Bearings Market Overview
The global bearings market size was valued at USD 126.8 billion in 2021 and is projected to reach $243.96 billion by 2028 and expected to expand at a compound annual growth rate (CAGR) of 9.8 % from 2021 to 2028.
The increase in bearing usage in rolling mills, electric cars, and railways, followed by increases in running use in motors, the demand for automotive electrification, and the demand for bearing in continuously variable transmission (CVT), have all contributed to the growth of the global bearing market. On the other hand, the electrification of more vehicles, changing raw material prices, high maintenance costs, and bearing damage caused by electric vehicles all impede the growth of the worldwide bearing industry. Additionally, the development of sensor bearing units increased the development of additive manufacturing technologies, and the increased use of materials to make bearings are the variables that create lucrative opportunities, resulting in the expansion of the worldwide bearing market.
COVID-19 Impact on Bearings Market
The COVID-19 epidemic hugely influenced the automotive industry, leading to a sharp decrease in car sales, a scarcity of raw materials, and other problems. The automotive sector is responding by changing its supply chain, production, and services to accommodate the delivery of vital medical supplies. Light vehicle sales worldwide decreased by 20% (Y-o-Y) from 6.3 million in February 2019 to 5.07 million in February 2020. China, the first nation to be affected by the virus, saw a significant decline in sales of about 80% in February, followed by South Korea, Japan, Western Europe, and other nations.
Bearings Market Segmentation:
The global Bearings Market is segmented on the basis of Product (Roller Bearing, Ball Bearing, Plain Bearing), By Application, (Oil & Gas, Agriculture, Automotive, Power Transmission, Construction, Aerospace, and Others), By Material (Ceramic, Plastic, and Metal), By Type Mounted Bearing and Unmounted Bearing), By Distribution Channel (Offline and Online), By Component (Cages, Balls, Rings, Rollers, and Others).
By product, the roller bearings segment is the largest contributor to the Bearings Market
The roller bearings segment dominated the market and accounted for the largest revenue share of more than 39.1% in 2021. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact product demand.
Bearings Market Dynamics:
Drivers:
Rising Utilization of Bearing in Railway, Electric Vehicles, and Rolling Mills
The railway industry is placing more emphasis on extending the life of the tracks and reducing costs. In railway gearboxes, bearings are used to reduce shocks and vibrations brought on by the force created by traction motors and wheels moving along tracks. This is being done to reduce maintenance requirements and downtime. The need for bearings in the railway industry has increased as a result of recent improvements in bearings. In order to support pinion shafts, for instance, which need regular adjustments, tapered roller bearings are utilized. Expert maintenance has been created to save maintenance costs and increase cage strength.
The use of bearing in EVs has also expanded as a result of growing public awareness and increased demand for electric vehicles. In order to overcome lean lubrication circumstances, bearings are produced. Smaller bearing sizes have increased the gearbox’s overall efficiency, extending the driving range of electric vehicles. In rolling mills that are built to withstand difficult working conditions, rolling bears are frequently utilized. Thus, bearings used in rolling mills have a high load capacity, improved shelf life, and the capacity to withstand flaking mechanisms.
Rising Utilization of Bearing in Motor, Demand for Automotive Electrification
People’s concerns about environmental pollution are driving industries to cut CO2 and other dangerous gas emissions from their motors. Pump and compressor motors demand more electricity to run, hence high-tech bearings are employed in motors to minimize mechanical loss when they are in use. Additionally, the employment of bearings that offer improved ball strength and solid lubricating film has increased due to the use of low-torque bearings in CVTs to improve the dependability and fuel efficiency of automobiles.
Bearings Market Regional Analysis:
The Asia Pacific Bearings Market is expected to account for the largest market size during the forecast period.
In 2020, Asia Pacific held the greatest revenue share (39.7%) and dominated the bearings market. By 2028, the area is expected to experience the fastest revenue increase, accounting for more than USD 95.0 billion. One of the key markets is China, where sales are anticipated to soar in the coming years because of the country’s rapid growth in the manufacturing of machinery and automobiles as well as its robust aftermarket for industrial equipment and automobile maintenance. Additionally, growth is anticipated to continue through 2028 thanks to India’s healthy market for mining and construction equipment.
Key Market Players and Competitive Landscape
Some of the major key players operating in the Bearings market are Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, and The Timken Company.
This report categorizes the Bearings Market as follows,
Bearings Market by Product Type
- Plain Bearing
- Ball Bearing
- Four-point Contact
- Self-aligning
- Deep Groove
- Angular Contact
- Others
- Roller Bearing
- Others
Bearings Market by Type
- Mounted Bearing
- Unmounted Bearing
Bearings Market by Material
- Metal
- Stainless Steel
- Chrome Steel
- Carbon Steel
- Brass
- Others
- Plastic
- Ceramic
Bearings Market by Distribution Channel
Bearings Market by Component
- Cages
- Balls
- Rollers
- Rings
- Others
Bearings Market by Application
- Construction
- Aerospace
- Automotive
- Power Transmission
- Oil & Gas
Bearings Market, Regional Outlook
- North America
- Europe
- France
- Germany
- UK
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of the APAC
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of the Middle East & Africa
Bearings Market Report Scope |
| Report Attribute | Details |
| Market Size Value in 2022 | USD 139.2 billion |
| Revenue Forecast in 2028 | USD 243.96 billion |
| Growth Rate | CAGR of 9.8 % from 2022 to 2028 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 – 2021 |
| Forecast Years | 2022 – 2028 |
| Quantitative Units | Revenue in USD million and CAGR from 2022 to 2028 |
| Report Coverage | Revenue forecast, company ranking, Trends
competitive landscape, and growth factors |
| Segments Covered | Product Type, Type, Material, Channel, Component, Application, and Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
| Key Companies Profiled | Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, and The Timken Company. |
Table of Content
Bearings Market Size, Share, Growth, and Forecast Report
1. Introduction
1.1. Report Description
1.1.1. Aim of the Report
1.1.2. Prospective Audience
1.1.3. Unique Selling Prepositions and Key Takeaways from the Report
1.2. Scope of the Research Study
1.3. Approach/Research Methodology
1.3.1. Secondary Research
1.3.2. Primary Research
1.3.3. Expert Panel Review
1.3.4. Market Data Breakdown and Data Triangulation
1.3.5. Research Approach for Market Size Estimation
1.3.5.1. Top-Down Approach
1.3.5.2. Bottom-Up Approach
1.3.6. Key Assumptions
1.4. Market Segmentation
1.4.1. Product Type
1.4.2. Type
1.4.3. Material
1.4.4. Distribution Channel
1.4.5. Component
1.4.6. Application
2. Bearings Market Overview
2.1. Introduction
2.2. Analysis by Product Type, 2016-2028 (US$ Billion)
2.3. Analysis by Type, 2016-2028 (US$ Billion)
2.4. Analysis by Material, 2016-2028 (US$ Billion)
2.5. Analysis by Distribution Channel, 2016-2028 (US$ Billion)
2.6. Analysis by Component, 2016-2028 (US$ Billion)
2.7. Analysis by Application, 2016-2028 (US$ Billion)
2.8. Market Analysis by Region, 2016-2028 (US$ Billion)
3. Bearings Market Dynamics
3.1. Introduction
3.2. Growth Drivers
3.3. Growth Restraints
3.4. Growth Opportunities
3.5. Porter’s Five Forces Analysis
3.5.1. Threat of New Entrants
3.5.2. Bargaining Power of Buyers/Consumers
3.5.3. Bargaining Power of Suppliers
3.5.4. Threat of Substitute Product Types
3.5.5. Intensity of Competitive Rivalry
3.6. Attractiveness Analysis
3.6.1. Product Type
3.6.2. Type
3.6.3. Material
3.6.4. Distribution Channel
3.6.5. Component
3.6.6. Application
3.6.7. Region
3.7. Value Chain Analysis
4. Bearings Market Competition Analysis
4.1. Bearings Market Share Analysis by Company, 2019 – 2021
4.1.1. Top 3 Players, 2019 – 2021
4.1.2. Top 6 Players, 2019 – 2021
4.2. Strategic Initiatives
4.2.1. New Products Launch
4.2.2. Mergers/Acquisitions
4.2.3. Agreement and Collaborations
4.2.4. Partnerships, Joint Ventures, Expansion and Distribution
5. Global Bearings Market Analysis by Product Type, Type, Materials, Distribution Channel, Components and Application, 2016-2028 (US$ Billion)
5.1. Product Type
5.1.1. Global Bearings Market Share, by Product Type, 2021 and 2028
5.1.2. Global Bearings Market Revenue, by Product Type, 2016-2028 (US$ Billion)
5.1.3. By Plain Bearing Market Analysis 2016-2028 (US$ Billion)
5.1.4. By Ball Bearing Market Analysis 2016-2028 (US$ Billion)
5.1.4.1. By Four-point Contact Market Analysis 2016-2028 (US$ Billion)
5.1.4.2. By Self-aligning Market Analysis 2016-2028 (US$ Billion)
5.1.4.3. By Deep Groove Market Analysis 2016-2028 (US$ Billion)
5.1.4.4. By Angular Contact Market Analysis 2016-2028 (US$ Billion)
5.1.5. By Roller Bearing Market Analysis 2016-2028 (US$ Billion)
5.2. Type
5.2.1. Global Bearings Market Share, by Type, 2021 and 2028
5.2.2. Global Bearings Market Revenue, by Type, 2016-2028 (US$ Billion)
5.2.3. By Mounted Bearing Market Analysis 2016-2028 (US$ Billion)
5.2.4. By Unmounted Bearing Market Analysis 2016-2028 (US$ Billion)
5.3. Material
5.3.1. Global Bearings Market Share, by Material, 2021 and 2028
5.3.2. Global Bearings Market Revenue, by Material, 2016-2028 (US$ Billion)
5.3.3. By Metal Market Analysis 2016-2028 (US$ Billion)
5.3.3.1. By Stainless Steel Market Analysis 2016-2028 (US$ Billion)
5.3.3.2. By Chrome Steel Market Analysis 2016-2028 (US$ Billion)
5.3.3.3. By Carbon Steel Market Analysis 2016-2028 (US$ Billion)
5.3.3.4. By Brass Market Analysis 2016-2028 (US$ Billion)
5.3.4. By Plastic Market Analysis 2016-2028 (US$ Billion)
5.3.5. By Ceramic Market Analysis 2016-2028 (US$ Billion)
5.4. Distribution Channel
5.4.1. Global Bearings Market Share, by Distribution Channel, 2021 and 2028
5.4.2. Global Bearings Market Revenue, by Distribution Channel, 2016-2028 (US$ Billion)
5.4.3. By Offline Market Analysis 2016-2028 (US$ Billion)
5.4.4. By Online Market Analysis 2016-2028 (US$ Billion)
5.5. Component
5.5.1. Global Bearings Market Share, by Component, 2021 and 2028
5.5.2. Global Bearings Market Revenue, by Component, 2016-2028 (US$ Billion)
5.5.3. By Cages Market Analysis 2016-2028 (US$ Billion)
5.5.4. By Balls Market Analysis 2016-2028 (US$ Billion)
5.5.5. By Rollers Market Analysis 2016-2028 (US$ Billion)
5.5.6. By Rings Market Analysis 2016-2028 (US$ Billion)
5.6. Application
5.6.1. Market Share, by Application, 2021 and 2028
5.6.2. Market Revenue, by Application, 2016-2028 (US$ Billion)
5.6.3. By Construction Market Analysis 2016-2028 (US$ Billion)
5.6.4. By Aerospace Market Analysis 2016-2028 (US$ Billion)
5.6.5. By Automotive Market Analysis 2016-2028 (US$ Billion)
5.6.6. By Power Transmission Market Analysis 2016-2028 (US$ Billion)
5.6.7. By Oil & Gas Market Analysis 2016-2028 (US$ Billion)
6. Global Bearings Market Product Type Analysis by Region, 2016-2028 (US$ Billion)
6.1. Plain Bearing Market Analysis 2016-2028 (US$ Billion)
6.1.1. North America
6.1.2. Europe
6.1.3. Asia Pacific
6.1.4. Latin America
6.1.5. Middle East & Africa
6.2. Ball Bearing Market Analysis 2016-2028 (US$ Billion)
6.2.1. Four-point Contact
6.2.2. Self-aligning
6.2.3. Deep Groove
6.2.4. Angular Contact
6.3. Roller Bearing Market Analysis 2016-2028 (US$ Billion)
7. Global Bearings Market Type Analysis by Region, 2016-2028 (US$ Billion)
7.1. Mounted Bearing Market Analysis 2016-2028 (US$ Billion)
7.1.1. North America
7.1.2. Europe
7.1.3. Asia Pacific
7.1.4. Latin America
7.1.5. Middle East & Africa
7.2. Unmounted Bearing Market Analysis 2016-2028 (US$ Billion)
8. Global Bearings Market Material Analysis by Region, 2016-2028 (US$ Billion)
8.1. Metal Market Analysis 2016-2028 (US$ Billion)
8.1.1. Stainless Steel
8.1.2. Chrome Steel
8.1.3. Carbon Steel
8.1.4. Brass
8.1.4.1. North America
8.1.4.2. Europe
8.1.4.3. Asia Pacific
8.1.4.4. Latin America
8.1.4.5. Middle East & Africa
8.2. Plastic Market Analysis 2016-2028 (US$ Billion)
8.3. Ceramic Market Analysis 2016-2028 (US$ Billion)
9. Global Bearings Market Distribution Channel Analysis by Region, 2016-2028 (US$ Billion)
9.1. Offline Market Analysis 2016-2028 (US$ Billion)
9.1.1. North America
9.1.2. Europe
9.1.3. Asia Pacific
9.1.4. Latin America
9.1.5. Middle East & Africa
9.2. Online Market Analysis 2016-2028 (US$ Billion)
10. Global Bearings Market Component Analysis by Region, 2016-2028 (US$ Billion)
10.1. Cages Market Analysis 2016-2028 (US$ Billion)
10.1.1. North America
10.1.2. Europe
10.1.3. Asia Pacific
10.1.4. Latin America
10.1.5. Middle East & Africa
10.2. Balls Market Analysis 2016-2028 (US$ Billion)
10.3. Rollers Market Analysis 2016-2028 (US$ Billion)
10.4. Rings Market Analysis 2016-2028 (US$ Billion)
11. Global Bearings Market Application Analysis by Region, 2016-2028 (US$ Billion)
11.1. Construction Market Analysis 2016-2028 (US$ Billion)
11.1.1. North America
11.1.2. Europe
11.1.3. Asia Pacific
11.1.4. Latin America
11.1.5. Middle East & Africa
11.2. Aerospace Market Analysis 2016-2028 (US$ Billion)
11.3. Automotive Market Analysis 2016-2028 (US$ Billion)
11.4. Power Transmission Market Analysis 2016-2028 (US$ Billion)
11.5. Oil & Gas Market Analysis 2016-2028 (US$ Billion)
12. Bearings Market Analysis by Geography, 2016-2028 (US$ Billion)
12.1. North America Bearings Market Analysis 2016-2028 (US$ Billion)
12.1.1. U.S. Bearings Market Analysis 2016-2028 (US$ Billion)
12.1.1.1. Product Type
12.1.1.2. Type
12.1.1.3. Material
12.1.1.4. Distribution Channel
12.1.1.5. Component
12.1.1.6. Application
12.1.2. Canada Bearings Market Analysis 2016-2028 (US$ Billion)
12.1.3. Mexico Bearings Market Analysis 2016-2028 (US$ Billion)
12.2. Europe Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.1. UK Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.1.1. Product Type
12.2.1.2. Type
12.2.1.3. Material
12.2.1.4. Distribution Channel
12.2.1.5. Component
12.2.1.6. Application
12.2.2. France Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.3. Germany Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.4. Spain Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.5. Russia Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.6. Italy Bearings Market Analysis 2016-2028 (US$ Billion)
12.2.7. Rest of Europe Bearings Market Analysis 2016-2028 (US$ Billion)
12.3. Asia Pacific Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.1. China Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.1.1. Product Type
12.3.1.2. Type
12.3.1.3. Material
12.3.1.4. Distribution Channel
12.3.1.5. Component
12.3.1.6. Application
12.3.2. Japan Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.3. South Korea Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.4. India Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.5. Australia Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.6. Southeast Asia Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.7. Taiwan Bearings Market Analysis 2016-2028 (US$ Billion)
12.3.8. Rest of Asia Pacific Bearings Market Analysis 2016-2028 (US$ Billion)
12.4. Latin America Bearings Market Analysis 2016-2028 (US$ Billion)
12.4.1. Brazil Bearings Market Analysis 2016-2028 (US$ Billion)
12.4.1.1. Product Type
12.4.1.2. Type
12.4.1.3. Material
12.4.1.4. Distribution Channel
12.4.1.5. Component
12.4.1.6. Application
12.4.2. Argentina Bearings Market Analysis 2016-2028 (US$ Billion)
12.4.3. Rest of Latin America Bearings Market Analysis 2016-2028 (US$ Billion)
12.5. Middle East Bearings Market Analysis 2016-2028 (US$ Billion)
12.5.1. Israel Bearings Market Analysis 2016-2028 (US$ Billion)
12.5.1.1. Product Type
12.5.1.2. Type
12.5.1.3. Material
12.5.1.4. Distribution Channel
12.5.1.5. Component
12.5.1.6. Application
12.5.2. Turkey Bearings Market Analysis 2016-2028 (US$ Billion)
12.5.3. Saudi Arabia Bearings Market Analysis 2016-2028 (US$ Billion)
12.5.4. UAE Bearings Market Analysis 2016-2028 (US$ Billion)
12.5.5. Rest of Middle East Bearings Market Analysis 2016-2028 (US$ Billion)
12.6. Africa Bearings Market Analysis 2016-2028 (US$ Billion)
12.6.1. Egypt Bearings Market Analysis 2016-2028 (US$ Billion)
12.6.1.1. Product Type
12.6.1.2. Type
12.6.1.3. Material
12.6.1.4. Distribution Channel
12.6.1.5. Component
12.6.1.6. Application
12.6.2. South Africa Bearings Market Analysis 2016-2028 (US$ Billion)
12.6.3. Rest of Africa Bearings Market Analysis 2016-2028 (US$ Billion)
13. Company Profiles
13.1. Brammer PLC
13.1.1. Company Overview
13.1.2. Financial Performance
13.1.3. Product Benchmarking
13.1.4. Strategic Initiatives
13.2. Harbin Bearing Manufacturing Co Ltd
13.3. HKT Bearings Ltd
13.4. JTEKT Corporation
13.5. NBI Bearings Europe
13.6. NSK Global
13.7. NTN Corporation
13.8. RBC Bearings Inc.
13.9. Rexnord Corporation
13.10. RHP Bearings
13.11. Schaeffler Group
13.12. SKF Corporation
13.13. The Timken Company
14. COVID-19 Impact Analysis
14.1. Global Bearings Market, 2020 – 2028, Pre-V/S Post COVID 19
14.2. Estimated Impact of The Coronavirus (Covid-19) Epidemic on the Bearings Market Size In 2022, By Scenario
14.3. Impact on Supply Chain and Production in Bearings Market
14.4. Impact on Import and Export
15. Import-Export Analysis
15.1. North America Bearings Import-Export, 2016 – 2021
15.2. Europe Bearings Import-Export, 2016 – 2021
15.3. Asia Pacific Bearings Import-Export, 2016 – 2021
15.4. Latin America Bearings Import-Export, 2016 – 2021
15.5. Middle East America Bearings Import-Export, 2016 – 2021
15.6. Africa Bearings Import-Export, 2016 – 2021
16. Bearings Marketing Channel Analysis
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Development Trend
16.2. Market Positioning
17. Bearings Manufacturing Cost Analysis
17.1. Key Raw Materials
17.2. Key Raw Material Suppliers
17.3. Market Concentration Rate
17.4. Manufacturing Cost Structure
17.5. Process Analysis
18. Conclusion
By Product Type
- Plain Bearing
- Ball Bearing
- Four-point Contact
- Self-aligning
- Deep Groove
- Angular Contact
- Others
- Roller Bearing
- Others
By Type
- Mounted Bearing
- Unmounted Bearing
By Material Type
- Metal
- Stainless Steel
- Chrome Steel
- Carbon Steel
- Brass
- Others
- Plastic
- Ceramic
By Distribution Channel Type
By Component Type
- Cages
- Balls
- Rollers
- Rings
- Others
By Application Type
- Construction
- Aerospace
- Automotive
- Power Transmission
- Oil & Gas
