Bearings Market

Global Bearings Market registered a value of USD 108 billion in 2019 and is predicted to witness a CAGR of 6.5% during the forecast period, owing to the increasing demand for bearings with less maintenance needs, higher effectiveness, and enlarged service life.

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Key Drivers and Emerging Trends

The growing use of bearings in different machineries or equipment such as defense, aerospace equipment, and farm equipment is predicted to strengthen the bearings market size. Moreover, ongoing technological advancements and the intensified emphasis of the bearing producers on advancements in5order to cater the growing demand for bearings across different industries, will offer enormous opportunities to the market. The ability of bearings to reduce friction and transfer energy to several rotating parts and support load-bearing features of different mechanical devices will expand the market growth. Additionally, the emergence of Agricultural Internet of Things (IoT) has augmented the need for continuous supervision of connected equipment and machinery, which is fueling the market growth. The growth of the global bearing market is also driven by their growing use in electric vehicles, railway, and rolling mills along with the increasing deployment in motor and demand for automotive automation. Furthermore, increasing application of bearings in industries owing to the exceptional advantages such as their ability to operate at high speeds, minimize the friction among the components, higher load carrying capacity, the potency to function accurately under fluctuating loads & speeds and less operational wear, is forecast to propel the market growth. However, the growing concerns pertaining the counterfeit products because of its cost-efficiency will hinder the market over the forecast period.

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Type Segment Analysis

Ball Bearings are anticipated to expand at a faster CAGR during the forecast period, because of its growing use in the production of defense machinery, high-speed and rotatory automobile parts, and medical equipment. With the expansion of construction activities across the residential and commercial sectors, the demand for bear Rollings have significantly increased in the construction equipment, driving the segment’s growth. In addition, the lower replacement cost, better sealing shield, easy availability, and improved motor performance has augmented their application across several end-use industries including mining, transportation, and aerospace, which is forecast to expand the market growth. The smaller surface contact of ball bearings helps in reducing friction to a large extent and can be used in four and two-wheeled automotive.

Application Segment Analysis

Automotive application is predicted to witness a promising growth over the upcoming yeas, owing to the rising automotive sales and growing demand for various automotive moving parts that need bearing to operate. The surging demand for highly advanced vehicles with an increase in the potencies of the vehicles has bolstered the bearings demand in the automotive industry, thereby fueling the segment’s growth. The growing use of the bearings in the automotive sector owing to their higher strength and ability to rotate at a higher speed with better accuracy is forecast to augment the bearings market size.

The railway and aerospace segment is anticipated to expand at a higher CAGR over the upcoming years, because of the emerging need to restore ageing flights aided by the rigorous environmental norms. The increase in travel activities because of the improvement in ways to help global and local transportation systems, is projected to strengthen the segment growth.

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Regional Analysis

Asia-Pacific is predicted to lead the market over the upcoming years, because of the expansion in automotive of automotive industry across India, Japan, China, and South Korea. The significant increase in machinery and motor vehicle production and strong aftermarket for motor vehicle repair and industrial equipment is predicted to boost the market growth. The easy availability of raw materials and cost-effective production with the existence of many industry stakeholders have fueled the regional expansion.

Further, the European market is estimated to hold a faster share during the forecast period, owing to the economic expansion and intensified investment. In addition, the strong presence of leading automobile manufacturers including Audi, Mercedes, BMW, Opel, Fiat, Volkswagen, Porsche, Ferrari, and Jaguar is anticipated to boost the regional growth.

Various notable players operating in the market include JTEKT Corporation, NSK Ltd., Schaeffler AG, SKF, The Timken Company, NTN Bearing Corporation, MinebeaMitsumi Inc., Rexnord Corporation, RBC Bearings Incorporated, and C&U Group, among others.

Key Developments:

• • In 2021: NTN Corporation launched a Tenter Clip Bearing, to improve the reliance for film stretching machines in packaging sector.
  • In 2021: SKF updated the app that extends instant information on super precision bearings. The app allows the customers to scan the product code, and access product information. Wherein the updation in the app is expected to incorporate the bearings data in set and with enhanced traceability.
  • December 2020: The Timken Company announced the acquisition of Aurora Bearing Company (Aurora), that serves off-highway equipment, packaging, aerospace & defense, and racing manufacturing sectors with spherical plain bearings and rod ends.
  • In 2020, NSK Ltd. developed ultra-high-speed bearings that can be used in the electric vehicles that include battery electric, hybrid, and other latest energy vehicles. This bearing has the ability to enable the electric motors to operate at high speed, enhance the maximum range of the vehicle and fuel economy.
  • In 2019, JTEKT Corporation developed creep resistance features for ball bearings that are majorly used in the transmission of electric and hybrid vehicles and also for the CVTs of the engine cars. The product defeats the housing wear that has occurred due to the bearing creep in transmission housing.

The global bearings market has been segmented on the basis of type, outer diameter, application, and region. Based on the type, the market is segmented into plain bearings, roller bearings, ball bearings, and others. The ball bearings segment is further categorized into deep groove ball bearings and others. The deep groove ball bearings segment is further categorized into open and sealed. Based on the outer diameter, the market is segmented into the below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and above 45mm. Based on the application, the market is segmented into agriculture, automotive, mining & construction, electrical, and railway & aerospace, and Others

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Key questions answered in this research report:

• • At what pace is the global bearings market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global bearings market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global bearings market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas of the bearings market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Bearings Market by Type

• • Plain Bearings
  • Roller Bearings
  • Ball Bearings
    • Deep Groove Ball Bearings
      • Open
      • Sealed
    • Others
  • Others

Global Bearings Market by Outer Diameter

• • Below 5mm
  • 6-10mm
  • 10-21mm
  • 22mm
  • 23-32mm
  • 33-40mm
  • 41-45mm
  • Above 45mm

Global Bearings Market by Application

• • Agriculture
  • Automotive
  • Mining & Construction
  • Electrical
  • Railway & Aerospace
  • Others

Global Bearings Market by Region

• • North America Bearings Market (Option 1: As a part of the free 25% customization)

• • • By Type
    • By Outer Diameter
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up

• • Europe Bearings Market (Option 2: As a part of the free 25% Customization)

• • • By Type
    • By Outer Diameter
    • By Application
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Bearings Market (Option 3: As a part of the free 25% Customization)

• • • By Type
    • By Outer Diameter
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Bearings Market (Option 4: As a part of the free 25% Customization)

• • • By Type
    • By Outer Diameter
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Bearings Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • JTEKT Corporation
  • NSK Ltd.
  • Schaeffler AG
  • SKF
  • The Timken Company
  • NTN Bearing Corporation
  • MinebeaMitsumi Inc.
  • Rexnord Corporation
  • RBC Bearings Incorporated
  • C&U Group