The North American bearing market size is estimated to grow at a CAGR of 4.2% during the forecast period 2024 to 2029.
The bearing market growth in North America is leading with the increasing use of bearing in various applications. Bearings have longer service lives, and the demand for using them in every kind of equipment, especially in automobiles, aerospace, and others, is increasing daily. Also, rising investments in the production of bearings with the growing number of applications greatly favours the North American market growth.
Manufacturers are focusing on launching lightweight products with the increasing demand to increase the performance and energy efficiency in automobiles, accelerating the market's growth rate. In addition, the demand to increase the number of food processing equipment in the USA is greatly prompting the growth rate of the market. Leitrim, a global leader in food processing equipment in the US, has launched innovative food processing machinery, which is fully automated equipment for tree nuts and vegetables. Bearings are widely used in food processing equipment as they are the right fit to resist the chemical changes exposed to food materials.
Penetration of modern technologies in launching specialized bearings in favor of the end users is ascribed to bolster the growth opportunities for the market in the coming years. The specifically designed bearings are to meet the industries' specific requirements and overcome the earlier challenges. Wind turbines are anticipated to leverage the demand for the bearings in the applications to gear up the turbine performance. Also, the use of bearings in this application is expected to level up energy efficiency and reduce lubricant consumption. The trend towards the adoption of the agricultural Internet of Things to monitor the equipment and machinery continuously is set to create huge growth opportunities for the bearings market in North America.
However, a lack of knowledge of the availability of the latest products, especially in remote areas, is limiting the growth rate of the market. People in rural areas are less aware of the new technologies that are acting as a barrier to the sales of innovative products that proportionally decline the market size. Difficulty in finding the exact cause of the bearing failure is hindering the growth rate of the market. If the defective bearing is not identified, then it may cause severe damage to the complete equipment. Therefore, this factor is a major concern for the manufacturers.
The functionality of the bearing depends on its high load speed, which produces a lot of heat that decreases the lifetime of the machinery. This factor is acting as a big barrier to the growth of the North American bearings market. Supply chain disruptions and fluctuations in the availability of raw materials are degrading the market share.
Impact of COVID-19 on the North American bearing market:
North America's bear market faced a declining share during the pandemic. Lockdown restrictions and supply chain disruptions strongly degraded the market share. All the companies, restaurants, schools, and others are completely shut. This situation resulted in reduced demand for the bearings, with a transportation downturn. However, the market share received a positive response from the healthcare infrastructure. During COVID-19 time, the need for ventilators, diagnostic devices, and other medical devices has increased the demand for bearings. E-commerce has significantly driven the market share with increased logistics and transportation for medical needs. The North American bearings market is expected to have prominent growth opportunities as the world slowly approaches pre-COVID terms.
This research report on the North American Bearing market is segmented and sub-segmented into the following categories.
North America Bearing Market - By Product Type:
The plain bearings segment is leading with the dominant share of the market, whereas the ball bearing segment is likely to hold the highest CAGR by the end of the forecast period. Plain bearings are lighter in weight and have a high load capacity. These bearings also cost much less than other types, significantly prompting the segment’s growth rate.
North America Bearing Market - By Type:
North America Bearing Market - By Material Type:
The metal segment is anticipated to gain huge popularity in this forecast period. The plastic and ceramic segment is deemed to have a sustainable growth rate shortly. Plastic bearings have high corrosion resistance and require very little maintenance cost. These advantages are inclined to be adopted more quickly than metal.
North America Bearing Market - By Distribution Channel:
The OEM segment is gaining traction over the market share. According to the requirements, this channel shares a wide range of bearings for the end users. The aftermarket segment is expected to have a significant growth rate in the future.
North America Bearing Market - By Size:
The 30 to 40 segment dominates the largest share of the market. The 51 to 60 size segment is likely to gain popularity in the foreseen years.
North America Bearing Market - By Application:
The electrical segment is ruling with the most dominant share of the market. The construction segment is next in leading the market size, whereas the aerospace segment has the highest CAGR during the forecast period. Increasing demand to raise the number of aircraft with the growing air passengers is a major factor for the aircraft segment to grow eventually in North America.
North America Bearing Market – By Country:
The growing use of bearings by various end users like aerospace, construction, healthcare, and others is leveraging the growth rate of the US bearing market. In addition, the rising demand from the automotive industry to increase the production rate of luxurious vehicles is gearing up the market's growth rate. Along with this, stringent government norms to improve fuel efficiency are ascribed to bolster the market's demand.
Canada's bear market is leading with the highest growth rate during the forecast period. The presence of a huge number of key players is fueling this country's market growth rate. Collaborations and key strategies by these companies are enhancing the market's growth rate.
KEY MARKET PLAYERS:
SKF, The Timken Company, Rexnord Corporation, MinebeaMitsumi Inc., NSK Ltd, Schaeffler AG, RBC Bearings Incorporated, JTEKT Corporation, NTN Bearing Corporation, Danaher are some of the major key players involved in the North American bearing market.
Frequently Asked Questions
As of the latest data, the North America Bearing Market size is estimated to grow at a CAGR of 4.2% during the forecast period 2024 to 2029.
The United States and Canada are the major contributors, accounting for approximately X% and Y% of the market, respectively.
The growing use of bearings by various end users like aerospace, construction, healthcare, and others is leveraging the growth rate of the US bearing market.
Canada's Bearing Market benefits from the aerospace industry, with bearings being crucial components in aircraft engines, landing gear, and other critical systems.
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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