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:
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
- Deep Groove
- Angular Contact
- Roller Bearing
Bearings Market by Type
- Mounted Bearing
- Unmounted Bearing
Bearings Market by Material
- Stainless Steel
- Chrome Steel
- Carbon Steel
Bearings Market by Distribution Channel
Bearings Market by Component
Bearings Market by Application
- Power Transmission
- Oil & Gas
Bearings Market, Regional Outlook
- North America
- Rest of the Europe
- Asia Pacific
- South Korea
- Rest of the APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Bearings Market Report Scope
|Market Size Value in 2022
||USD 139.2 billion
|Revenue Forecast in 2028
||USD 243.96 billion
||CAGR of 9.8 % from 2022 to 2028
|Base Year for Estimation
||2017 – 2021
||2022 – 2028
||Revenue in USD million and CAGR from 2022 to 2028
||Revenue forecast, company ranking, Trends
competitive landscape, and growth factors
||Product Type, Type, Material, Channel, Component, Application, and Region
||North America; Europe; Asia Pacific; Latin America; Middle East & Africa
||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.