Overview and Scope
Bearings refer to a machine component that consists of rolling elements that minimize friction, carry weights, and direct the movement and position of moving machine parts. Bearing is used in a variety of industries to decrease friction between moving elements by supporting the relative motion.
Sizing and Forecast
The bearings market size has grown strongly in recent years. It will grow from $125.89 billion in 2023 to $137.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expansion of automotive and transportation sectors, increased in demand for energy and power generation, growth in construction and infrastructure development, demand for bearings in heavy machinery and equipment.
The bearings market size is expected to see strong growth in the next few years. It will grow to $193.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to adoption of bearings in renewable energy applications, demand for bearings in medical and healthcare equipment, expansion of industrial automation and robotics, growing investment in aerospace and aviation technologies, market penetration in emerging economies and developing regions. Major trends in the forecast period include technological advancements in bearing materials and design, focus on sustainability and eco-friendly bearings, 3d printing and additive manufacturing of bearings, increasing investment in research and development, shift towards high-speed and high-temperature bearings.
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Segmentation & Regional Insights
The bearings market covered in this report is segmented –
1) By Bearing Type: Unmounted Bearing, Mounted Bearing
2) By Material: Metal, Plastic, Ceramics
3) By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive Aftermarket, Other Applications
4) By Distribution Channel: Online, Offline
Asia-Pacific was the largest region in the bearings market in 2023. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bearings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
An increase in demand for electric vehicles is expected to propel the growth of the bearings market going forward. An electric vehicle (EV) is a motor vehicle that is propelled by an electric motor rather than an internal-combustion engine, which generates energy by burning a mixture of gasoline and gases. The high speed of electric motors in EV and HEV powertrains necessitates the use of specialized bearings. For instance, according to the annual global electric vehicle outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids were doubled in 2021 to reach a new record of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total. Therefore, an increase in demand for electric vehicles is expected to boost demand for bearings market during the forecast period.
Key Industry Players
Major companies operating in the bearings market include Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l., KOYO Corporation of U.S.A., THB Bearings Co. Ltd., Myonic GmbH, SKF Group, LYC Bearing Corporation Limited, NTN Corporation, RKB Europe S.A., NSK Ltd., Brammer plc, NBI Bearings Europe S.A., Rexnord Corporation, Schaeffler Technologies AG & Co. KG, The Timken Company, C&U Group Company Limited, Luoyang LYC Bearing Co. Ltd., Daido Metal Co. Ltd., THK Co. Ltd., GGB Bearing Technology, RBC Bearings Incorporated
The bearings market report table of contents includes:
1. Executive Summary
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