The Bearings Market size was valued at USD 119.86 Bn in 2023 and is expected to reach USD 248.5 Bn by 2031 and grow at a CAGR of 9.54 % over the forecast period 2024-2031.
Bearings may be found in almost any piece of machinery or equipment, from vehicle parts to agricultural equipment to home appliances to defense and aerospace equipment. In the near future, this aspect is expected to boost the market. Bearings with reduced maintenance needs, improved efficiency, and longer service life are in high demand.
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Over the last few decades, the bearing industry has seen steady technological improvements and developments, with a focus on improving bearing performance and life. The bearing market is predicted to rise at a steady pace during the forecast period, owing to an exponential increase in demand for durable and high-performing bearings that can function at greater speeds, withstand large loads, and more. Several major competitors in the bearings industry are increasingly focused on product testing and development to build a strong brand presence and market dominance.
MARKET DYNAMICS:
KEY DRIVERS:
Wind turbine infrastructure development
Demand for high-performance bearings for agricultural equipment is growing.
Global industrialization is increasing.
RESTRAINTS:
Ball bearings are manufactured under strict environmental regulations.
The onset of the pandemic has halted industry operations.
OPPORTUNITY:
New product launching and R&D among key companies.
Continue to improve product designs in order to improve performance and energy efficiency.
IMPACT OF COVID-19:
The emergence of the new coronavirus pandemic is one of the significant difficulties that Bearing Market companies have been dealing with since the historic forecast period ended in 2019. The pandemic has been labeled a healthcare emergency, and as a result, the world's strong healthcare service providers and infrastructures are failing, causing an increase in the level of suffering. Rising pandemic cases are being taken into account, and worldwide governments are working on preventing the virus from spreading. As a result, worldwide governments were obliged to establish legislation and implement harsh restrictions that would have an impact on the functioning but might assist slow the spread of the epidemic internationally. However, the tight restrictions adopted, such as the lockdown, had a significant influence on market functioning, resulting in a substantial disruption in the worldwide market's supply chain mechanism. Furthermore, the market has been plagued by manufacturing and production challenges, which have acted as a fundamental fault and resulted in lower demand. During the projected period, which ends in 2030, demand is also declining due to shifting market trends and tastes of the worldwide audience. As a result, worldwide Bearing Market companies are recognizing shifting trends and investing in research and development. This is a critical step that will assist the market in developing new and creative products and launching them on a global basis.
MARKET ESTIMATION:
In 2023, the roller bearings category led the market, accounting for the majority of sales. Furthermore, by 2030, this category is expected to maintain its dominance and become the fastest-growing. These products are more efficient than their competitors in reducing rotational friction, supporting radial and axial loads, and sustaining limited axial and heavy radial loads. The extensive adoption of roller bearings by a variety of industries, including capital equipment, autos, home appliances, and aerospace, is expected to boost product demand. Ball bearings and other bearings are also covered in the paper. Because ball bearings have a smaller surface contact area, they assist to minimize friction significantly. They can also handle thrust and radial loads, which is why these goods are increasingly being employed in both four and two-wheeled vehicles. As a result, the category is expected to increase steadily during the forecast period.
In 2023, the automobile category dominated the market, accounting for the majority of revenue. The large market share of this sector might be attributable to increased worldwide vehicle manufacturing. Furthermore, as the demand for automobiles with technologically advanced solutions grows, so does vehicle manufacturing, necessitating instrumented goods. The rise in demand for modern automobiles, as well as the resulting improvement in vehicle capabilities, has increased the need for bearing in the automotive sector. Additionally, the automotive aftermarket industry is expected to grow at a greater CAGR during the projection period, boosting bearing demand even more. By 2030, the railway and aircraft segments are expected to be the fastest-growing segments. This increase may be ascribed to rising interest in travel activities, the increasing need to replace aged fleets due to rigorous environmental laws, and rising fuel prices along with enhanced ways to aid global and local transportation networks. Demand from the railway segment is expected to increase as emerging nations speed railway building. Furthermore, rising demand for small single-aisle planes and helicopters from emerging nations is expected to propel the market forward.
By type
Ball Bearings
Deep Groove Bearings
Others
Roller Bearings
Split
Tapered
Others
Plain Bearings
Journal Plain Bearings
Linear Plain Bearings
Thrust Plain Bearings
Others
Others
By Application
Automotive
Electrical
Agriculture
Mining & Construction
Automotive Aftermarket
Railway & Aerospace
Others
REGIONAL ANALYSIS:
During the historic projection period that concluded in 2023, the APAC region led the Bearing Market, capturing the biggest market share and generating revenue at a positive rate. Similar trends are projected to continue, with experts forecasting that the market will generate higher sales by the conclusion of the projection period in 2031. China is one of the primary markets that is predicted to witness increased sales in its native nation and become the greatest contributor to the market. Throughout the projected period, which ends in 2031, there has been a solid level of construction and mining equipment that will aid market expansion.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Asia Pacific
China
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
KEY PLAYERS
The major key players in the market are NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, NBI Group, NTN Bearing Corporation, RBC Bearings Incorporated, Regal Rexnord Corporation, LYC Bearings Corporationand others in final Report.
MinebeaMitsumi Inc-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 119.86 Billion |
| Market Size by 2031 | US$ 248.5 Billion |
| CAGR | CAGR 9.54 % From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By type (Ball Bearings, Roller Bearings, Plain Bearings, Others) • By Application (Automotive, Electrical, Mining & Construction, Agriculture, Automotive Aftermarket, Railway & Aerospace, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, NBI Group, NTN Bearing Corporation, RBC Bearings Incorporated, Regal Rexnord Corporation, LYC Bearings Corporationand |
| Key Drivers | • Wind turbine infrastructure development. • Global industrialization is increasing. |
| Restraints | • Ball bearings are manufactured under strict environmental regulations. • The onset of the pandemic has halted industry operations. |
Ans: - The Bearings Market Size was valued at USD 119.86 Bn in in 2023.
Ans: The Bearings Market is growing at a CAGR of 9.54 % from 2024 to 2031.
Ans: - The Asia Pacific area is anticipated to have the greatest market share during the forecast period.
Ans. The primary growth tactics of Bearings market participants include merger and acquisition, business expansion, and product launch.
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact Of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Bearings Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Ball Bearings
9.3.1 Deep Groove Bearings
9.3.2 Others
9.4 Roller Bearings
9.4.1 Split
9.4.2 Tapered
9.4.3 Others
9.5 Plain Bearings
9.5.1 Journal Plain Bearings
9.5.2 Linear Plain Bearings
9.5.3 Thrust Plain Bearings
9.5.4 Others
9.6 Others
10. Bearings Market Segmentation, By Application
10.2 Trend Analysis
10.3 Automotive
10.4 Electrical
10.5 Agriculture
10.6 Mining & Construction
10.7 Automotive Aftermarket
10.8 Railway & Aerospace
10.9 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Bearings Market by Country
11.2.3 North America Bearings Market By Type
11.2.4 North America Bearings Market By Application
11.2.5 USA
11.2.5.1 USA Bearings Market By Type
11.2.5.2 USA Bearings Market By Application
11.2.6 Canada
11.2.6.1 Canada Bearings Market By Type
11.2.6.2 Canada Bearings Market By Application
11.2.7 Mexico
11.2.7.1 Mexico Bearings Market By Type
11.2.7.2 Mexico Bearings Market By Application
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Bearings Market by Country
11.3.2.2 Eastern Europe Bearings Market By Type
11.3.2.3 Eastern Europe Bearings Market By Application
11.3.2.4 Poland
11.3.2.4.1 Poland Bearings Market By Type
11.3.2.4.2 Poland Bearings Market By Application
11.3.2.5 Romania
11.3.2.5.1 Romania Bearings Market By Type
11.3.2.5.2 Romania Bearings Market By Application
11.3.2.6 Hungary
11.3.2.6.1 Hungary Bearings Market By Type
11.3.2.6.2 Hungary Bearings Market By Application
11.3.2.7 Turkey
11.3.2.7.1 Turkey Bearings Market By Type
11.3.2.7.2 Turkey Bearings Market By Application
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Bearings Market By Type
11.3.2.8.2 Rest of Eastern Europe Bearings Market By Application
11.3.3 Western Europe
11.3.3.1 Western Europe Bearings Market by Country
11.3.3.2 Western Europe Bearings Market By Type
11.3.3.3 Western Europe Bearings Market By Application
11.3.3.4 Germany
11.3.3.4.1 Germany Bearings Market By Type
11.3.3.4.2 Germany Bearings Market By Application
11.3.3.5 France
11.3.3.5.1 France Bearings Market By Type
11.3.3.5.2 France Bearings Market By Application
11.3.3.6 UK
11.3.3.6.1 UK Bearings Market By Type
11.3.3.6.2 UK Bearings Market By Application
11.3.3.7 Italy
11.3.3.7.1 Italy Bearings Market By Type
11.3.3.7.2 Italy Bearings Market By Application
11.3.3.8 Spain
11.3.3.8.1 Spain Bearings Market By Type
11.3.3.8.2 Spain Bearings Market By Application
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Bearings Market By Type
11.3.3.9.2 Netherlands Bearings Market By Application
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Bearings Market By Type
11.3.3.10.2 Switzerland Bearings Market By Application
11.3.3.11 Austria
11.3.3.11.1 Austria Bearings Market By Type
11.3.3.11.2 Austria Bearings Market By Application
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Bearings Market By Type
11.3.2.12.2 Rest of Western Europe Bearings Market By Application
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Bearings Market by Country
11.4.3 Asia Pacific Bearings Market By Type
11.4.4 Asia Pacific Bearings Market By Application
11.4.5 China
11.4.5.1 China Bearings Market By Type
11.4.5.2 China Bearings Market By Application
11.4.6 India
11.4.6.1 India Bearings Market By Type
11.4.6.2 India Bearings Market By Application
11.4.7 Japan
11.4.7.1 Japan Bearings Market By Type
11.4.7.2 Japan Bearings Market By Application
11.4.8 South Korea
11.4.8.1 South Korea Bearings Market By Type
11.4.8.2 South Korea Bearings Market By Application
11.4.9 Vietnam
11.4.9.1 Vietnam Bearings Market By Type
11.4.9.2 Vietnam Bearings Market By Application
11.4.10 Singapore
11.4.10.1 Singapore Bearings Market By Type
11.4.10.2 Singapore Bearings Market By Application
11.4.11 Australia
11.4.11.1 Australia Bearings Market By Type
11.4.11.2 Australia Bearings Market By Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Bearings Market By Type
11.4.12.2 Rest of Asia-Pacific Bearings Market By Application
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Bearings Market by Country
11.5.2.2 Middle East Bearings Market By Type
11.5.2.3 Middle East Bearings Market By Application
11.5.2.4 UAE
11.5.2.4.1 UAE Bearings Market By Type
11.5.2.4.2 UAE Bearings Market By Application
11.5.2.5 Egypt
11.5.2.5.1 Egypt Bearings Market By Type
11.5.2.5.2 Egypt Bearings Market By Application
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Bearings Market By Type
11.5.2.6.2 Saudi Arabia Bearings Market By Application
11.5.2.7 Qatar
11.5.2.7.1 Qatar Bearings Market By Type
11.5.2.7.2 Qatar Bearings Market By Application
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Bearings Market By Type
11.5.2.8.2 Rest of Middle East Bearings Market By Application
11.5.3 Africa
11.5.3.1 Africa Bearings Market by Country
11.5.3.2 Africa Bearings Market By Type
11.5.3.3 Africa Bearings Market By Application
11.5.2.4 Nigeria
11.5.2.4.1 South Africa Bearings Market By Type
11.5.2.4.2 South Africa Bearings Market By Application
11.5.2.5 South Africa
11.5.2.5.1 South Africa Bearings Market By Type
11.5.2.5.2 South Africa Bearings Market By Application
11.5.2.6 Rest of Africa
11.5.2.6.1 Rest of Africa Bearings Market By Type
11.5.2.6.2 Rest of Africa Bearings Market By Application
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Bearings Market by Country
11.6.3 Latin America Bearings Market By Type
11.6.4 Latin America Bearings Market By Application
11.6.5 Brazil
11.6.5.1 Brazil Bearings Market By Type
11.6.5.2 Brazil Bearings Market By Application
11.6.6 Argentina
11.6.6.1 Argentina Bearings Market By Type
11.6.6.2 Argentina Bearings Market By Application
11.6.7 Colombia
11.6.7.1 Colombia Bearings Market By Type
11.6.7.2 Colombia Bearings Market By Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Bearings Market By Type
11.6.8.2 Rest of Latin America Bearings Market By Application
12. Company Profiles
12.1 NSK Ltd
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Schaeffler AG
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 JTEKT Corporation
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 SKF
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 The Timken Company
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 NBI Group
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 NTN Bearing Corporation
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Regal Rexnord Corporation
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 RBC Bearings Incorporated
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 LYC Bearings Corporation
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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