Dublin, April 08, 2024 (GLOBE NEWSWIRE) -- The "Bearings - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Bearings Market to Reach $173.2 Billion by 2030
The global market for Bearings estimated at US$108.6 Billion in the year 2023, is projected to reach a revised size of US$173.2 Billion by 2030, growing at a CAGR of 6% over the analysis period 2023-2030.
Bearings, essential anti-friction components in modern mechanical machinery, continue to play a vital role in various industries worldwide. Amidst a dynamic global economic landscape, competition remains robust among key players, as evidenced by their market share percentages and varying levels of competitive market presence in 2023.
Bearings come in diverse types and find applications across multiple sectors. Recent market activities and innovations underscore ongoing developments in this field, with several world-renowned brands leading the way.
Roller Bearings, one of the segments analyzed in the report, is projected to record 6.6% CAGR and reach US$79.3 Billion by the end of the analysis period. Growth in the Ball Bearings segment is estimated at 5.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $18.1 Billion, While China is Forecast to Grow at 8.7% CAGR
Market trends and drivers highlight steady growth opportunities, particularly in China, which stands out as a significant market for bearings. Additionally, the industry is gearing up for the era of Industry 4.0, with a focus on smart bearings and predictive maintenance driven by the Industrial Internet of Things (IIoT). As adoption of predictive analytics for failure and maintenance rises, the market is poised to witness unconventional growth for smart bearings, reflecting the evolving needs of modern industrial processes.
The Bearings market in the U.S. is estimated at US$18.1 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$54.8 Billion by the year 2030 trailing a CAGR of 8.7% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 5.6% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 791 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $108.6 Billion |
| Forecasted Market Value (USD) by 2030 | $173.2 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Bearings: Vital Anti-Friction Parts in Modern Mechanical Machinery
- Global Economic Update
- Competition
- Bearings - Global Key Competitors Percentage Market Share in 2023 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
- Bearings: Major Types & Applications
- Recent Market Activity
- Innovations
- World Brands
MARKET TRENDS & DRIVERS
- Salient Trends Favoring Steady Growth in Global Bearing Industry
- Spotlight on China as a Major Market for Bearings
- Are Bearings Ready for Industry 4.0?
- Predictive Maintenance as the Hallmark of IIoT Drives Focus on Smart Bearings
- Market to Witness Unconventional Growth for Smart Bearings as Adoption of Predictive Analytics in Failure & Maintenance Rises on the Back of IIoT: Global Breakdown of Investments in Manufacturing IoT (in US$ Billion) for the Years 2020, 2022, 2024, and 2026
- Bright Outlook for Automotive Bearings
- Global Motor Vehicle Production in Million Units: 2017-2023
- Automotive Bearings Market & Its Dynamics
- Focus on Lightweighting Boosts Demand for Light Weight Bearings
- Engineering Interest in Lightweighting Drives Focus on Innovative Lightweight Bearings: Global Automotive Lightweight Materials Market (In US$ Billion) for the Years 2022, 2024 & 2026
- Strong Outlook for Automotive Aftermarket to Benefit Demand for Bearings
- Exciting Times Ahead for Bearings with Emerging Trends in Automotive Industry
- Bearings Industry Faces a New Challenge amid EV Boom & Recovery in Automotive Industry
- World Electric Vehicles (EVs) Market Analysis of Annual Sales in '000 Units for Years 2020, 2022, 2024, 2026
- Electric Powertrain: A Buzzing Automotive Trend Triggering Advances for Bearings
- New Solutions at Fore to Avoid Electrical Erosion of Ball Bearings in Electric Drivetrain
- High-Speed Bearings Racing Ahead to Optimize Power Density in Electric Powertrains
- Lighter, Smarter Transport Vehicles to Ushers in Opportunities for Innovative 3D Printed & Smart Bearing Solutions in Railway & Aerospace Industries
- Steady Recovery in Commercial Aviation Provides the Foundation for a Stronger Outlook for the Market Through 2025
- The Much Awaited Recovery of the Commercial Aviation Sector to Spur Opportunities for Propeller Manufacturers: Global Aviation Sector Service Revenues (In US$ Billion) for Years 2018 through 2024
- Construction Industry Prospects to Have an Impact on the Bearings Market
- Home Renovations & Need for Better Buildings for Post Pandemic Living to Spur Opportunities in the Construction Sector
- Improved Growth in Metals & Mining Industry amid Headwinds to Drive Demand
- Strong Outlook for Autonomous Farm Equipment to Benefit Demand in the Agriculture End-Use Segment
- Growing Use of Autonomous Farm Equipment Expands the Addressable Market Opportunity for Bearings in the Agriculture End-Use Sector: Global Opportunity for Autonomous Farm Equipment (In US$ Billion) for Years 2021, 2023, 2025 and 2027
- Continuous Innovation Remains Crucial for Market Growth
- Focus on Lightweighting Has Manufacturers Looking Beyond Steel
FOCUS ON SELECT PLAYERS(Total 238 Featured)
- Harbin Bearing Manufacturing Co., Ltd.
- HKT Bearings Ltd.
- igus GmbH
- JTEKT Corporation
- MinebeaMitsumi, Inc.
- Misumi USA
- myonic GmbH
- Nachi-Fujikoshi Corp.
- NSK Ltd.
- NTN Corporation
- RBC Bearings, Inc.
- Regal Rexnord Corporation
- Rubix Group International Limited
- Schaeffler AG
- SKF Group
- SNL Bearings Limited
- Tenneco Inc.
- The Timken Company
- Thk Co. Ltd.
- Wafangdian Bearing Group Corp., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/m6ye7g
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