CAGR: 9.2%Current Market Size: USD 116.8 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global bearing market is expected to grow from USD 116.8 billion in 2022 to USD 236.17 billion by 2030, at a CAGR of 9.2% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising technological advancements and increasing demand in various applications of agriculture and the automotive sector etc.
With the reduction of friction between moving machine parts, bearings help restrain relative motion to preferred motion. They offer high durability, precision and reliability with the ability to rotate at a fast speed while minimizing vibration and noise. In the past few years, the market for bearings has seen an increase in demand from industrial growth, as well as more significant demand from infrastructure development. Bearings are widely used in all sectors that require dimension precision. According to Projections, the bearing market will continue to grow as vehicles are produced more and industrialization continues primarily in developing countries. There are a variety of types of bearings, ranging from farm equipment to automobile parts to household machines to aerospace and defense equipment. The automotive sector uses bearings for several applications, including interiors, wheels, transmissions and engines. An increase in vehicle production, growing demand from emerging nations, and the increasing need for technologically advanced solutions are driving the growth of bearing markets in automotive industries around the world. As a result of easy access to raw materials, cost-effective manufacturing, and the presence of various industry participants, the market demand for bearings is also expected to grow during the Projection period due to these factors.
Sample Request: - Global Bearing Market
Market Dynamics:
Drivers:
It is expected that an increase in automobile sales and an increase in the adoption of electric vehicles will drive the demand for electric vehicles. On average, passenger cars contain 35 bearings, which vary greatly depending on their model and technology. A recent advancement in automatic dual-clutch transmissions requires the installation of three additional bearings on the second gearbox main shaft and the dual-clutch shaft.
Restraints:
As a significant market restraint for mounted bearings, counterfeit bearings result in increased costs, dangers, and decreased machine dependability due to frequent bearing failures caused by counterfeit bearings. These bearings are constructed from low-grade materials that are often produced on old machinery by workers earning minimum wage on old machinery.
Opportunities:
Global bearings market demand has been boosted by factors such as an increase in the use of bearings in railways and rolling mills, followed by motors, auto electrification, and continuously variable transmissions. A revolution in the manufacturing of bearings is taking place due to sensor bearing units and the advancement and improvement of additive manufacturing technologies and materials are creating new growth opportunities for the market.
Challenges:
Electronic vehicles will typically have fewer bearings than their counterparts since the engine and its parts have been eliminated. The average number of bearings per electronic vehicle will fall to about 40. This factor is hampeting the market growth.
Segmentation Analysis:
The global bearing market has been segmented based on plain bearing type, ball bearing type, end-user, and region.
By Plain Bearings Type
The plain bearings type segment includes thrust plain bearings, journal plain bearings, linear plain bearings and others. The journal plain bearings segment led the largest share of the bearing market with a market share of around 32% in 2022. As a result, the journal segment accounted for the largest share of the revenue. Journal roller bearings, as well as corrugator bearings, are designed for radial loads that are moderate to heavy, and are classified as 3-piece separable bearings. The bearing is composed of an outer race, a roller assembly and a bearing's entire assembly. Inch and metric journal roller bearings are produced, and they are customized with different widths, grease holes, and key notches according to the industry.
By Ball Bearing Type
The ball bearing type segment includes deep groove bearings and others. The deep groove bearing segment led the largest share of the bearing market with a market share of around 59% in 2022. In terms of bearing types, deep groove ball bearings are widely used and adaptable. They are designed to minimize noise and vibration, allowing for high spinning speeds, as well as being easy to install and needing less maintenance than other bearings. The materials, sizes, and variations of deep groove ball bearings can be adapted to a wide range of applications, including high-temperature industrial applications.
By Application
The application segment includes automotive, railway & aerospace, mining & construction, agriculture and others. The automotive segment led the largest share of the bearing market with a market share of around 34% in 2022. Due to high automotive production globally, this segment holds a large share in the market growth. In addition, the demand for vehicles with technologically advanced solutions is on the rise, resulting in a rise in vehicle manufacture requiring instrumented products. Due to the increase in the demand for highly advanced vehicles and the consequent increase in the capabilities of those vehicles, the automotive industry has experienced an increase in the demand for bearings.
Global Bearing Market- Sales Analysis.
The sale of bearing expanded at a CAGR of 9% from 2016 to 2022.
There are a variety of mechanical devices that depend on bearings for delivering energy to spinning elements and for supporting load-bearing features. During the Projection period, the bearings market is expected to grow significantly due to the increasing demand for specialized solutions for aircraft support systems, medical imaging equipment, and gas meters that satisfy industry-specific needs, which is boosting the market growth.
New raw materials are being used by leading bearing manufacturers, such as lightweight steel alloys and ceramics. A combination of lightweight steel alloys and new forging technologies will allow bearing manufacturers to meet the demands for lightweight and durable bearings in modern cars.
Bearing manufacturers are developing new rolling element bearing products to stay competitive in the automotive rolling bearings segment, creating additional growth opportunities.
Thus, owing to the aforementioned factors, the global bearing market is expected to grow at a CAGR of 9.2% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the bearing market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the packaging robots market and held a 37.4% share of the market revenue in 2022.
Global Bearing Market - Country Analysis:
Germany's bearing market size was valued at USD 10.5 billion in 2022 and is expected to reach USD 21.38 billion by 2030, at a CAGR of 9.3% from 2023 to 2030.
As of 2021, Germany is the biggest exporter of ball and roller bearings within the European Union, with supplies totaling 200K tonnes or almost 30% of all exports. Despite the tremendous level of competition in the market, manufacturers are focused on improving their rolling element-bearing products. However, the main objective of manufacturers is to reduce unnecessary weight and increase strength.
China’s bearing market size was valued at USD 11.3 billion in 2022 and is expected to reach USD 23.5 billion by 2030, at a CAGR of 9.6% from 2023 to 2030.
The country's bearing demand has increased due to increased standards of living, increasing disposable income, and improved vehicle fleet size. At the end of 2019, however, the outbreak of Coronavirus in China slammed several industries and led to an economic crisis, as well as a decline in the overall bearings market in the years to come.
India's bearing market size was valued at USD 8.7 billion in 2022 and is expected to reach USD 17.9 billion by 2030, at a CAGR of 9.5% from 2023 to 2030.
Due to the increasing demand for automotive electrification and the increasing use of bearings in motors, the Indian market for bearings has gained an impressive boost. As a result of the Indian government's initiatives like "Aatamnirbhar Bharat" and "Make in India," bearings have become increasingly in demand.
Key Industry Players Analysis:
To increase their market position in the global bearing market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
9.2% |
Market Size |
116.8 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Plain Bearing Type, By Ball Bearing Type, By Application, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
NSK Global, Brammer PLC, RHP Bearings, JTKET Corporation, Harbin Bearing Manufacturing Co., Ltd., NTN Corporation, SKF Corporation, RBC Bearings Inc., The Timken Company, and Rexnord Corporation. |
By Plain Bearing Type |
|
By Ball Bearing Type |
|
By Application |
|
Regional scope |
|
Scope of the Report
Global Bearing Market by Plain Bearing Type:
Global Bearing Market by Ball Bearing Type:
Global Bearing Market by Application:
Global Bearing Market by Region:
Global bearing market is expected to reach USD 236.17 billion by 2030, at a CAGR of 9.2% from 2023 to 2030.
Increasing demand for bearings in the railways and advancement in the automotive sector.
Leading players in the bearing market are NSK Global, Brammer PLC, RHP Bearings, JTKET Corporation, Harbin Bearing Manufacturing Co., Ltd., NTN Corporation, SKF Corporation, RBC Bearings Inc., The Timken Company, Rexnord Corporation among others.
Asia Pacific region will witness more growth in the bearing market.
Political Factors- Pressure groups, social/environmental, and labor union protests need to be carefully considered because they have a big influence on how policies are made. Working together with these groups may increase the market for bearing for community participation and long-term business objectives. Furthermore, global companies like those in the bearing industry benefit from an established governance structure and a democratic political environment. The business environment is negatively impacted by bureaucracy and corruption. As public trust in corporate institutions and the entire political and economic system declines, the bearing market in nations with high levels of corruption and weak law enforcement makes the business environment more unpredictable.
Economic Factors- Organizational performance is directly impacted by economic development. Growing economies present numerous prospects for the bearing industry to expand. Similarly to this, it's essential to comprehend where the industrial lifecycle is at. Due to market saturation, entering mature industries may be more challenging than entering businesses in the growth stage. Additionally, the financial performance of the bearing market is influenced by how much money the host country's government allocates to the development of essential infrastructure. Business is made easier by a built infrastructure, which also raises the possibility of the gold sector in the specific nation expanding. The rate of GDP growth will influence the bearing market's capacity to meet its long-term growth targets.
Social Factors- In order to align its marketing and communication strategies with the roles traditionally attributed to men and women, the bearing market must conduct research on this issue. Nations with fewer gender stereotypes would use different marketing and human resource methods than traditional, patriarchal civilizations with well-defined gender roles. For managers of foreign marketing, culture is a key factor. Every culture has its own set of norms and principles that shape how people behave as customers. In order to create marketing efforts that are culturally acceptable, bearing markets should create local alliances and teams to understand local opinions and social mores better.
Technological Factors- The bearing industry needs to actively monitor recent technical advances to keep ahead of the competition. It is important to constantly assess how 5G might enhance user experience, speed, and access to better business outcomes. Such technological advancements have the power to fundamentally alter a sector and alter the guidelines for market actors' success. The technology's maturity and growth stage in the relevant industry must also be taken into account. The bearing market can grow its market share by entering industries where technology is still in its infancy by concentrating on new technological advancements.
Environmental Factors- The popularity of green and eco-friendly products is rising. The bearing sector can seize the chance and apply green business practises to win over stakeholders' trust. The regulatory agencies' emphasis on ensuring compliance with environmental standards is changing the objectives for product innovation. The bearing industry has to emphasise their products' environmental friendliness more than their usual value propositions. The media, environmental groups, customers, and the general public might criticize the bearing market if it wastes resources. The market for bearing needs to look at the nation's unique environmental requirements to find out which resources (such water, energy, etc.) are scarce or which species are in risk of extinction.
Legal Factors- The bearing industry must abide by the standards governing worker/labor health and safety because numerous nations have strict labor safety regulations. The manufacture of bearing has a moral and ethical duty to give its workers a secure working environment. Similarly, while creating human resource policies, anti-discrimination regulations (such as equal employment opportunity laws) must be carefully taken into account because discriminating litigation against employers undermines an organization's reputation and affect its capacity to draw in and keep talent.
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