Bearings Market

Bearings Market Insights

“The global 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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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 Dynamics

Bearings Market Drivers

Urbanization and population - Projections shows that urbanization combined with the overall growth of the world’s population adds another 2.5 billion people to urban areas by 2050 (Dept. of Economics & Social Affairs USA). Increasing population worldwide has led to hiked demand for bearings majorly in automotive sectors. As people are inclining towards tier-1 and posh lifestyles their transportation choices are also shifting towards having various segments of personal vehicles for their day-to-day use which directly compliments bearing production worldwide.

Industrialization - Bearings plays a crucial role in each and every developing industry including automotive, construction, food and beverage, and electrical power generation, aerospace etc. Industries are growing due to several factors including economic growth, increased demand for manufactured goods, and technological advancements and population.  

Electronic vehicles (EVs) - Global electric vehicle sales surged in 2024, reaching 17.1 million units, marking a 25% increase from the previous year (Global EV Outlook 2024 IEA). On an average EVs usually contains 7-8 bearings in powertrain and the same in motor and to meet the tremendous demands of EV bearings global market for electric vehicle is leaded by bearings.

Opportunities

• The global bearings market is expected to grow as demand for bearings is increasing in sectors such as railways, electric vehicles, and rolling mills. Bearings are also being used more in motors and continuously variable transmissions (CVTs), which could hamper market growth.
• Growing public awareness about environmental pollution and the demand for fuel-efficient vehicles are driving the development of more efficient and eco-friendly bearings. This trend is particularly strong in the automotive industry.
• The emergence of sensor-bearing units, which integrate sensors with traditional bearings, is opening up new applications and markets. These units can provide real-time data on bearing performance, leading to better maintenance and operational efficiency.

Challenges

Counterfeit bearing supply - Bearings are one of the most counterfeited critical components in industrial applications. The counterfeit manufacturing technology is getting better, cheaper and easy to use day by day. This means that imitation packaging or markings of the bearings are becoming more and more identical and real. Counterfeit products cause personal injury and material damage to automobiles and industrial plants. The annual economic and social costs resulting from this amount to $1.7billion worldwide (International Chamber of Commerce). In fact, in many cases people may not be able to tell them apart from the genuine artefact.

Fluctuating raw materials prices - Steel and Aluminium are the two major components of bearings. The prices of raw materials including iron ore and coking coal directly affects steel production costs. Fluctuations in these commodities results in higher corresponding changes in steel prices. Aluminium is expected to see a slight rise of 2% in near future and predicted to be 4% in the end of 2025(World Bank Dept. of Metals and Minerals).

Intense global competition - the bearing market is entirely saturated and dominated by a few large companies including SKF (Sweden), INA and FAG (Germany), TIMKEN (USA), NSK, NTN, NACHI, KOYO, NMB, and TORRINGTON (Japan) acquiring more than 60% of the bearing market. To remain in markets companies are refocussing on quality products and researches as emergence of low-cost producers from Asia, which puts pressure on established players to maintain market share without compromising quality.

Bearings Market Segments' Analysis

Product Insights

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

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.

Application Insights

“The automotive segment dominates the market.”

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 Insights

“Asia-Pacific accounted for the largest market share.”

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 strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s bearings market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

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

Customization Options

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 three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

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

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