The Global Bearing Market size was valued at US$ 80,523.6 Mn in 2021 and is estimated to reach US$ 1,20,054.1 Mn by the end of 2027. The market is registering growth at a CAGR of 6.7% during the forecast period 2022-2027. Bearings are highly engineered, precisely made components that enable machinery to move at extremely high speeds and carry remarkable loads with ease and efficiency. It is a part of a machine that allows one part to rotate in contact with another part with as little friction as possible. Bearings are used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment.
The market is majorly driven by factors such as rising utilization of bearings in motors, the demand for automotive electrification, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars. Bearings are used in automobiles to ensure the smooth running of cars, electric vehicles (EVs), and other types of vehicles such as lightweight commercial vehicles and heavy vehicles such as trucks. Therefore, the demand for bearing increases with the rise in the production of automobiles. On average, a passenger automobile has 35 bearings, which vary substantially depending on the model of the vehicle and the widely used technology. Further, a rise in the utilization of bearing in railways, electric vehicles, & rolling mills is accelerating the market demand. Several features that are associated with the comfort, safety, and fuel efficiency of a vehicle rely on automotive bearings that adhere to the strict criteria for performance, function, and design of the application. Moreover, the governments of different countries are pushing for the growth of the manufacturing sector in their country. For instance, the Indian government’s initiatives such as ‘Make in India’ and ‘Aatmanirbhar Bharat’, aimed at reviving the manufacturing sector, in turn increasing the demand for bearings. India bearings market was valued at USD 1,772.6 Mn in 2021 is projected to reach USD 3,374.4 Mn by 2027, growing at a CAGR of 10.9% from 2022 to 2027. Similarly, the Chinese government’s ‘Made in China’ is reviving the manufacturing sector in China. In addition, the rising demand for bearings in wind turbines and rising concern about green vehicles are estimated to provide a lucrative opportunity for market growth. However, the increasing sales of counterfeit products are hindering the growth of the bearing market.
Key Insights of the Report:
Impact of COVID-19
The global automobile industry weakened in the first quarter of 2020. The pandemic has severely impacted automotive production and sales. Further, the supply chain disruptions also negatively affected the bearings market. However, many countries across the globe have expanded significantly from the third quarter of 2020. Considering this factor, substantial growth is expected in the Global Bearing Market post the pandemic.
Key Takeaways from the Global Bearing Market Report:
Competitive Insight
The key players in the Global Bearing Market are SKF, Schaeffle AG, The Timken Company, NSK Ltd., IKO International, ISB Industries, NTN Corporation, and JTEKT Corporation among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the stabilized Japanese market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
The following are the different segments of the Global Bearing Market:
By Product segment of the Global Bearing Market is sub-segmented into:
By Size segment of the Global Bearing Market is sub-segmented into:
By Material segment of the Global Bearing Market is sub-segmented into:
By Industry segment of the Global Bearing Market is sub-segmented into:
By Industrial segment of the Global Bearing Market is sub-segmented into:
By Region segment of the Global Bearing Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 80,523.6 Mn |
Expected Revenue in 2027 | US$ 1,20,054.1 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Unit | Value (USD Mn) |
CAGR | 6.7% |
Segments covered | By Product, Size, Material, Industry, Industrial, and Region |
Leading players | SKF, Schaeffle AG, The Timken Company, NSK Ltd., IKO International, ISB Industries, and other prominent players. |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Bearings are used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment.
Ball bearing, roller bearing, mounted bearing, linear bearing, frictionless bearing, slide bearing and jewel bearing are the various types of bearings.
Specialty steel alloys, plastics and ceramics are used in the manufacturing of bearings.
The Global Bearing Market was valued at US$ 80,523.6 Mn in 2021.
The Global Bearing Market is estimated to expand at a CAGR of 6.7% over the projection period.
The market is majorly driven by factors such as rising utilization of bearings in motor, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars.
The increasing sales of counterfeit products is hindering market growth.
Ball bearing type dominates Global Bearing Market in 2021.
Specialty steel alloy material dominates the Global Bearing Market in 2021.
Machine tools industry is the highest end user in the bearings market in 2021.
Asia Pacific dominates the Global Bearing Market.
The key players in the Global Bearing Market are SKF, Schaeffle AG, The Timken Company, NSK Ltd., NTN Corporation, and JTEKT Corporation among others.