Bearing Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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: 

• The latest study published by Astute Analytica analyzes the Global Bearing Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 16 chapters distributed across 195 pages with 37 lists of tables and 84 lists of figures.
• The various segmentations considered to analyze the market are based on product, size, material, industry, and region.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, bearing manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

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:

• Based on the product, the ball bearings segment dominated the market in 2021 and is estimated to continue its dominance over the projection period. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. Frictionless bearings have the highest CAGR over the forecast period.
• In terms of size, 30 to 40 mm sized bearings hold the highest share in the Global Bearing Market in 2021, whereas the 61 to 70 mm segment has the highest annual growth rate over the forecast period.
• Based on material, the specialty steel alloys segment has the lion's share in the market in 2021 and is further estimated to continue its dominance over the forecast period. This is due to their high demand for different industrial applications.
• In terms of the end-use industry, the industrial segment has the highest share in the Global Bearing Market in 2021. The growth of this segment is attributed to a rise in demand for bearings in different industries such as aerospace, machine tools, mining, and railways among others.
• Asia Pacific dominated the Global Bearings Market in 2021 and is also registering the highest CAGR over the forecast period. China is one of the major markets in APAC, and the sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production. Europe is the second-highest shareholder region in the Global Bearing Market in 2021.

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:

• Ball Bearings
  • Deep Groove Ball Bearings
  • Self-Aligning Ball Bearings
  • Angular-Contact Ball Bearings
  • Thrust Ball Bearings
• Roller Bearings
  • Tapered Roller Bearings
  • Spherical Roller Bearings
  • Cylindrical Roller Bearings
  • Needle Roller Bearings
• Mounted Bearings
• Linear Bearings
• Slide Bearings
• Jewel Bearings
• Frictionless Bearings
• Others

By Size segment of the Global Bearing Market is sub-segmented into:

• 30 to 40 mm
• 41 to 50 mm
• 51 to 60 mm
• 61 to 70 mm
• 70 mm & above

By Material segment of the Global Bearing Market is sub-segmented into:

• Specialty Steel Alloys
• Plastic
• Ceramics

By Industry segment of the Global Bearing Market is sub-segmented into:

• Automotive
  • OEM
  • Aftermarket
• Industrial
  • Agriculture
  • Railway
  • Mining
  • Aerospace
  • Machine Tools
  • Exports
  • Others

By Industrial segment of the Global Bearing Market is sub-segmented into:

• OEM’s
• Aftermarket

By Region segment of the Global Bearing Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The U.K.
  • Germany
  • France
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Israel
  • Rest of the Middle East & Africa