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The bearings market size is forecast to increase by USD 18.79 billion at a CAGR of 4.06% between 2023 and 2028.
The market growth analysis is influenced by a myriad of factors, prominently including the robust demand for top-notch bearings, the increasing integration of automation within manufacturing operations, and the pivotal role of the Asia-Pacific (APAC) region in facilitating market expansion. Our comprehensive market report delves into historical data spanning from 2018 to 2022, meticulously examining the evolution of market trends and dynamics during this period. Furthermore, the report provides a detailed analysis of the current market landscape, shedding light on the prevailing market conditions, competitive environment, and key growth drivers. Additionally, our forecasted market scenario offers valuable insights into the anticipated market trajectory, enabling stakeholders to make informed decisions and strategic plans based on reliable market intelligence. Through rigorous data analysis and trend assessment, our report offers a holistic view of the market's past, present, and future, aiding businesses in navigating the complexities of the bearing industry with confidence and clarity.
Market Forecast 2024-2028
The Market encompasses a wide range of applications, including automobile parts, farm equipment, household appliances, and infrastructure growth in sectors such as automotive, aerospace, industrial machinery, appliances, and renewable energy. Bearings are essential mechanical components that ensure efficiency and extend the service life of various systems. High-performance bearings, like thrust bearings and radial bearings, are critical in high-stress applications, such as wind turbines and industrial robots. The market for bearings is driven by the increasing demand for maintenance requirements in various industries. The shift towards digital transformation and predictive maintenance is also fueling the growth of the market. Advanced materials like lightweight steel alloys and ceramics are being used in the design of bearings to improve their performance and efficiency. The emergence of electric vehicles (EVs) is expected to create new opportunities for the market, as they require a large number of rolling elements to function effectively. Overall, the market is poised for significant growth, driven by the increasing demand for efficient and reliable mechanical components in various industries. Our researchers studied the market research and growth data for years, with 2023 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
In the context of digital transformation and e-commerce, the global market is experiencing significant growth, particularly in emerging economies. The demand for high-efficiency machines in industries such as aerospace, automotive, and appliances is driving the adoption of application-specific bearings, including ball bearings, ceramic bearings, and precision bearings. These advanced bearings help reduce friction, ensuring energy efficiency and a longer machine lifespan.
Moreover, the automotive industry, including electric vehicles (EVs), is also embracing lightweight materials and integrated bearings to improve performance and reduce manufacturing costs. Industrial machinery, automation, and industrial robots are also benefiting from the use of high-performance bearings, intelligent features, and condition monitoring technologies. In addition, OEMs are more concerned about achieving low fuel consumption and emissions, along with increased safety requirements, which will drive market growth during the forecast period.
The global market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) in major markets such as Europe, the US, and APAC, particularly in China and Japan. This shift is driven by stringent regulations on carbon emissions and environmental safety. The automotive industry is witnessing a digital transformation, with automakers developing new designs and multi-featured EVs.
Moreover, bearings are essential mechanical components in various applications, including automotive parts, industrial machinery, automation, aerospace, appliances, and farm equipment. Companies are focusing on energy efficiency and reducing the carbon footprint of bearings through the use of lightweight materials like ceramics and lightweight steel alloys. Additionally, the integration of intelligent features, condition monitoring technologies, and predictive maintenance are becoming increasingly important in the market. Hence, the adoption of 3D printing will be crucial for the growth of the market during the forecast period.
The global Market encompasses various industries, including Aerospace, Appliances, Automotive, and Automation. Bearings are integral components in mechanical systems, ensuring efficiency and reducing frictional loss. Application-specific bearings cater to specific industry needs, such as Automobile parts, Helicopters, and Industrial machinery. The market includes Ball bearings, Ceramic bearings, Plain bearings, and Precision bearings, among others. Digital transformation and e-commerce platforms have expanded market reach, allowing access to niche offerings like Micro bearings and High-performance bearings.
Condition monitoring technologies and predictive maintenance are essential for ensuring optimal performance and minimizing downtime. Emerging economies and the automotive industry's digitalization and focus on energy efficiency and e-mobility (Electric vehicles) are significant growth drivers. Lightweight materials, such as lightweight steel alloys, and intelligent features are increasingly popular in modern bearings. Hence, the growing adoption of used bearings is expected to negatively impact the growth of the market during the forecast period.
The market is further segmented into Technology and Application categories, providing a comprehensive overview of the diverse offerings and sub-segment available within the industry.
The anti-friction bearings segment will account for a major share of the market's growth during the forecast period.?The global market encompasses various industries, including aerospace, automotive, and industrial manufacturing. Application-specific bearings, such as ball bearings, ceramic bearings, and precision bearings, are preferred due to their efficiency and ease of use in automotive parts, industrial machinery, and automation. The automotive industry's digital transformation and the rise of electric vehicles (EVs) and e-mobility further boost the demand for bearings.
The anti-friction bearings segment was valued at USD 46.15 billion in 2018. Emerging economies and the need for energy efficiency in sectors like healthcare infrastructure, wind generation, and farm equipment also contribute to market growth. Lightweight materials, such as lightweight steel alloys, and intelligent features, including condition monitoring technologies and predictive maintenance, are driving innovation in high-performance bearings. The market includes niche offerings, such as micro bearings and integrated bearings, catering to specific applications. Maintenance requirements and pollution concerns are also factors influencing market trends. Oil imports and manufacturing processes are additional sectors impacting the market dynamics. Thus, such factors will contribute to the growth of this segment in the market during the forecast period.
Based on end-user, the market has been segmented into the automotive industry, heavy industry, ARS industry, and others. The automotive industry?segment will account for the largest share of this segment. The automotive industry dominates the market due to the increased adoption of these products in various automotive components such as engines, gearboxes, transmissions, wheels, steering, electrical motors, and pumps. The growth in passenger cars and commercial vehicles globally is a major driver of the demand for bearings. Nowadays, market players are continuously working on miniaturized ball and high-precision ball bearings to make them suitable for application in EVs and other automobiles. Thus, such factors will drive the automotive segment of the market during the forecast period.
APAC is estimated to contribute 39% to the growth by 2028. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The APAC market is projected to experience significant growth, driven by increasing demand from sectors such as automotive, aerospace, electronics, and healthcare in countries like China and India. Factors fueling this growth include rising disposable income and the region's extensive manufacturing industry. Predictive maintenance services, product designs, and quality standards are crucial considerations in the market.
Moreover, radial and roller bearings, including spherical roller bearings and thrust bearings, are essential components. Regulatory compliance and requirements are essential restraints, with technological advancements, such as smart bearings and sensor bearings, and sensor units extending service life. Strategic collaborations and supply chain disruptions also impact the market. Applications include vehicle production, wind turbines, and small single-aisle aircraft. Regulatory compliance, rolling elements, and technological advancements are key regulatory requirements. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
C and U Group: The company offers bearings such as thrust ball bearings, self-aligning, precision, cylindrical roller, needle roller, slewing, and wheel hub bearings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Calnetix Technologies LLC, HKT BEARINGS Ltd., Italcuscinetti S.p.A., JTEKT Corp., Luoyang JCB Bearing Technology Co. Ltd., LYC Bearing Corp., MinebeaMitsumi Inc., NACHI FUJIKOSHI Corp., NBI Bearings Europe SA, NSK Ltd., NTN Corp., RBC Bearings Inc., Regal Rexnord Corp., Schaeffler AG, SRIJI GOPALJI INDUSTRIES PVT LTD., THB Bearings Co. Ltd., The Timken Co., and Wafangdian Guangyang Bearing Group Co. Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The Market encompasses a significant portion of the mechanical industry, with various types of bearings catering to diverse applications. These components are essential for reducing friction and enabling smooth movement in machinery. The appliances and automotive sectors heavily rely on bearings, particularly ball bearings and roller bearings. The Ceramics industry contributes to the manufacturing of high-performance bearings, offering benefits such as increased load capacity and reduced wear. The Electronic industry utilizes bearings in various applications, including motors and generators. The industry, including the mining and oil & gas sectors, construction and mining equipment requires robust bearings for heavy-duty applications. The Market for bearings is expected to grow due to the increasing demand for efficient and reliable machinery in various sectors. The Technology and manufacturing industries also utilize bearings extensively. The market offers a wide range of bearing types, including ball bearings, roller bearings, and specialty bearings, catering to various industries and applications.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.06% |
Market growth 2024-2028 |
USD 18.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.42 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB SKF, ASAHI SEIKO Co. Ltd., C and U Group, Calnetix Technologies LLC, HKT BEARINGS Ltd., Italcuscinetti S.p.A., JTEKT Corp., Luoyang JCB Bearing Technology Co. Ltd., LYC Bearing Corp., MinebeaMitsumi Inc., NACHI FUJIKOSHI Corp., NBI Bearings Europe SA, NSK Ltd., NTN Corp., RBC Bearings Inc., Regal Rexnord Corp., Schaeffler AG, SRIJI GOPALJI INDUSTRIES PVT LTD., THB Bearings Co. Ltd., The Timken Co., and Wafangdian Guangyang Bearing Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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