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Bearing Market Size, Share Global Analysis Report, 2022 – 2028
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
Industry Insights
[201+ Pages Report] 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. The report analyses the global bearing market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the bearing market.
Market Overview
Bearings are highly constructed, precision-machined components that allow machines to operate at extremely high speeds while carrying massive weights with ease and efficiency. It is a machine component that allows one element to spin in contact with another while causing less friction. The rising need for ball bearings in a variety of industries, including machine tools, automotive, and the rapidly growing advanced medical sectors, is projected to fuel market expansion in the near future.
The advancement of digitalization and smart technologies included in bearings is propelling the market forward. The market is expanding as a consequence of the rising demand for high precision bearings in specialized applications. Due to their resistance to harsh environmental variables, several types of ball bearings, including self-aligned bearings, are gaining favor across diverse end-user groups.
Growth Drivers
The growing use of precision engineering in the industrial sector is having a significant impact on the industry. This is due to increased demand from industries such as aerospace and defense, shipbuilding, energy, and many others. The mounting bearing market is being propelled by the increased adoption of mounted bearings in essential industries like food and beverage, mining and minerals, and pulp and paper. All of the aforementioned variables are projected to have a beneficial impact on the industry in the future years.
Counterfeit bearings are a significant impediment in the mounted bearing business. Counterfeit bearings increase costs, dangers, and machine dependability by causing frequent bearing failures. These bearings are made from low-grade materials and are frequently produced on old machinery by minimum-wage workers. Changes in trade regulations, imbalances in the supply and demand environment, fluctuations in foreign exchange rates, heightened geopolitical threats in certain regions, and other factors can all have an influence on the cost of steel and aluminium bearing materials. This, in turn, leads to a high maintenance cost, which slows the market.
COVID – 19 Impact
The COVID-19 pandemic has reduced revenue-generating for mounted bearing manufacturers. The COVID-19 epidemic had a huge influence on the automotive industry, resulting in a considerable drop in automobile sales, a shortage of raw materials, and other issues. Several automotive firms are stepping up by reorganizing their supply chain, production, and services to deliver crucial medical goods. The pandemic caused a significant drop in demand for and investment in mounted bearings worldwide in the pandemic period.
Due to the unexpected halt in output, many businesses, including mining, construction, and food and beverage, struggled. Suspension of production and a focus on employee and worker health and safety has affected the supply chain of numerous businesses. Furthermore, the market's growth prospects in the pandemic period are projected to be hampered by falling demand for bearings from numerous end-use sectors as a result of the ongoing COVID-19 pandemic.
Segmentation Analysis Analysis
The Bearing Market is segregated based on Product, Type, and Application.
In terms of Product, the ball bearings industry is expected to witness tremendous growth in the forecast period due to exceptional performance over wide temperature ranges. A ball bearing is a rolling element that decreases friction, carries weights, and guides the movement and position of moving machine parts. It contains a protective seal that prevents leaks and foreign particles entrance into the casing, lowering repair costs. Furthermore, its simple design, low cost, and great durability allow it to work with radial and thrust loads, increasing its demand in various applications and end-use regions.
In terms of Application, the automobile segment led the market, accounting for nearly 50.0 percent of total sales. This is due to growing vehicle sales and demand for a variety of automotive moving parts which depend on bearings to operate. Bearings are required for smooth operation and performance of doors, wipers, bonnet hinges, and rear mirrors. Because of their numerous applications, ball bearings and tapper head bearings are widely used in the automotive sector.
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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Regional Landscape
Over the projected period, Asia Pacific is expected to have the highest growth in the ball bearing market. This is due to the expansion of the construction, mining, and automobile industries. Projects to improve public facilities in rural regions are projected to fuel the Asia Pacific market. To offset the downward economic trend caused by the COVID-19 pandemic, major economies are likely to design economic packages to stimulate the growth of small and medium-sized businesses.
China and Japan would be major development drivers in the Asia Pacific mounted bearing market. Companies have set up manufacturing bases in this region, and the countries in this region serve as important export hubs.
Competitive Landscape
The report contains qualitative and quantitative research on the global Bearing Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
List of Key Players in the Bearing Market:
- NSK Ltd
- Schaeffler AG
- JTEKT Corporation
- SKF
- The Timken Company
- MinebeaMitsumi Inc.
- NTN Bearing Corporation
- Danaher
- RBC Bearings Incorporated
- Rexnord Corporation
The global bearing market is segmented as follows:
By Product Segment Analysis
- Ball Bearings
- Roller Bearings
- Plain Bearings
- Others (Air Bearings, Magnetic Bearings, etc.)
By Type Segment Analysis
- Mounted
- Unmounted
- Component
- Balls
- Rollers
- Cages
- Rings
- Others (Shield, Seals, etc.)
By Application Segment Analysis
- Automotive
- Construction
- Aerospace
- Power Transmission
- Oil & Gas
- Agriculture
- Others
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- 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
Table of Content
Industry Major Market Players
- NSK Ltd
- Schaeffler AG
- JTEKT Corporation
- SKF
- The Timken Company
- MinebeaMitsumi Inc.
- NTN Bearing Corporation
- Danaher
- RBC Bearings Incorporated
- Rexnord Corporation
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