Bearings Industry Overview
The global bearings market size was valued at USD 118.7 billion in 2020 and is expected to reach USD 226.8 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.
Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. This factor is projected to drive the market in near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life.
Gather more insights about the market drivers, restrains and growth of the Global Bearings market
Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.
Manufacturers constantly work on improving the product designs to increase performance and energy efficiency. They use a special material for raceways, cages, and rolling elements as well as redesigned raceway profiles. Furthermore, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for the manufacturers. Integration of electro-mechanical features directly into the bearings helps in performance improvement and reductions in size and cost.
Rising demand for high-performance bearings has resulted in manufacturers integrating advanced sensor units in their products. The sensor units assist in digital monitoring of axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity of the product. Additionally, the advent of the Agricultural Internet of Things (IoT) has encouraged the adoption and constant monitoring of connected equipment and machinery. This trend has also influenced the market positively.
A few key suppliers have started providing smart bearings, whose conditions can be constantly monitored to predict faults before they occur. The adoption of smart bearings is still in the nascent stage. Several other major manufacturers are likely to offer smart bearings in their portfolios in near future. As it is easy to predict the faults in smart bearings before they occur, they add considerable value by reducing the cost of unexpected downtime, which is projected to surge the espousal of these products during the forecast period.
The coronavirus pandemic has had a significant impact on the market with many of the manufacturing companies facing adverse effects of lockdown situations in major economies such as China, Japan, among several others. The automotive industry, which is the largest consumer of bearing among all the other industries, witnessed a substantial reduction in vehicle production primarily owing to the supply chain disruptions and restrictions on the movement of people. However, the conditions improved in the later quarters of 2020 with gradual upliftment of restrictions and subsequent increase in production activities. Moreover, the rollout of coronavirus vaccine across the globe is further anticipated to strengthen the market growth over the forecast period.
Bearings Market Segmentation
Based on the Product Insights, the market is segmented into Ball Bearings and Roller Bearings.
- The roller bearings segment dominated the market and accounted for the largest revenue share of more than 45.0% in 2020. Further, this segment is also anticipated to continue its dominance and emerge as the fastest-growing segment by 2028.
- The report also covers the ball bearings and other bearings. Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent.
Based on the Application Insights, the market is segmented into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket and Others.
- The automotive segment dominated the market and held the largest revenue share of approximately 50.0% in 2020. The high share of this segment can be attributed to high automotive production, globally.
- The railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2028. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the bearings market and accounted for the largest revenue share of 39.7% in 2020. The region is projected to observe the fastest growth in terms of revenue, accounting for over USD 95.0 billion by 2028.
- In Europe, the market is anticipated to witness favorable growth during the forecast period, owing to sustainable economic growth and increased investment.
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Market Share Insights:
- September 2020: NTN Corporation announced the expansion of production and delivery of deep groove ball bearings specifically developed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
- September 2018: To Furnish rising market demand, SKF launched its Ball Bearing Units-UC range in India. This product is cost-efficient and locally manufactured which meets international standard quality.
Key Companies Profile:
The key companies are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency.
Some of the prominent players in the bearings market include:
- Brammer PLC
- Harbin Bearing Manufacturing Co., Ltd.
- HKT Bearings Ltd.
- JTEKT Corporation
- NBI Bearings Europe
- NSK Global
- NTN Corporation
- RBC Bearings Inc.
- Rexnord Corporation
- RHP Bearings
- Schaeffler Group
- SKF Corporation
- The Timken Company
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