01-Jun-2022 | Facts and Factors
According to Facts and Factors, the global bearing market was valued at USD 121.6 billion in 2021 and is predicted to increase at a CAGR of 8.2% to USD 195.1 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
Bearings are used in practically every form of machinery or equipment, including car parts, farm equipment, and home appliances, as well as defense and aerospace equipment. Bearings with reduced maintenance needs, improved efficiency, and longer service life are in high demand. Additionally, the market is expected to benefit from an increase in demand for specialty-bearing solutions that address various industry-specific requirements and constraints. Manufacturers are always working to improve product designs in order to improve performance and energy efficiency. For raceways, cages, and rolling components, they employ a unique material, as well as revised raceway profiles. This will contribute to the growth of the market in the coming years.
Browse the full “Bearing Market By Product (Ball Bearings, Roller Bearings, Plain Bearings, Others) By Type (Mounted, Unmounted, Component, Balls, Rollers, Cages, Rings, Others), By Application (Automotive, Construction, Aerospace, Power Transmission, Oil & Gas, Agriculture, Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028" report at https://www.fnfresearch.com/bearing-market
Moreover, advances in seal and lubrication technology, as well as the use of lightweight materials in high-performance goods, are creating enormous opportunities for manufacturers. The incorporation of electro-mechanical components directly into bearings improves performance while also reducing size and cost, which will boost the market growth. Furthermore, the introduction of the Internet of Things (IoT) has facilitated the adoption and continuous monitoring of linked equipment and machinery. This advancement has had a positive influence on the market as well. The cost of raw materials continues to be the number one overall concern for businesses. The raw material price of an automobile bearing changes in response to market economic conditions. Such raw material price volatility is posing a significant problem for businesses seeking to remain competitive and ensure sustainable profitability.
In terms of Product, in the forecast period, the roller bearings segment led the market, accounting for the major share of total revenue. Furthermore, this area is expected to maintain its dominance and become the fastest-growing segment by the forecast period. These goods have lower rotational friction, can support radial and axial loads, and can withstand restricted axial loads and large radial loads well than their competitors. The extensive adoption of roller bearings by numerous industries, including capital equipment, autos, home appliances, and aerospace, is expected to boost product demand.
In terms of Application, the automobile segment led the market, accounting for nearly 50.0 percent of total sales. A substantial proportion of this market can be ascribed to increased worldwide vehicle manufacturing. Furthermore, the demand for automobiles with technologically advanced solutions is increasing, resulting in an increase in vehicle manufacturing, which needs instrumented goods. The increase in demand for highly modern automobiles, as well as the resulting increase in vehicle capabilities, has increased the need for bearing in the automotive sector.
In the forecast period, Asia Pacific led the bearings market, accounting for the largest share of total sales. The area is expected to see the fastest revenue increase. China is a large market, and sales in the nation are likely to skyrocket in the next years, fuelled by the fast development of machinery and motor vehicle manufacturing, as well as a robust aftermarket for industrial equipment and motor vehicle maintenance. Furthermore, India's robust construction and mining equipment industry is expected to support expansion through the forecast period.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 121.6 Billion |
Projected Market Size in 2028 |
USD 195.1 Billion |
CAGR Growth Rate |
8.2% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation, among others |
Key Segment |
By Product, Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the major companies operating in the bearing market are NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation, and others.
The global bearing market is segmented as follows:
By Product
- Ball Bearings
- Roller Bearings
- Plain Bearings
- Others (Air Bearings, Magnetic Bearings, etc.)
By Type
- Mounted
- Unmounted
- Component
- Balls
- Rollers
- Cages
- Rings
- Others (Shield, Seals, etc.)
By Application
- Automotive
- Construction
- Aerospace
- Power Transmission
- Oil & Gas
- Agriculture
- Others
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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