological innovations in the design and materials of bearings, and the policies and initiatives of the governments of European countries to support industrial growth are promoting the growth rate of the European bearing market.
The economic instability in Europe is badly affecting the industrial activities in Europe and resulting in the reduction of bearings, which is one of the key restraints to the European bearing market. The recent COVID-19 pandemic affected Europe's market growth negatively and the impact is still continuing. However, the situation is expected to get better very soon. Stringent regulatory policies, technology disruptions, environmental concerns, and shifts in automotive trends are further hindering the European market growth.
This research report on the Europe-bearing market has been segmented and sub-segmented into the following categories.
Europe Bearing Market – By Product:
The ball bearings segment was the biggest segment in the European market and accounted for the leading share in 2022. The ball bearings segment is also anticipated to showcase immense potential during the forecast period owing to the growing demand for ball bearings from the automotive industry to achieve a smooth and efficient operation in automotive components and the increasing adoption of ball bearings in various other industries such as robotics.
The roller bearings segment is anticipated to account for a considerable share of the European market during the forecast period.
Europe Bearing Market – By Application:
The automotive segment dominated the European bearing market in 2022 and is estimated to grow at a promising CAGR during the forecast period. The growing automotive industry, increasing manufacturing of electric vehicles, and rising emphasis on fuel efficiency are majorly driving the growth of the automotive segment in the European market.
The mining and construction segment is anticipated to grow at a prominent CAGR during the forecast period. An increasing number of infrastructural development projects in Europe are fueling the demand for construction equipment, including bearings, and propelling the growth of the mining and construction segment in the European market.
Europe Bearing Market – By Country:
Germany accounted for the largest share of the European market in 2022. The bearing market in Germany is also estimated to witness a notable CAGR during the forecast period. An increasing number of manufacturing and industrial activities, the presence of several automotive companies, increasing vehicle production, rising emphasis on high-performance bearings and an increasing number of investments for technologically enhanced bearings are propelling the German bearing market primarily.
France is anticipated to account for a substantial share of the European market during the forecast period owing to the growing aerospace industry, an increasing number of high-speed rail projects, and the rising emphasis of the French government on the renewable energy sector.
Italy is another lucrative regional market for bearings in Europe and is expected to grow at a healthy CAGR during the forecast period. The growing agricultural machinery market in Italy and rising investments in the Italian construction industry are majorly driving the growth of the Italian bearing market.
KEY MARKET PLAYERS:
Companies playing a prominent role in the Europe bearing market include SKF AB, Schaeffler AG, NTN Corporation, Timken Company, NSK Ltd., JTEKT Corporation, MinebeaMitsumi Inc., NRB Bearings Ltd., RBC Bearings Incorporated, and Wafangdian Bearing Group Corporation.
Frequently Asked Questions
The bearing market in Europe is growing prominently. The European bearing market is expected to grow at a CAGR of XX% from 2023 to 2028 and the European market is expected to be worth USD XX billion in 2023 and USD XX billion by 2028.
The automotive and industrial machinery sectors are major contributors to the growth of Bearings in Eastern Europe.
An increasing number of manufacturing and industrial activities, vehicle production, emphasis on high-performance bearings, and investments in technologically enhanced bearings are propelling the German bearing market primarily.
Companies playing a prominent role in the Europe bearing market include SKF AB, Schaeffler AG, NTN Corporation, Timken Company, NSK Ltd., JTEKT Corporation, MinebeaMitsumi Inc., NRB Bearings Ltd., RBC Bearings Incorporated, and Wafangdian Bearing Group Corporation.
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