Market Overview –
The Global Bearing Industry Size is expected to cross USD 127.56 billion by 2028 at a CAGR of 8.50% during the forecast period ending in 2028, states the latest Market Research Future (MRFR) analysis. Bearings is a machine element that is used for reducing the friction between moving rotary parts and for supporting rotating parts to obtain desired motion. They are used in different industry verticals like heavy machinery, railway, aerospace, and automotive.
Various factors are fuelling the global bearing market growth. As per the recent MRFR market estimates, such factors include the extensive application in the automotive industry, the rising application in different industrial sectors like transport, manufacturing, mining and construction, aerospace, railway, and electronics, the increasing awareness of the different benefits of using bearings like enhanced equipment performance, reduction in energy consumption, and reduced lubricant consumption, the rising use of high capacity bearings in wind turbines, the unprecedented growth of the automotive industry, and rise in the manufacturing of heavy machinery.
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The additional factors adding market growth include technological advances like incorporation of the sensor unit with bearings, increasing investments in R&D by bearing manufacturers to introduce high-efficiency, cost effective, and innovative bearings, advances in lubrication technology, inclination towards the use of light-weight components, and the demand for application-specific bearing.
On the contrary, bearing damages caused in electric vehicles, high maintenance cost, fluctuating raw material prices, and increasing vehicle electrification may impede the global bearing market growth over the forecast period. Besides, the COVID-19 impact such as lockdowns, shutting down of business operations, closure of production facilities, decrease in demand for cars, and disruption of supply chain activities may also limit market growth.
Top Growing Companies
Eminent players profiled in the global bearing market report include Minebea Mitsumi, Inc. (Japan), GKN plc. (UK), The Danaher Corporation (US), Robert Bosch GmbH (Japan), JTEKT Corporation (Japan), The Timken Company (US), NSK Ltd. (Japan), Schaeffler Group (Germany), NTN Corporation (Japan), and Svenska Kullagerfabriken AB (Sweden), among others.
The global bearing market is fragmented and competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and creating a hold in the market.
According to the latest research, the global ball bearings market is expected to grow at immense growth due to the rising focus by the manufacturers on digital operations and connectivity for better customer interaction and automation is increasing the demand for the product.
Moreover, digital processing helps in developing the products and increases work efficiency with digital production equipment and automation is also bolstering the market growth. A popular company Swedish company launched a mobile app named seals & seals to facilitate the replacement and installation of bearings.
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By product, the global bearing market is segmented into roller bearing, ball bearing, plain bearing, and others. Of these, the ball bearing segment will lead the market over the forecast period for its increasing use in different industry verticals like aerospace, railway, and automotive.
By application, the global bearing market is segmented into construction, aerospace and defense, electronics, automotive, and others. Of these, the automotive segment will dominate the market over the forecast period for the growing sales of commercial vehicles & passenger cars in the developing and developed regions.
By region, the global Bearing market size covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, the APAC region will sway the market over the forecast period and at a high CAGR for the growing number of windmill farms in emerging markets of India and China and improvements in the infrastructure of electric vehicles.
In Europe, the global bearing market is predicted to hold the second-largest share over the forecast period. Significant demand for high-performance machines from aviation, power, and construction sectors and the presence of large automobile production facilities are adding to the global bearing market growth in the region.
In North America, the global bearing market is predicted to have promising growth over the forecast period. Favorable government initiatives for the safety of passengers and vehicles, stable economy, rise in demand for bearings from different industry verticals like power, aerospace and defense, and advanced technology are adding to the global bearing market growth in the region.
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