The global bearing market size was valued at USD 130.22 billion in 2022 and it is predicted to hit over USD 279.83 billion by 2032, poised to with a registered CAGR of 8% during the forecast period 2023 to 2032.
Bearings are mechanical assemblies comprised of rolling elements and typically outer and inner races that can be utilized for linear shaft or rotating applications. There are multiple kinds of bearings available in the market such as roller bearings, linear bearings, ball bearings along with mounted versions which are used in plain bearings or rolling element bearings. Ball bearings have sphere-shaped rolling elements employed for lower-load applications. On the on other hand, roller bearings utilize cylindrical rolling elements for heavier load-carrying works. Bearings diminish friction permitting smooth acceleration in automobiles, accurate microscopes, quiet running ceiling fans, and operative dental drills. Developments in anti-friction bearings have played an important role in the improved mobility of society in the last century.
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Growth Factors
Rising production of vehicles is directly prompting the sale for bearings employed in automotive sector. As per data presented by the International Organization of Motor Vehicle Manufacturers (OICA), passenger vehicles production on the global level was around 69 million units in 2018, recording a growth of 2.2% than earlier year. Bearings find application in machinery that required to be supervised continuously to safeguard consistency, competence, reliability, and cost efficacy of the operations. Forthcoming technologies including smart bearings may assist firms tocontinuously supervise bearing operations. These drivers are projected to offer alluring opportunities the global bearing marketplace.
Proliferating demand for high-performance bearings has caused in companies to incorporate enhanced sensor units in their products ranges. These sensor units aid in digital monitoring of deceleration, rotation speed, axial movement, acceleration, and load carrying capability of the product. Moreover, the arrival of Industrial Internet of Things (IIoT) has stimulated implementation and continual monitoring of connected machinery and equipment. Such trends are also expected to support the growth of global bearing market during years to come.
Report Scope of the Bearing Market
| Report Highlights | Details |
| Market Size | USD 279.83 Billion by 2032 |
| Growth Rate | CAGR of 8% from 2023 to 2032 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Type, Material, Distribution Channels, Size, Application, and Region |
Regional Snapshots
Asia Pacific dominated the global bearing market in 2019 and is anticipated to mirror this dominance throughout the forecast period. Stimulating demand from various end-user sectors along with stress-free government regulations for establishing small & medium engineering units is anticipated to lift the growth of the market in this region.
Europe appeared as the second biggest market for bearings on account of the presence of a huge number of automotive manufacturers in the region. Europe is estimated to reveal huge growth because of the existence of large automobile production facilities and noteworthy demand for high-performance machines from power, construction, and aviation in the region. North America is also expected to exhibit substantial growth in the years to come on account of promising government initiatives for the safety of passengers and vehicles. Likewise, a steady economy, and escalation in demand for bearings from numerous industry verticals including power, aerospace & defense, and cutting-edge technology are together projected to lift the growth of the market in North America in the near future.
Report Highlights
- Asia Pacific is expected to record the fastest growing market with the majority of market share in 2019.
- The Industry 4.0 trend is one of the prime drivers which is anticipated to lift the sale of bearings as industrial and factory automation gets thrust in years to come
- Europe emerged as the second largest bearing market due to the presence of a high number of automotive firms in the region
- Augmented demand for dedicated bearing solutions that cater several industry-specific specifications is expected to lift the demand of bearings worldwide
- The automotive sector accounted for a higher market share in 2019 due to upsurge in the global automotive production
Key Players & Strategies
Companies are continually striving to improve product designs to upsurge energy effectiveness and performance. They utilize superior material for cages, raceways, and rolling elements plus redesigned raceway profiles. Additionally, technological progressions in lubrication and seal technologies and application of lightweight materials in high-performance products are promptingvastvisions for the firms. Incorporation of electro-mechanical features straight into the bearings aids in cutbacks in size and cost and improvement in performance.
Bearing manufacturer SKF is greatly spending in the development of its bearings to keep up with the constantly growing requirement for novel and better bearings. For example, it has designed a variety of ball bearings that surge the mileage that hybrid or electric cars can travel. This energy-effective SKF e-Drive bearing works by diminishing the levels of heat and friction permitting the car to travel more competently and advancing the power density to prolong the battery life.
Read Also: Automotive Sensor Market Set to Surpass $76.43 Billion by 2032
Some of the noteworthy companies in the bearing market include:
- SKF
- The Timken Company
- Rexnord Corporation
- MinebeaMitsumi Inc.
- NSK Ltd
- Schaeffler AG
- RBC Bearings Incorporated
- JTEKT Corporation
- NTN Bearing Corporation
- Danaher
Segments Covered in the Report
By Product Type
- Plain Bearing
- Ball Bearing
- Four-point Contact
- Self-aligning
- Deep Groove
- Angular Contact
- Others
- Roller Bearing
- Others
By Type
- Mounted Bearing
- Unmounted Bearing
By Material
- Metal
- Stainless Steel
- Chrome Steel
- Carbon Steel
- Brass
- Others
- Plastic
- Ceramic
By Distribution Channel
- OEM
- Aftermarker
By Size
- 30 to 40
- 41 to 50
- 51 to 60
- 61 to 70
- 70 & above
By Application
- Electrical
- Construction
- Aerospace
- Automotive
- Power Transmission
- Oil & Gas
By Regional
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Middle East & Africa
- Latin America
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