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Bearings Market Report | Covid-19 Impact Analysis
The Bearings Market is Segmented by Product Type (Ball Bearing [Deep Groove Ball Bearings, Others], Roller Bearings [Split Roller Bearings, Tapered Roller Bearings, and Others]), by Application Type (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others), and by
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Bearings Market is likely to witness an impressive CAGR of 7.2% during the forecast period. Surge in vehicle sales and increasing adoption of electric and connected vehicles, introduction of advanced high capacity wheel bearings along with enhanced lubricating performance, and growing demand for specialized bearing solutions to fulfill industry-specific requirements, such as gas meters, medical imaging equipment, and flight support systems are some of the major factors driving the market growth during the forecast period.
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Bearings Market – Snapshot |
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Growth |
7.2% for the next five years |
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Major Product Type |
Ball Bearing |
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Dominant Application Type |
Automotive |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
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, and RBC Bearings Inc. |
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Based on the product type, the market is segmented as ball bearing 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 lubricants leakage and help in avoiding entry of foreign particles into the casing that minimizes the maintenance cost, 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 significant growth rate in the market during the forecast period owing to their simple design, low friction, and low maintenance cost features.
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 which need bearing to function. Bearing finds a wide range of application 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.
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 easy availability of raw materials and cost-effective manufacturing along with the presence of various industry participants in the region is 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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Some of the key players in the bearings market are-
Bearing is a machine element which allows one part to rotate or move in contact with another part with minimal friction between them. It’s designed in way that it may, for example, cause free linear movement in the moving parts or free rotation around a fixed axis, or it may also cause prevention of motion by controlling the vectors of normal forces that bear on the moving parts.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Bearings Market Research Report - Features |
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Market Segmentation |
3 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
10 |
The bearings market is segmented into the following categories.
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This report offers high-quality insights and is the outcome of 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 book, press release, journals, investor presentation, 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 the qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. 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. The following are the key features of the report:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].
The bearings market is expected to witness an impressive growth of 7.2% CAGR in the foreseeable future.
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, and RBC Bearings Inc are among the key players in the bearings market.
Asia-Pacific is expected to remain dominant in the bearings market during the next five years.
The ball bearing segment is expected to hold the major share of the bearings market in the coming years.
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