Agriculture Bearings Marketby Bearing Type (Ball Bearing [Angular Contact Ball Bearing and Deep Groove Ball Bearing], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others], and Others), Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), Application Type (Harvester, Tractor, Tillage & Sowing/Seeding, Mowing, and Others), End-User Type (OE and Aftermarket), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Agriculture Bearings Market by Bearing Type (Ball Bearing [Angular Contact Ball Bearing and Deep Groove Ball Bearing], Roller Bearing [Tapered Roller Bearing, Spherical Roller Bearing, Cylindrical Roller Bearing, and Others], and Others), Material Type...
"The global agricultural bearings market is estimated to grow at a decent CAGR of 2.9% during 2021-2026 to reach the figure of US$ 1.8 billion in 2026."
Agricultural use currently dominates around one-third of the earth's surface and ever since the first agricultural activities started, technological developments have consistently contributed to the increased productivity and yield in order to feed an ever-increasing population. At present, the demand for solutions that will keep farmers' equipment in the field running constantly is bigger than it has ever been. Farmers are using equipment longer, faster, and harder than ever before in order to maximize output. Agriculture equipment must meet a variety of performance and environmental demands that change not only with the type of crop but also with geographic location. Bearing plays a pivotal role in the smooth functioning of these agricultural equipment. As the demand for reliable and technologically advanced agricultural equipment is growing, bearing manufacturers are continuously advancing their product offerings to meet the rising challenges of OEMs.
As a result of the pandemic, most global economies contracted sharply in 2020. The global crisis left the agriculture industry in disarray. Lower consumer demand and subsequent price plunge led to a reduction in agricultural and agriculture equipment production. The agriculture bearings market typically relies on the growth of the agriculture industry. Key challenges that arose in front of the industry stakeholders on account of the pandemic were a lack of new orders, supply chain disruptions due to lockdowns, and uncertain future demand.
Amid the speculations of a second and a third wave, almost all key players have taken immediate measures to acclimate their operations to the minimum required capacity to reduce all costs. Agriculture equipment manufacturers are adjusting to the new normal and reopening all of their facilities, paired with the combined efforts of OEMs and other sectoral stakeholders towards minimizing the risks associated with COVID-19.
Segments' Analysis
Bearing Trends
"Ball bearingssegment accounted for the largest market share."
Based on the bearing type, the market is segmented as ball bearing, roller bearing, and others. Ball bearings are further classified as angular contact ball bearings and deep groove ball bearings. Similarly, roller bearings are further classified as tapered roller bearings, cylindrical roller bearings, spherical roller bearings, and others. Ball bearings are expected to remain the largest segment of the market during the forecast period, driven by their widespread deployment in wheels and gearboxes of agriculture equipment.
"Harvestersegment accounted for the largest market share."
Based on the application type, the market is segmented as a harvester, tractor, tillage & sowing/seeding, mowing, and others. Harvester is projected to be the leading segment of the market during the forecast period. Harvesters carry out some of the most intense jobs in agriculture. Bearings in harvesters have to operate in the presence of debris and massive radial loads and provide efficient motion with as little friction as possible. The tractor segment is expected to register consequential growth during the forecast period. Bearings enable the rotations in tractor wheels, engines, transmission, etc.
Regional Insights
"Asia-Pacific accounted for the largest market share."
In terms of regions, Asia-Pacific is expected to be the largest market for agriculture bearings owing to the rising demand for high-powered tractors, a burgeoning horticultural industry, along with financial incentives from the government towards procuring agricultural equipment. Various government programs to promote agriculture mechanization and precision agriculture are further expected to boost the product demand in the region. Europe and North America are also likely to witness healthy growth rates owing to the high adoption of agriculture equipment in the region due to the unavailability and high cost of labor.
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the agriculture bearings market.
Mechanization in the agriculture industry is dramatically reshaping the overall market landscape. Agricultural equipment is required to work efficiently under extremely harsh conditions and often round the clock. The industry is shifting towards developing new application-oriented bearings for industry-specific demands. Bearings that provide robust and dependable support and operate under harsh conditions such as dirt, impacts, rocks, dryness, moisture, constant vibrations and jarring shocks are being developed.
Note: The above list does not necessarily include all the top players in the market.
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Report Features
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Agriculture Bearings Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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The agriculture bearings market is segmented into the following categories:
By BearingType
Ball Bearing
(Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
(Ball Bearing Type Analysis: Angular Contact Ball Bearings and Deep Groove Ball Bearings)
Roller Bearing
(Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
(Roller Bearing Type Analysis: Tapered Roller Bearings, Spherical Roller Bearings, Cylindrical Roller Bearings, and Others)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Material Type
Metallic Bearings
Non-Metallic Bearings
Hybrid Bearings
By Application Type
Harvester
Tractor
Tillage & Sowing/Seeding
Mower
Others
By End-use Type
OE
Aftermarket
By Region
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, South Africa, and Others)
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s agriculture bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, railway bearings, food & beverage bearings, construction bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the agriculture bearings market in order to provide the most crystal-clear picture of the market. 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 the 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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Detailed profiling of additional market players (up to three players)
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AB SKF, Schaeffler Technologies AG & Co. KG, NSK Ltd., The Timken Company, JTEKT Corporation, NTN Corporation, C&U Group Ltd., LYC Bearing Corporation, Trelleborg AB, and Harbin Bearing Manufacturing Co., Ltd. (HRB), are the leading players in the agriculture bearings market.
