According to the study published by Astute Analytica, the Global Bearing Market is estimated to witness a rise in its revenue from US$ 80,523.6 Mn in 2021 to US$ 1,20,054.1 Mn by 2027. The market is registering a growth at a CAGR of 6.7% during the forecast period 2022-2027. Bearing 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. Bearings are used in automobiles to ensure smooth running of cars, electric vehicles (EVs), and other types of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks.
The growing impetus of the market is attributed to factors such as rising utilization of bearing in motor, demand of automotive electrification, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars. 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 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 the growth of the manufacturing sector in their country. For instance, Indian government’s initiatives such as ‘Make in India’ and ‘Aatmanirbhar Bharat’, aimed at reviving the manufacturing sector, in turn increases the demand for bearings. Similarly, the Chinese government’s ‘Made in China’ is reviving the manufacturing sector in China. In addition, the rising demand of bearings in wind turbines and rising concern about green vehicles is estimated to provide a lucrative opportunity for market growth. However, the increasing sales of counterfeit products is hindering the growth of the bearing market.
Product Landscape
Based on product, the bearings market is segmented into ball bearings, roller bearings, mounted bearings, linear bearings, slide bearings, jewel bearings, frictionless bearings, and others. Among these, 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. The widespread adoption of ball bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact product demand. Frictionless bearings have the highest CAGR over the forecast period.
Size Landscape
In terms of size, the market is fragmented into 30 to 40 mm, 41 to 50 mm, 51 to 60 mm, 61 to 70 mm and 70 mm & above. The 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.
Material Landscape
Based on material, the bearings market is segmented into specialty steel alloys, plastics and ceramics. The specialty steel alloys segment has the lions share in the market in 2021 and is further estimated to continue its dominance over the forecast period. The is due to their high demand in different industrial applications.
Industrial Landscape
In terms of end use industry, the market is bifurcated into automotive and industry. Further, the industrial segment is sub-segmented into aerospace, agriculture, machine tools, mining, railways, and others. 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 of bearings in different industries such as aerospace, machine tools, mining, and railways among others. Under the industrial segment, machine tools segment holds the highest market share in 2021.
Regional Landscape
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 Landscape
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 Regionsegment of the Global Bearing Market is sub-segmented into:
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