Bearings Market Analysis | 2023-2028

“The Bearings Market was estimated at US$ 100.79 billion in 2022 and is expected to grow at a CAGR of 10.25% during 2023-2028 to reach US$ 181.82 billion by 2028.”

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Market Dynamics

Introduction

Bearings are mechanical components that are placed between two parts to allow easy and controlled rotation between them. They minimize the amount of resistance and can provide for rotation or linear motion. Commonly, bearings are made up of rolling elements which are either balls or rollers confined between an inner and an outer ring. It is through the rolling movements of the bearing that it can enable rotational or linear movement while forces act on it and reduce the losses that may be occasioned by friction.

They are vital elements found in automotive, aerospace, industrial machinery, and home appliances among others since they enhance efficiency and reliability. Different types of bearings, like ball bearings and roller bearings, are a crucial component of nearly all devices in modern technical processes due to their ability to regulate precision and motions.

Market Drivers

The factors collectively driving bearing market growth during the forecast period are: 

• The surge in vehicle sales and rising adoption of electric and connected vehicles are key drivers of market growth.

• The introduction of advanced high-capacity wheel bearings with enhanced lubricating performance is boosting demand.

• The growing need for specialized bearing solutions in industries like gas meters, medical imaging equipment, and flight support systems is also contributing to market expansion.

Segments Analysis

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By Product Type

“The ball bearing segment accounts for the largest share of the market during the forecast period.”

The market is segmented into ball bearings and roller bearings. The ball bearing segment is projected to hold the major share of the market during the forecast period as it offers excellent features, such as friction reduction, high durability, load-carrying capability, facilitating motion and position of moving machine parts, and cost-effective replacement. It has a simple design and possesses shield sealing which causes prevention of lubricant leakage and helps avoid the entry of foreign particles into the casing minimizing the maintenance cost and fueling the segment’s growth during the forecast period.

Also, the ball bearing segment is further divided into deep groove ball bearings and others, out of which, deep groove balls are estimated to witness a significant growth rate in the market during the forecast period owing to their simple design, low friction, and low maintenance cost features.

By Application Type

“The automotive segment dominates the market during the forecast period.”

The market is segmented into automotive, agriculture, electrical, mining & construction, railway & aerospace, automotive aftermarket, and others. Automotive is estimated to be the dominant application type of the market during the forecast period owing to growing vehicle sales and increasing demand for various automotive moving parts that need bearing to function.

Bearing finds a wide range of applications in the automotive industry, such as in gearboxes, transmissions, engines, steering, pumps, wheels, and electrical motors, boosting the product demand in the market over the forecast period.

Regional Analysis

“Asia-Pacific is estimated to be the dominant region during the forecast period.”

China, Japan, India, and South Korea are the major countries providing lucrative growth opportunities with increasing investments in the automotive industry during the forecast period. Also, other factors, such as the easy availability of raw materials and cost-effective manufacturing along with the presence of various industry participants in the region are further expected to fuel the product demand in the bearings market over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. 

The following are the key players in the bearings market (arranged alphabetically).

• Brammer PLC
• C&U Group Company Limited
• Daido Metal Company Limited
• Harbin Bearing Manufacturing Co., Ltd.
• HKT Bearings Ltd.
• JTEKT Corporation
• Luoyang LYC Bearing Company Limited
• NBI Bearings Europe S.L.
• NSK Global
• RBC Bearings Inc.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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