Bearings Market Growth Analysis | 2023-2028

Market Insights

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 in 2028.

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What are Bearings?

Bearings are mechanical components used to enable smooth and controlled movement between two parts. They reduce friction and facilitate rotation or linear motion. Typically, bearings consist of rolling elements (balls or rollers) enclosed within an inner and outer ring. When forces act on the bearing, the rolling elements allow rotational or linear movement, minimizing frictional losses. Bearings are essential in various applications, such as automotive, industrial machinery, aerospace, and appliances, enabling efficient and reliable performance. Different types of bearings, like ball bearings and roller bearings, are designed to handle specific loads and operating conditions, making them vital for precision and motion control in modern engineering and technology.

Market Dynamics

Factors propelling the global Bearings Market growth include:

• The surge in demand: The market is experiencing consistent growth due to the upward trend in industrialization and automation across diverse sectors, including Aerospace, Automotive, and more.

• Ongoing advancements: Continuing advancements in materials and manufacturing techniques have resulted in enhanced bearing performance, durability, and efficiency.

• Automotive Sector: The automotive industry continues to be a major consumer of bearings, fueled by the rising global production of vehicles.

• Industrial Machinery: Strong demand from sectors such as mining, construction, and manufacturing drives market growth, emphasizing the requirement for dependable and high-performance bearings.

• Innovation: Anticipated advancements in robotics, electric vehicles, and renewable energy are expected to create new opportunities for bearings in the forthcoming years.

• Global footprint: The expansion of industries worldwide and international trade play a significant role in driving the increased demand for bearings, given their integral role in various machinery and equipment.

Segments Analysis

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By Product Type

Based on the product type, the market is segmented as 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

Based on the application type, the market is segmented as 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

In terms of regions, Asia-Pacific is estimated to be the dominant region in the market with China, Japan, India, and South Korea being 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

Some of the key players in the bearings market are-

• 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.

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.

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?

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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