Bearings Market Growth and Forecast, 2022 - 2030 : Grand View Research, Inc

The global bearings market size is expected to reach USD 226.8 billion by 2028, registering a CAGR of 8.5% over the forecast period, according to a new report by Grand View Research, Inc. Bearings are essential in almost every application that involves motion, and they help minimize friction between different mechanical components in several industrial machinery and equipment, resulting in reduced energy consumption. Hence, this machine element finds application in all industries, ranging from automobiles, household appliances, and aerospace to industrial machinery, using machinery or related motor-driven linkages.

Bearings Market Segmentation

Grand View Research has segmented the global bearings market based on product, application, and region:

Based on the Product Insights, the market is segmented into Ball Bearings, Roller Bearings and Others.

·       The roller bearings segment dominated the market and accounted for the largest revenue share of more than 45.0% in 2020. Further, this segment is also anticipated to continue its dominance and emerge as the fastest-growing segment by 2028.

·       The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact the product demand.

·       Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent. They can also be used with thrust and radial loadings, ascribed to which, these products are increasingly being used in both four and two-wheeled automobiles. Hence the segment is anticipated to witness healthy growth over the forecast period.

Based on the Application Insights, the market is segmented into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket and Others.

·       The automotive segment dominated the market and held the largest revenue share of approximately 50.0% in 2020. The high share of this segment can be attributed to high automotive production, globally.

·       Additionally, the automotive aftermarket segment is also anticipated to boost at a subsequently higher CAGR over the forecast period, thereby further bolstering the demand for bearings.

·       The railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2028. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems.

BearingsRegional Outlook

·       North America

·       Europe

·       Asia Pacific

·       Latin America

·       MEA

Key Companies Profile& Market Share Insights

The key companies are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency. Also, companies are undertaking various strategies such as partnerships, mergers, collaborations, capacity expansions, among others, to capture a higher share in the market and to increase their customer base.

Some prominent players in the Bearings market include

·       Brammer PLC

·       Harbin Bearing Manufacturing Co., Ltd.

·       HKT Bearings Ltd.

·       JTEKT Corporation

·       NBI Bearings Europe

·       NSK Global

·       NTN Corporation

·       RBC Bearings Inc.

·       Rexnord Corporation

·       RHP Bearings

·       Schaeffler Group

·       SKF Corporation

·       The Timken Company

Order a free sample PDF of the Bearings Market Intelligence Study, published by Grand View Research. 

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