Product Code: 978-1-68038-373-7
Bearings Market Growth & Trends:
The global bearings market is anticipated to reach USD 227.69 billion by 2030, registering a CAGR of 9.1% over the forecast period. Bearings are essential in almost every application that involves motion, and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.
The market is estimated to witness considerable growth in the forthcoming years, ascribed to the aim to achieve energy efficiency. Energy-saving and bearings go hand-in-hand. The main objective of this element is saving energy by reducing friction, be it during the rotation of shafts of a transmission or the wheel of a vehicle. Additionally, the rising demand for commercial vehicles is expected to catapult the demand from the automotive sector across the world.
Technological advancements including smart bearings, the development of advanced materials and lubricants, and integrating sensor units, are anticipated to provide high growth potential to the market. With the objective of enhancing performance, vendors are incorporating sensor units of the product. Sensor units help with digital monitoring of rotation speed, axial movement, load-carrying capacity acceleration, and deceleration. These units are presently being used in conveyors forklifts, road rollers, and electric motors. Furthermore, the integration of IoT capabilities facilitates manufacturers to monitor operations constantly.
The market is mature with a dynamic demand closely related to the state of engineering industries and capital goods. Companies are offering integrated products that significantly decrease the number of bearings that go into an assembled product and reduce the overall cost of equipment. This in turn is also increasing the shelf-life and reliability of the product. Product manufacturers are increasingly investing in R&D to address the intensifying competition by providing innovative products.
Bearings Market Report Highlights:
- The development of cost-effective wind energy-generating products has resulted in their increased espousal within wind turbine applications that aid in increasing energy production, reduce lubricant consumption, and enhancing turbine performance and reliability.
- The roller bearings segment is anticipated to grow at the fastest CAGR registering 9.5% during the forecast period. Roller bearings are ideal for applications requiring higher load-carrying capacity than speed. They are used in heavy-load settings across various industries, including equipment and machinery, aerospace, manufacturing, and power generation. The aggressive investments in infrastructure developments, which drive the demand for heavy-duty equipment and machinery, bode well for the growing demand for roller bearings.
- Railway and Aerospace application is estimated to witness the fastest CAGR of over 10.0% during the forecast period to their growing demand in applications such as shock absorbers, gearboxes, doors, and tilting mechanisms. Further, different types of bearings are commonly used in locomotives, traction motors, wagon wheels, freight carriers, and suspension. The development of the commercial aerospace industry, in line with the growing demand for aircraft, space vehicles, space shuttles, and satellites, is expected to drive the growth of the bearing market over the forecast period.
- The Asia Pacific is anticipated to witness the fastest CAGR of 10.1% owing to the rapid expansion of the industrial and construction sector. Further, growing motor vehicle production coupled with the region's strong aftermarket demand for industrial equipment and motorcycle repairs augurs well for the growth in the region.
- Various leading companies are investing in high-level R&D to come up with innovative solutions. These solutions are focused on being cost-effective as well as on enhancing the overall quality of the end-product. Key players in the market include Brammer PLC, HKT Bearings Ltd., Harbin Bearing Manufacturing Co., Ltd., NBI Bearings Europe, NSK Global, JTEKT Corporation, NTN Corporation, Rexnord Corporation, RHP Bearings, Schaeffler Group, RBC Bearings Inc., SKF Corporation, and The Timken Company.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation
- 1.2. Report Scope and Assumptions
- 1.3. Research Methodology
- 1.3.1. Bottom-Up Approach
- 1.3.2. Top-Down Approach
- 1.4. Research Assumptions
- 1.5. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Summary
- 2.2. Bearings- Industry Snapshot & Key Buying Criteria, 2017 - 2030
- 2.3. Bearings Market - Market Outlook
- 2.4. Bearings Market - Segmental Outlook
- 2.5. Global Bearings Market, 2017 - 2030
Chapter 3. Market Variables, Trends & Scope
- 3.1. Penetration and Growth Prospect Mapping
- 3.2. Bearings Market Value Chain
- 3.3. Market Dynamics
- 3.3.1. Market driver analysis
- 3.3.1.1. Increased application of high capacity bearings in wind turbines
- 3.3.1.2. Increasing demand for bearings in energy-efficient vehicles
- 3.3.1.3. Growing demand in railway, aerospace and other applications
- 3.3.1.4. Rapidly Increasing EV Sales
- 3.3.2. Market challenges/restraint analysis
- 3.3.2.1. Counterfeit products
- 3.3.2.2. Increasing raw material prices
- 3.3.3. Market opportunity analysis
- 3.3.3.1. Integration of electro-mechanical features into bearings for medical applications
- 3.4. Bearings Market- Porter's Five Forces
- 3.5. Bearings Market- PEST
- 3.6. Technology Trends of Bearings in Electric Vehicles Industry
- 3.6.1. Innovations In Bearing Design and Sizes
- 3.6.2. Usage Of High-Performance Materials In Bearings
- 3.6.3. Adoption Of Sensors with Bearings
- 3.6.4. Selection Of Lubricants
- 3.6.5. Adoption Of Smart Bearing
- 3.7. Impact of COVID-19 on the Bearings Market
Chapter 4. Bearings Market: Product Estimates & Trend Analysis
- 4.1. Bearings Market: Product Share Analysis, 2017 - 2030
- 4.1.1. Ball Bearings
- 4.1.1.1. Deep Groove Bearings
- 4.1.1.2. Others
- 4.1.2. Roller Bearings
- 4.1.2.1. Split
- 4.1.2.2. Tapered
- 4.1.2.3. Others
- 4.1.3. Plain Bearings
- 4.1.3.1. Journal Plain Bearings
- 4.1.3.2. Linear Plain Bearings
- 4.1.3.3. Thrust Plain Bearings
- 4.1.3.4. Others
- 4.1.4. Others
Chapter 5. Bearings Market: Application Estimates & Trend Analysis
- 5.1. Bearings Market: Application Share Analysis, 2017 - 2030
- 5.1.1. Automotive
- 5.1.2. Agriculture
- 5.1.3. Electrical
- 5.1.4. Mining and Construction
- 5.1.5. Railway & Aerospace
- 5.1.6. Automotive & Aftermarket
Chapter 6. Bearings Market: Regional Estimates & Trend Analysis
- 6.1. Bearings Market Share By Region, 2021 & 2030
- 6.2. North America
- 6.2.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.2.2. Bearings market by application, 2017 - 2030 (USD Billion)
- 6.2.3. U.S.
- 6.2.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.2.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.2.4. Canada
- 6.2.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.2.4.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3. Europe
- 6.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.2. Bearings market by application, 2017 - 2030 (USD Billion)
- 6.3.3. Western Europe
- 6.3.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.3.3. U.K.
- 6.3.3.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.3.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.3.4. Germany
- 6.3.3.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.3.4.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.3.5. France
- 6.3.3.5.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.3.5.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.3.6. Italy
- 6.3.3.6.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.3.6.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.4. Eastern Europe
- 6.3.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.4.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.3.4.3. Russia
- 6.3.4.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.3.4.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.4. Asia Pacific
- 6.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.4.2. Bearings market by application, 2017 - 2030 (USD Billion)
- 6.4.3. China
- 6.4.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.4.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.4.4. India
- 6.4.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.4.4.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.4.5. Japan
- 6.4.5.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.4.5.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.5. Latin America
- 6.5.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.5.2. Bearings market by application, 2017 - 2030 (USD Billion)
- 6.5.3. Brazil
- 6.5.3.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.5.3.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.5.4. Mexico
- 6.5.4.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.5.4.2. Bearings market by application 2017 - 2030 (USD Billion)
- 6.6. Middle East and Africa (MEA)
- 6.6.1. Bearings market by product, 2017 - 2030 (USD Billion)
- 6.6.2. Bearings market by application, 2017 - 2030 (USD Billion)
Chapter 7. Competitive Landscape
- 7.1. Brammer PLC
- 7.1.1. Company Overview
- 7.1.2. Product Benchmarking
- 7.2. HARBIN BEARING MANUFACTURING CO., LTD.
- 7.2.1. Company Overview
- 7.2.2. Product Benchmarking
- 7.3. HKT BEARINGS LIMITED
- 7.3.1. Company Overview
- 7.3.2. Product Benchmarking
- 7.4. NBI Bearings Europe, S.A.
- 7.4.1. Company Overview
- 7.4.2. Product Benchmarking
- 7.5. JTEKT CORPORATION
- 7.5.1. Company Overview
- 7.5.2. Financial performance
- 7.5.3. Product Benchmarking
- 7.5.4. Strategic Initiatives
- 7.6. NSK Ltd.
- 7.6.1. Company Overview
- 7.6.2. Financial performance
- 7.6.3. Product Benchmarking
- 7.6.4. Strategic Initiatives
- 7.7. NTN Bearing Corporation
- 7.7.1. Company Overview
- 7.7.2. Financial performance
- 7.7.3. Product Benchmarking
- 7.7.4. Strategic Initiatives
- 7.8. RBC BEARINGS INC
- 7.8.1. Company Overview
- 7.8.2. Financial performance
- 7.8.3. Product Benchmarking
- 7.8.4. Strategic Initiatives
- 7.9. Zurn Water Solutions Corporation
- 7.9.1. Company Overview
- 7.9.2. Product Benchmarking
- 7.9.3. Recent developments
- 7.9.4. Strategic Initiatives
- 7.10. Schaeffler AG
- 7.10.1. Company Overview
- 7.10.2. Financial performance
- 7.10.3. Product Benchmarking
- 7.10.4. Strategic Initiatives
- 7.11. SKF
- 7.11.1. Company Overview
- 7.11.2. Financial performance
- 7.11.3. Product Benchmarking
- 7.11.4. Strategic Initiatives
- 7.12. The Timken Company
- 7.12.1. Company Overview
- 7.12.2. Product Benchmarking
- 7.12.3. Strategic Initiatives