Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global bearings market size valued USD 41.58 billion in 2022 and with a projected CAGR of 8.5%, it's anticipated to grow from USD 43.98 billion in 2023 to USD 77.90 billion by 2030. This growth is being driven by the formulation of customer-driven marketing strategies by key market players. Notably, SKF recently partnered with Pagani S.P.A. to develop lightweight and low-friction bearings for the Pagani Hyper Car, showcasing ongoing industry developments.
The report provides elaborate information regarding the Bearings market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
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Why Should You Get the Sample Report?
- Gain insights into the market's current state and future projections.
- Understand the impact of the COVID-19 pandemic on Bearings Market.
- Explore the latest Bearings Industry trends and technologies driving the market.
- Learn about key factors driving market growth and potential challenges in Bearings market.
- Stay informed about government policies and initiatives shaping the industry.
- Discover the top industry players and their strategies.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.5% |
| 2030 Value Projection | 77.90 Billion |
| Base Year | 2022 |
| Bearings Market Size in 2022 | 41.58 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 140 |
| Segments covered | Bearings Market Size, Share & COVID-19 Impact Analysis, By Type (Ball Bearings, Roller Bearings, and Others), By Application (Automotive, Industrial Machinery, Aerospace, and Others), and Regional |
Drivers and Restraints:
Increasing Demand for Precise Bearings to Drive Market Growth
Increasing demand for the product is anticipated to drive the global bearings market growth. Precision bearings are specialized components designed to offer high accuracy, reliability, and performance levels in numerous industries. They ensure accurate and smooth rotation, less energy consumption, and enhance overall performance. Automation in the manufacturing and industrial processes is increasing the demand for the product.
However, fluctuating prices of the raw materials and high maintenance costs are expected to hamper the market growth.
COVID-19 Impact:
Pandemic Impacted Various Industries Affecting the Market Growth
The COVID-19 pandemic significantly impacted various industries globally due to disruptions in the supply chains, altered consumer demand patterns, and forced manufacturing facilities to adapt to new health and safety protocols. The industry experienced decline as well due to decline in sectors such as automotive, aerospace, and industrial machinery.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/bearings-market-101608
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Bearings Market Segmentation Analysis:
Ball Bearings to lead Due to their High Rate of Applications
On the basis of type, the market is divided into ball bearings, roller bearings, and others. The ball bearings segment is estimated to lead due to their high applications in food processing, material handling, printing, medical, and agriculture. Such type is known due to its various features such as cost-effectiveness and versatility.
Automotive Industry to Lead Owing to Increasing Demand for Passenger Vehicles
By application, the market is classified into automotive, industrial machinery, aerospace, and others. The automotive segment is expected to lead due to increasing demand for passenger vehicles. The aerospace segment is set to witness an increase due to growing rate of domestic travel in developing countries.
Based on geography, the market is studies across into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Regional Insights:
Asia Pacific Held to Lead the Market Share due to Adoption of Industrial IoT
Asia Pacific is expected to lead the global bearings market share due to growing adoption of the Industrial Internet of Things. The market was valued at USD 7.78 billion in 2022 due to the implementation of various business strategies such as collaboration, business expansion, and product development by the key market players.
The North America market witnessed a robust growth due to growth in various industries such as manufacturing, automotive, aerospace, and energy, which is surging the demand for the product as well.
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Competitive Landscape:
NSK Bearings Dominated the Market as it is One of the Primary Suppliers in the Market
The market is dominated by NSK Bearings, which is one of the leading companies globally. The company is known for its production of roller and ball bearings, which are integral components of numerous systems. NSK Bearings also excels as a primary supplier of bearings for the automotive market. Other companies of the market are Nachi-Fujikoshi Corp, Myotonic GmbH, LYC Bearings Corporation, Luoyang Huigong Bearings Technology Co., Ltd., Koyo, ISB Industries, NTN Bearings Corporation, SKF Bearings, The Timken Company, THB Bearings, and various other companies.
A List of Key Manufacturers Operating in the Global Market:
- NSK Ltd (Japan)
- Nachi-Fujikoshi Corp (Japan)
- Myopic GmbH (Germany)
- LYC Bearings Corporation (China)
- Luoyang Huigong Bearings Technology Co., Ltd. (China)
- Koyo (Jtekt Corporation) (Japan)
- ISB Industries (Italy)
- NTN Corporation (Japan)
- SKF (Sweden)
- The Timken Company (U.S.)
- THB Bearings (China)
Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Bearings Key Players Market Share/Ranking, 2022
5. Global Bearings Market Size Estimates and Forecasts, By Segments, 2019-2030
5.1. Key Findings
5.2. By Type (USD)
5.2.1. Ball Bearing
5.2.2. Roller Bearing
5.2.3. Others (Plain & Journal Bearings)
5.3. By Application (USD)
5.3.1. Automotive
5.3.2. Industrial Machinery
5.3.3. Aerospace & Defense
5.3.4. Others (Agriculture & Etc.)
5.4. By Country (USD)
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Middle East & Africa
5.4.5. Latin America
Continued….
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