New York, US, June 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Bearing Market Analysis by Product Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others), Application (Automotive, Electronics, Aerospace & Defense, Construction), and Region – Forecast till 2030” valuation is poised to reach USD 127.56 Billion by 2028, registering an 8.50% CAGR throughout the forecast period (2022–2028).
Bearing Market Overview
The resulting elevation of the way alongside their ability to provide slight expense upkeep and a more substantial level of productivity along with the more drawn-out help life will impact the global bearing market development scale during the gauge time of 2022-2028.
Bearing Market Report Scope:
| Report Metric | Details |
| Market Size | USD 127.56 Billion |
| CAGR | 8.50% |
| Base Year | 2021 |
| Forecast Period | 2022-2028 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | RBC Bearings Inc., Brammer PLC, NSK Global, NBI Bearings Europe, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., NTN Corporation and JTEKT Corporation |
| Key Market Opportunities | New product launches and R&D amongst major key players |
| Key Market Drivers | Increasing demand for high-performance bearings for agriculture equipment |
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Market Drivers
The global market for bearings has recorded a massive rise in the growth rate in the last few years. The market's growth is primarily attributed to the range is variant and includes automobile parts, household appliances, and farm equipment. Furthermore, the factors such as a substantial rise in the demand for bearings that need more minor maintenance requirements and longer service life are also projected to boost the market's growth over the coming years.
Market Restraints
On the other hand, the arrival of the pandemic imposed a significant challenge for the players across the global market for bearings.
Bearing Market Segments
Among all the product types, the roller bearings segment is anticipated to dominate the global market for bearings over the assessment timeframe. These bearings are more efficient than their substitutes in lowering rotational friction, intense radial loads, sustaining local axial loads, and reducing supporting axial & radial loads.
Among all the materials used, the chrome steel segment is anticipated to lead the global bearings market over the assessment timeframe. It is highly used to produce the load holding components in tapered roller bearings, precision bearings, and load roller bearings. It also finds application in balls, rollers, and inner and outer rings.
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Among all the types, the clutch release bearings segment is anticipated to dominate the global market for bearings over the forecasted timeframe.
Among all the distribution channels, the offline channel segment is projected to lead the global bearings market over the coming years. on the other hand, bulk-online sellers are third-party e-Commerce companies to offer significant discounts on these bearings. The growing number of e-Commerce participants and the rapid product delivery feature will likely cause an upsurge in the segment's growth over the coming years.
Among all the application areas, the automotive segment will likely lead the global bearings market over the assessment timeframe. The rise in demand for automobiles with technologically advanced solutions is the primary aspect causing an upsurge in the market segment's growth. Furthermore, the factors such as improvements in vehicle capabilities and a rise in demand for modern automobiles are also projected to catalyze the segment's growth over the forecasted timeframe.
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Bearing Market Regional Analysis
The global bearing market is studied across five major regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the MRFR analysis reports, the Asia-Pacific region is anticipated to lead the global market for bearings over the assessment timeframe. The report predicts the regional market will acquire approximately USD 95 billion by the end of 2028. China is the top revenue pocket across the regional market, given the higher degree of sales in the home country. Robust construction and mining equipment across the region is another crucial parameter supporting the regional market growth.
The bearings market for the European region is likely to register substantial growth over the assessment timeframe. The supportable economic growth and augmented investment are the factors boosting the regional market's growth. Furthermore, the growing sales and production of electric and hybrid vehicles are anticipated to catalyze the regional market's growth over the assessment timeframe.
COVID-19 Impact
The global COVID-19 pandemic has impacted a majority of the market sectors across the globe. The global market for bearings is no different than others. One of the major problems faced by the players across the global bearing market is the arrival of the novel coronavirus pandemic. The global COVID-19 pandemic has been declared a global health crisis, and thus, the robust healthcare service providers and infrastructures worldwide are failing, because of which there has been a rise in the degree of distress. The increasing number of cases across the globe is taken into concern, and the global governments are concentrating on stopping the spread of the disease. Thus, several governments across the globe were made to impose rules and regulations that would impact the operation but might help decrease the rate at which the pandemic was growing globally.
on the other hand, the stringent regulations implemented, like the lockdown, had a severe impact on the market operation and caused a significant disturbance in the supply chain system of the global market. In addition, the market has been experiencing production and manufacturing issues, acting as a significant flaw and resulting in a weakened demand. The demand is also being lowered due to the altering market preferences and trends of the global audience during the forecast period ending in 2028.
Therefore, the global bearing market players are realizing the changing trends and investing in the R&D departments. This essential move will help the market produce new and innovative goods and introduce them internationally.
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Bearing Market Competitive Analysis
Dominant Key Players on Bearing Market Covered are:
- RBC Bearings Inc.
- Brammer PLC
- NSK Global
- NBI Bearings Europe
- Harbin Bearing Manufacturing Co. Ltd.
- HKT Bearings Ltd.
- NTN Corporation
- JTEKT Corporation
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