Global Bearings Market Size to Reach USD 305.27 Billion in 2032 | Emergen Research

Vancouver, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global bearings market size was USD 111.59 Billion in 2022 and is expected to register a steady revenue CAGR of 10.6% during the forecast period, according to latest analysis by Emergen Research. Rising demand for high-mounted bearing in the food processing industry and Electric Vehicles (EVs) and increasing need from various end-use verticals including aerospace and military, robotics, and medical are key factors driving market revenue growth. Bearings are used to support relative motion and reduce friction that is caused between moving parts. Bearing are used in various industries such as automobile, wind turbines, construction & mining machinery, agricultural equipment, machine tools, and others.

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Sales of EVs have increased dramatically over the past 10 years as a result of falling lithium-ion battery pack prices. EVs made up 14% of all new cars sold in 2022, compared to 9% in 2021 and less than 5% in 2020. China once more set the standard, accounting for almost 60% of all EV sales worldwide. Over half of all-EVs already on the road come from China, which has already surpassed its target for new energy vehicle sales by 2025. Over one in every five EVs were sold in 2022 in Europe, the second-largest market for EVs, owing to a 15% increase in sales. In 2022, electric car sales in the third-largest market, the U.S., increased by 55%, resulting in an 8% sales share. Due to these considerations and their effectiveness in producing lightweight goods worldwide, bearing demand is rising. It is becoming more popular for manufacturers to introduce bearings that work with electric automobiles. For instance, on 18 February 2022, Schaeffler announced the release of two new EV-compatible bearings. This product launch aims to increase the German EV sector productivity, specifically for sustainable mobility and energy efficiency, by producing chassis systems and powertrains.

However, fluctuating raw material costs and high maintenance costs are key factors, which could restrain market revenue growth. Bearing are typically made from steel, ceramics, or polymers, which is subject to price volatility. 

Scope of Research

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Major Companies and Competitive Landscape

The global bearings market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective bearings solutions. Some major players included in the global bearings market report are:

• Rubix
• Harbin Bearing Manufacturing Co., Ltd.
• HKT Bearings Limited
• JTEKT Corporation
• NBI Group
• NSK Ltd.
• NTN Corporation
• RBC Bearings Incorporated
• Regal Rexnord Corporation
• Schaeffler AG

Strategic Development

• On 12 January 2023, Fersa Group announced the acquisition of a major stake in Delux Bearings. Along with improving its global supply chain, Fersa Group can improve output, strengthen its position as a top supplier to the major automakers of this industry, and develop synergies in R&D and innovation as well as in costs and operations. This acquisition of Delux gives the group extensive know-how and experience in bearings and cutting-edge electronic applications for the powertrain of conventional and EVs. It also enables the group to diversify its product offering and respond to market demands and trends that call for solutions to increase efficiency and decrease friction in applications.

• On 24 August 2022, Trelleborg announced the launch of a low-friction thermoplastic composite bearing. The HiMod Advanced Composite Bearing Plus is an enhanced dual-layer bearing with a low-friction modified Polyetheretherketone (PEEK) layer that is intended for use in bearing, wear ring, and bushing applications. It is a two-layer bearing with a low-friction PEEK liner that also acts as an impermeable sealing surface, 50% less sliding friction, and enhanced wear performance. A thin, low-friction liner is bonded to the inner diameters of the bearing and can be applied to the outer diameters using Trelleborg's unique Automated Fiber Placement (AFP) technology to provide a high-quality product suitable for usage in various industries.

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Some Key Highlights From the Report

• The ball bearings segment is expected to account for largest revenue share in the global bearings market over the forecast period. This is because ball bearings are the most prevalent type of bearing, which are used in a wide range of commonplace items such as Digital Video Disc (DVD) players, bicycles, blenders, photocopiers, and skateboards. This kind of bearing is frequently employed in applications demanding low load and rapid speed. Numerous industries, including automotive, building, Food & Beverage (F&B), and electrical power sectors, are using ball bearings more frequently.
• The automotive is expected to register steadily fast revenue growth rate in the global bearings market during the forecast period. This is because bearings enhance the performance of an automobile while reducing friction and carrying heavy weights. Internal combustion engines, wheels, transmissions, pumps, steering, and various electrical systems are significant automotive subsystems that use bearings. Furthermore, the need for bearings in the automotive industry is rising as a result of urbanization, increasing population in cities, and widespread use of cars, which is expected to drive revenue growth of this segment during the forecast period.
• The North America market accounted for largest revenue share in the global bearings market in 2022. This is due to rapid expansion in the automobile sector and rising popularity of EVs. The engine, motors, gearbox, and transfer case all utilize bearings. EVs powertrains are becoming increasingly compact, and in order to fit batteries, these must weigh as little as possible. The demand for bearings is therefore positively impacted by having bearings with a higher load carrying capacity per unit area, which is vital for enabling. For instance, on 9 September 2021, SKF, the global supplier of bearings, lubrication management, sealing solutions, services, and condition monitoring systems announced the product launch of spherical roller bearing in North America. These bearings are made specifically for slab, billet, and bloom continuous casting operations to improve uptime, minimize production costs, and lessen environmental impact.

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Emergen Research has segmented the global bearings market on the basis of product, application, and region:

• Product Outlook (Revenue, USD Billion; 2019-2032)
  • Ball Bearings
    1. Deep Groove Bearings
    2. Others
  • Roller Bearings
    1. Split
    2. Tapered
    3. Others
  • Plain Bearings
    1. Journal Plain Bearings
    2. Linear Plain Bearings
    3. Thrust Plain Bearings
    4. Others
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Automotive
  • Agriculture
  • Electrical
  • Mining & Construction
  • Railway & Aerospace
  • Automotive Aftermarket
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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