Market Scenario
Global bearing market size was valued at US$ 75.7 Bn in 2022 and is estimated to reach US$ 163.7 Bn by the end of 2031. The market is registering a growth at a CAGR of 9.5% during the forecast period 2023-2031.
The market for bearings is driven by various factors, such as increasing use in motors, demand for automotive electrification, government initiatives to boost manufacturing, and the rising demand for energy-efficient cars. In automobiles, bearings ensure the smooth running of cars, electric vehicles, light-weight commercial vehicles, and heavy-duty trucks. The demand for bearings increases with the production of automobiles, with an average passenger vehicle having around 35 bearings. The utilization of bearings in railways, electric vehicles, and rolling mills is also driving market demand.
Moreover, governments in various countries are pushing for the growth of the manufacturing sector. Initiatives such as India's 'Make in India' and 'Aatmanirbhar Bharat' and China's 'Made in China' aim to revive manufacturing, thereby increasing the demand for bearings. Additionally, the rising demand for bearings in wind turbines and green vehicles presents a significant opportunity for market growth. However, the increasing sales of counterfeit products are hindering the growth of the bearing market.
Market Dynamics
Increasing Demand for Energy-Efficient Vehicles
As the automotive industry shifts towards sustainable mobility, the demand for energy-efficient vehicles is increasing. Bearings play a crucial role in ensuring the smooth running of electric vehicles, light-weight commercial vehicles, and heavy-duty trucks, thus driving the demand for bearings.
The demand for energy-efficient vehicles in the global bearing market is driven by various factors such as increasing awareness about climate change, the implementation of stricter emissions regulations, and advancements in technology. As a result, electric vehicles have gained popularity over the years. The market for electric vehicles is expected to grow significantly due to the increased adoption of electric vehicles in various countries, including the US, China, and European countries. For instance, the European Union has set targets to reduce carbon emissions from new cars by 37.5% by 2030, driving the demand for energy-efficient vehicles.
Furthermore, the growth of the logistics and transportation industry in the global bearing market is also driving the demand for energy-efficient vehicles. Heavy-duty trucks and light commercial vehicles used for logistics and transportation consume a significant amount of fuel, which contributes to environmental pollution. To address this issue, various countries have implemented regulations and policies to promote the use of energy-efficient vehicles in the logistics and transportation industry. For example, in the US, the Department of Energy's SuperTruck program aims to develop new technologies to improve the fuel efficiency of heavy-duty trucks.
In addition, the rise in the use of renewable energy sources is also driving the demand for energy-efficient vehicles. The use of renewable energy sources such as wind and solar energy to power electric vehicles can significantly reduce carbon emissions, thus promoting sustainable mobility.
Government Initiatives to Boost Manufacturing Sector
Various governments across the global bearing market are implementing initiatives to promote domestic manufacturing. For instance, the Indian government's 'Make in India' and 'Aatmanirbhar Bharat' campaigns aim to encourage local manufacturing and reduce dependency on imports. According to a report by the Indian Brand Equity Foundation, the manufacturing sector in India is expected to reach USD 1 trillion by 2025. Such government initiatives are likely to drive the demand for bearings in the manufacturing sector, boosting market growth.
The Indian government's focus on domestic manufacturing has led to the establishment of various manufacturing units in the country, which has resulted in an increase in the demand for bearings in the Asia Pacific bearing market. The government's initiatives to boost the manufacturing sector have also led to the growth of various industries such as automobile, aerospace, and defense, which are major users of bearings.
Similarly, the Chinese government's 'Made in China 2025' initiative aims to transform China into a manufacturing superpower by promoting the development of advanced manufacturing technologies. The initiative is driving the growth of the manufacturing sector in China, which is expected to boost the demand for bearings in the country.
Moreover, the implementation of government initiatives to promote local manufacturing is also driving the growth of the bearing market in other countries such as the US, Germany, and Japan. The growth of the manufacturing sector in these countries is expected to drive the demand for bearings, thereby boosting market growth.
Restraints:
Increasing Sales of Counterfeit Products
The rising sales of counterfeit bearings are a major restraint in the bearing market. According to the World Bearing Association, the global counterfeit bearing market accounts for 5-10% of the total market. Counterfeit bearings can lead to serious safety issues, including machine failures and accidents, which can have a significant impact on the market. The growing awareness about the impact of counterfeit products on safety and reliability is likely to hinder the growth of the market.
Segmental Analysis of Global Bearing Market
By Product
The ball bearings segment is a type of rolling-element bearing that is designed to reduce rotational friction while supporting radial and axial loads. These products are widely used in various applications, including automotive, aerospace, industrial machinery, and consumer goods. The ball bearings segment dominated the Global Bearing Market in 2022 and is expected to continue its dominance over the projection period. This is primarily due to the efficiency of these bearings in sustaining limited axial loads and heavy radial loads.
Another type of bearing that is gaining popularity in the market is frictionless bearings. These bearings have a unique design that allows for smooth and efficient movement without the need for lubrication. The frictionless bearings segment is expected to witness the highest CAGR over the forecast period, primarily due to the increasing demand for high-speed and high-precision applications across various industries. Frictionless bearings offer several advantages in the global bearing market, such as lower energy consumption, reduced maintenance requirements, and longer lifespan, making them an attractive choice for applications such as robotics, medical equipment, and semiconductor manufacturing. Additionally, the growing focus on sustainable manufacturing and the increasing adoption of green technologies are also expected to drive the growth of the frictionless bearings segment in the coming years.
By Size
The size of bearings is an essential factor in determining their application and performance in different industries. The Global Bearing Market in 2022 is dominated by bearings ranging from 30 to 40 mm in size, with the highest market share. These bearings are widely used in various applications across global bearing market, including automotive, agriculture, construction, and industrial machinery.
The 61 to 70 mm segment has the highest annual growth rate over the forecast period. The demand for bearings in this size range is increasing due to the growth of various end-use industries, including construction, aerospace, and heavy machinery. Additionally, the trend towards automation and the use of robotics in manufacturing is driving the demand for larger-sized bearings.
By Material
The selection of bearing material is critical in determining the performance, durability, and reliability of bearings. Specialty steel alloys, including stainless steel, chrome steel, and carbon steel, have the largest share in the Global Bearing Market in 2022. These materials offer high strength, wear resistance, and durability, making them ideal for different industrial applications.
The demand for ceramic bearings is also increasing due to their exceptional properties such as high temperature resistance, corrosion resistance, and low density. Ceramic bearings are suitable for applications where high speeds, high temperatures, and corrosive environments are present.
By End-Use Industry
The demand for bearings varies across different industries, including automotive, aerospace, agriculture, construction, and industrial machinery. In 2022, the industrial segment has the highest share in the Global Bearing Market, driven by a rise in demand for bearings in various industrial applications such as machine tools, mining, and railways.
The automotive industry is another significant end-use industry for bearings. The increasing production and sales of vehicles globally are driving the demand for automotive bearings. Aerospace is also a significant end-use industry for bearings, where high-performance bearings are required to withstand extreme temperatures, pressures, and speeds.
In the agriculture industry, bearings are used in farm machinery and equipment such as tractors, harvesters, and irrigation systems. The construction industry also uses bearings in equipment such as cranes, excavators, and bulldozers.
Regional Analysis of Global Bearing Market
Asia Pacific is the dominant region in the global bearing market, accounting for the highest market share. The region is also expected to register the highest CAGR over the forecast period. The growth of the market in Asia Pacific is mainly driven by the increasing demand for bearings from different end-use industries such as automotive, construction, and industrial machinery.
China is one of the major bearing markets in the Asia Pacific region, contributing significantly to the growth of the Global Bearing Market. The sale of bearings in China is expected to increase rapidly over the foreseeable years, stimulated by the rapid expansion of machinery and motor vehicle production in the country. The government's initiatives to support the growth of the manufacturing sector and the increasing investment in infrastructure projects are also contributing to the growth of the bearing market in China.
Europe is the second-largest shareholder region in the global bearing market in 2022. The region has a significant presence of established bearing manufacturers, contributing to the growth of the market. The increasing demand for bearings from different end-use industries, including automotive and aerospace, is also driving the growth of the market in Europe.
List of Key Companies Profiled:
Segmentation Overview
The following are the different segments of the Global Bearing Market:
By Product:
By Size:
By Material:
By Industry:
By Industrial:
By Region:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2022 | US$ 75.7 Bn |
| Expected Revenue in 2031 | US$ 163.7 Bn |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Bn) |
| CAGR | 9.5% |
| Segments covered | By Product, By Size, By Material, By Industry, By Industrial, By Region |
| Key players | IKO International, ISB Industries (Italcuscinetti S.p.A. a Socio Unico), JTEKT Corporation, LYC Corp., NSK Ltd., NTN Corporation, Schaeffler AG, SKF, Timken India Ltd., THK CO., Ltd., 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$ 163.7 Bn in 2022.
The Global Bearing Market is estimated to expand at a CAGR of 9.5% over the projection period 2023-2031.
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 2022.
Specialty steel alloy material dominates the Global Bearing Market in 2022.
Machine tools industry is the highest end user in the bearings market in 2022.
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.
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| Report ID: AA0322183 
