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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 depends on several factors, such as the strong demand for high-quality bearings, the growing adoption of automation in the manufacturing process, and the APAC acting as a market enabler. Our market report examines historical data from 2018-2022, besides analyzing the current and forecasted market scenario.
A primary factor for the growth of the market in APAC is the growing demand for bearings from automotive, aerospace, electronic, electrical, and other end-users in developing countries such as China and India. Additionally, AB SKF offers bearings such as mounted, super precision, slewing, plain, magnetic and thin section bearings. Also, ASAHI SEIKO Co. Ltd. offers bearings such as Thermoplastic series insert, highly anti corrosive, aluminum series, Eco Silver series and MB series stainless steel.
Market Forecast 2024-2028
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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.
The machine with less friction lasts longer and reduces the breakdown time, which further results in high productivity. Additionally, the market players are putting in efforts to achieve operational efficiency and increase their profitability due to the intense pressure from competitors. Thus, most of these market players are adopting advanced bearings that help them control manufacturing costs by reducing frictional losses significantly.
Further, the demand for these bearings such as rolling and special, such as high-precision bearings and tapered bearings, is continuously rising among end-users due to their abilities to meet multiple industrial application-specific needs by providing high-efficiency to machines. These bearings are aggressively replacing older ones by enhancing the efficiency of machines. 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.
Additive manufacturing, also known as 3D printing, is a computer-controlled method that deposits materials, typically layer by layer, to build three-dimensional things. Additive manufacturing is used in the aerospace and defense sector to manufacture aircraft and engine components. Additive manufacturing, also called three-dimensional (3D) printing, has been gaining significant popularity in the manufacturing industry, including bearing manufacturing. The major factors driving the adoption of 3D printing are lower manufacturing costs, faster manufacturing, easy-to-upgrade products, low energy consumption, and reduced waste production.
Consequently, some of the prominent market players are adopting 3D printing technology to manufacture bearings. Schaeffler is one of the popular bearing manufacturers that has adopted 3D printing technology. The adoption of 3D printing technology will increase in the market in focus as the technology will enable manufacturers to adhere to customers' specification requirements. Hence, the adoption of 3D printing will be crucial for the growth of the market during the forecast period.
Bearings are highly essential for moving components in a machine to reduce frictional loss, which is unavoidable. The market is experiencing billions of dollars in sales every year with a large base of end-users. This attracts multiple counterfeit products to be sold at a competitive price. These products are illegally labeled and priced like the original brands. Thus, frequent breakdown times occur within factories, which creates a bad image for original manufacturers worldwide. The adoption of used products adversely affects the revenue generation from the sales of new ones.
Additionally, used products are widely available online on various web portals, such as the e-commerce portal of Alibaba Group Holding Ltd. Significant differences in the prices of used bearings compared with the prices of new bearings can encourage many end-users to invest in used products. Hence, the growing adoption of used bearings is expected to negatively impact the growth of the market during the forecast period.
The anti-friction bearings segment will account for a major share of the market's growth during the forecast period.? This segment minimize friction between equipment parts, enhancing efficiency and ease of use. Demand is rising in core manufacturing and automotive sectors, spanning industries like aerospace, railways, and wind power. Wind turbines, for instance, rely on various bearings for shafts, gearboxes, and generators.
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The anti-friction bearings segment was valued at USD 46.15 billion in 2018. While mechanical complexity increases their price, anti-friction bearings withstand high temperatures, crucial for low-speed applications. They're divided into ball bearings, suitable for radial and thrust loads, and roller bearings, ideal for heavy radial loads. Roller bearings, especially tapered ones like JTEKT's, dominate the market, driven by automotive and aerospace demands, while heavy industries propel ball bearings' growth. 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.
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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 rise in disposable income is expected to accelerate the demand for machinery in automobiles, electronics and electrical devices, and other goods, which require bearings. Significant industrial development across countries like China, India, South Korea, Indonesia, and Taiwan will see a high level of machinery requirements in the respective industrial segment.
Moreover, as industrial players enter this price-sensitive market, they need to focus on ramping up their production rate without affecting the quality of the product. Hence, the demand for this product is increasing steadily in the APAC region. Additionally, APAC dominates global automotive production, which creates significant demand for bearings through automotive OEMs operating in the region. 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 analysis and report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The global bearing market encompasses various industries, each with industry-specific requirements driving demand. Sectors such as automobile parts and farm equipment rely heavily for maintenance requirements and service life. Similarly, defense and aerospace equipment demand specialized bearing solutions to ensure turbine performance and reliability. In energy production, these are pivotal for performance improvement and energy efficiency.
Technological advancements have led to innovative product designs incorporating sensor units and digital monitoring for enhanced axial movement, deceleration, and acceleration control. This plays a critical role in rotation speed regulation and load-carrying capacity across applications.
The rise of the Agricultural Internet of Things (IoT) and connected equipment underscores the importance of smart bearings in vehicle production and industrial machinery. However, challenges like supply chain disruptions and market concentration amidst globalization require strategic collaborations for quality standards and regulatory compliance. Amidst these dynamics, niche offerings and fragmented players find opportunities through predictive maintenance services and technologically advanced solutions tailored for emerging economies.
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, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the 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. |
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