New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the bearing market will grow from USD 112.92 Billion in 2022 to USD 253.90 Billion by 2032. The bearing market is witnessing a rise in demand due to the increasing bearing requirement in different applications catering to automotive, aerospace, agriculture, electrical, building and construction, mining and others. Investments in developing advanced bearing will substantially grow the bearing market.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 112.92 Billion |
| Projected Market Size in 2032 | USD 253.90 Billion |
| CAGR Growth Rate | 8.44% |
| Base Year | 2022 |
| Forecast Years | 2023-2032 |
| Key Market Players | Brammer PLC,HKT Bearings Ltd.,Harbin Bearing Manufacturing Co., Ltd.,JTEKT Corporation,NSK Global,NBI Bearings Europe,NTN Corporation,RBC Bearings Inc.,RHP Bearings,Rexnord Corporation,Schaeffler Group,The Timken Company,SKF Corporation |
| Key Segment | Product Type and Application |
| Major Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
Key Insight of the Bearing Market
Asia-Pacific to account for the largest market size during the forecast period.
Asia-Pacific will have the most major bearing market share during the forecast period. The factors supporting the growth of the regional bearing market include the large number of manufacturers developing advanced bearings that can be used in industry-specific applications. The growing number of investments by the automotive and machinery industry in the region provides lucrative opportunities for bearing companies.
The plain bearings segment is expected to augment the market during the forecast period.
The product type segment is divided into roller bearings, plain bearings, ball bearings and others. The roller bearings segment is divided into tapered, split and others. The plain bearings segment further includes linear plain bearings, thrust plain bearings and journal plain bearings. The ball bearings segment further includes deep grove bearings and others. The plain bearings segment is expected to augment the market during the forecast period. Plain bearings don't use rolling components and work on the sliding friction principle; they are typically quieter than anti-friction bearings because they don't have any moving parts.
The aerospace segment is expected to augment the market during the forecast period.
The application segment is divided into agriculture, electrical, automotive, railway, aerospace, building and construction, mining and others. The aerospace segment is expected to augment the market during the forecast period. Bearings are machine components in aerospace that enable relative motion and load transmission between two components. Bearings used in aircraft and aerospace systems, whether for commercial or space uses, are known as aerospace bearings.
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Market Dynamics
Driver: Numerous benefits
Bearings are used in various automotive, industrial, and maritime industries. By lowering friction, the bearings enable more fluid rotation. The amount of energy consumed is decreased as a result. Bearing are also helpful for industrial applications since they are more efficient than conventional solutions and can work at wider angles, making machines more compact. Bearings are a small but significant component as they limit any part's degree of freedom. It provides a specific component with the specified direction. Bearings reduce friction between two pieces by removing direct contact between them. A bearing's primary functions are controlling motion and less friction in a moving part. These are critical benefits that serve as the bearing market's growth.
Restraint: High coefficient of friction
Due to its high coefficient of friction, plain bearings can put more strain on both the bearing and the shaft. This may lead to decreased effectiveness and higher maintenance costs. Lubrication can be utilized to lower friction between the bearing and shaft to get around this drawback.
Opportunity: Surge in the sales of passenger cars
The growing demand for automobiles is the factor driving the market. Also, the update and up-gradation happening in the automotive sector to reduce its weight and the growing adoption of passenger cars are propelling the car market. The open investment policy, large consumer market, and available infrastructure would increase the sales of vehicles in the U.S. The automotive bearings are required for efficiency that the automotive sector has at every stage. Bearings can be found in most passenger automobiles, motorcycles, lorries, and autos that run on gasoline or diesel. Even smaller and more specifically engineered bearing is utilized in steering wheels and airbag contacts. This factor would, in turn, drive the bear market.
Challenges: Supply chain disruption
The market players with intricate supply chains have found the going particularly tough since their production is susceptible to interruption from other companies' input shortages. Although severe and pervasive, these shortages and supply-chain disruptions have disrupted the market players' growth rate.
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Some of the major players operating in the bearing market are:
• Brammer PLC
• HKT Bearings Ltd.
• Harbin Bearing Manufacturing Co., Ltd.
• JTEKT Corporation
• NSK Global
• NBI Bearings Europe
• NTN Corporation
• RBC Bearings Inc.
• RHP Bearings
• Rexnord Corporation
• Schaeffler Group
• The Timken Company
• SKF Corporation
Key Segments Cover in the Market:
By Product Type:
• Roller Bearings
o Tapered
o Split
o Others
• Plain Bearing
o Linear Plain Bearings
o Thrust Plain Bearings
o Journal Plain Bearings
• Ball Bearings
o Deep Grove Bearings
o Others
• Others
By Application:
• Agriculture
• Electrical
• Automotive
• Railway
• Aerospace
• Building and Construction
• Mining
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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