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Bearings Market

Bearings Market Size, Share & Segmentation by Type (Ball Bearings [Deep Groove Bearings and Others] Roller Bearings [Split, Tapered, and Others] Others), by Mechanism (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/EQIP/1179 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Bearings Market size was valued at USD 127.69 Bn in 2021 and is expected to reach at USD 223.28 Bn by 2028, and grow at a CAGR of 8.31% over the forecast period 2022-2028.

Bearings may be found in almost any piece of machinery or equipment, from vehicle parts to agricultural equipment to home appliances to defense and aerospace equipment. In the near future, this aspect is expected to boost the market. Bearings with reduced maintenance needs, improved efficiency, and longer service life are in high demand.

Bearings Market Revenue Graph

Over the last few decades, the bearing industry has seen steady technological improvements and developments, with a focus on improving bearing performance and life. The bearing market is predicted to rise at a steady pace during the forecast period, owing to an exponential increase in demand for durable and high-performing bearings that can function at greater speeds, withstand large loads, and more. Several major competitors in the bearings industry are increasingly focused on product testing and development to build a strong brand presence and market dominance.

MARKET DYNAMICS:

KEY DRIVERS:

  • Wind turbine infrastructure development

  • Demand for high-performance bearings for agricultural equipment is growing.

  • Global industrialization is increasing.

RESTRAINTS:

  • Ball bearings are manufactured under strict environmental regulations.

  • The onset of the pandemic has halted industry operations.

OPPORTUNITY:

  • New product launching and R&D among key companies.

  • Continue to improve product designs in order to improve performance and energy efficiency.

IMPACT OF COVID-19:

The emergence of the new coronavirus pandemic is one of the significant difficulties that Bearing Market companies have been dealing with since the historic forecast period ended in 2019. The pandemic has been labeled a healthcare emergency, and as a result, the world's strong healthcare service providers and infrastructures are failing, causing an increase in the level of suffering. Rising pandemic cases are being taken into account, and worldwide governments are working on preventing the virus from spreading. As a result, worldwide governments were obliged to establish legislation and implement harsh restrictions that would have an impact on the functioning but might assist slow the spread of the epidemic internationally. However, the tight restrictions adopted, such as the lockdown, had a significant influence on market functioning, resulting in a substantial disruption in the worldwide market's supply chain mechanism. Furthermore, the market has been plagued by manufacturing and production challenges, which have acted as a fundamental fault and resulted in lower demand. During the projected period, which ends in 2028, demand is also declining due to shifting market trends and tastes of the worldwide audience. As a result, worldwide Bearing Market companies are recognizing shifting trends and investing in research and development. This is a critical step that will assist the market in developing new and creative products and launching them on a global basis.

MARKET ESTIMATION:

In 2021, the roller bearings category led the market, accounting for the majority of sales. Furthermore, by 2028, this category is expected to maintain its dominance and become the fastest-growing. These products are more efficient than their competitors in reducing rotational friction, supporting radial and axial loads, and sustaining limited axial and heavy radial loads. The extensive adoption of roller bearings by a variety of industries, including capital equipment, autos, home appliances, and aerospace, is expected to boost product demand. Ball bearings and other bearings are also covered in the paper. Because ball bearings have a smaller surface contact area, they assist to minimize friction significantly. They can also handle thrust and radial loads, which is why these goods are increasingly being employed in both four and two-wheeled vehicles. As a result, the category is expected to increase steadily during the forecast period.

In 2021, the automobile category dominated the market, accounting for the majority of revenue. The large market share of this sector might be attributable to increased worldwide vehicle manufacturing. Furthermore, as the demand for automobiles with technologically advanced solutions grows, so does vehicle manufacturing, necessitating instrumented goods. The rise in demand for modern automobiles, as well as the resulting improvement in vehicle capabilities, has increased the need for bearing in the automotive sector. Additionally, the automotive aftermarket industry is expected to grow at a greater CAGR during the projection period, boosting bearing demand even more. By 2028, the railway and aircraft segments are expected to be the fastest-growing segments. This increase may be ascribed to rising interest in travel activities, the increasing need to replace aged fleets due to rigorous environmental laws, and rising fuel prices along with enhanced ways to aid global and local transportation networks. Demand from the railway segment is expected to increase as emerging nations speed railway building. Furthermore, rising demand for small single-aisle planes and helicopters from emerging nations is expected to propel the market forward.

MARKET SEGMENTATION:

On The Basis of Type

  • Ball Bearings
    • Deep Groove Bearings
    • Others
  • Roller Bearings
    • Split
    • Tapered
    • Others
  • Others

On The Basis of Application

  • Automotive

  • Agriculture

  • Electrical

  • Mining & Construction

  • Railway & Aerospace

  • Automotive Aftermarket

  • Others

Bearings Market Segment Pie Chart

REGIONAL ANALYSIS:

During the historic projection period that concluded in 2021, the APAC region led the Bearing Market, capturing the biggest market share and generating revenue at a positive rate. Similar trends are projected to continue, with experts forecasting that the market will generate higher sales by the conclusion of the projection period in 2028. China is one of the primary markets that is predicted to witness increased sales in its native nation and become the greatest contributor to the market. Throughout the projected period, which ends in 2028, there has been a solid level of construction and mining equipment that will aid market expansion.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players in the market are NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation.

 

Bearings Market Report Scope
Report Attributes Details
Market Size in 2021 US$ 127.69  Billion
Market Size by 2028 US$ 223.28 Billion
CAGR CAGR 8.31% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Diaphragm Tanks, Bladder Tanks)
• by Application (Commercial, Residential)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation.
Key Drivers • Wind turbine infrastructure development.
• Global industrialization is increasing.
Restraints • Ball bearings are manufactured under strict environmental regulations.
• The onset of the pandemic has halted industry operations.


Frequently Asked Questions (FAQ) :

Ans: - The Bearings Market Size was valued at USD 127.69 million in 2021.

Ans: - Ball bearings are manufactured under strict environmental regulations.

Ans: - The Asia Pacific area is anticipated to have the greatest market share during the forecast period. 

Ans. The primary growth tactics of Bearings market participants include merger and acquisition, business expansion, and product launch.

 

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.


Table of Contents

 

1. Introduction

1.1 Market Definition 

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges 

 

4. Impact Analysis

    1. COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Bearings Market Segmentation, by Type

8.1 Ball Bearings

8.1.1 Deep Groove Bearings

8.1.2 Others

8.2 Roller Bearings

8.2.1 Split

8.2.2 Tapered

8.2.3 Others

8.3 Others

 

9. Bearings Market Segmentation, by Application

9.1 Automotive

9.2 Agriculture

9.3 Electrical

9.4 Mining & Construction

9.5 Railway & Aerospace

9.6 Automotive Aftermarket

9.7 Others

 

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2 Canada

10.2.3 Mexico

10.3 Europe

10.3.1 Germany

10.3.2 UK

10.3.3 France

10.3.4 Italy

10.3.5 Spain

10.3.6 The Netherlands

10.3.7 Rest of Europe

10.4 Asia-Pacific

10.4.1 Japan

10.4.2 South Korea

10.4.3 China

10.4.4 India

10.4.5 Australia

10.4.6 Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1 Israel

10.5.2 UAE

10.5.3 South Africa

10.5.4 Rest

10.6 Latin America

10.6.1 Brazil

10.6.2 Argentina

10.6.3 Rest of Latin America

 

11. Company Profiles

11.1 NSK Ltd

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 SWOT Analysis

11.1.4 The SNS view

11.2 Schaeffler AG

11.3 JTEKT Corporation

11.4 SKF

11.5 The Timken Company

11.6 MinebeaMitsumi Inc.

11.7 NTN Bearing Corporation

11.8 Danaher

11.9 RBC Bearings Incorporated

11.10 Rexnord Corporation

 

12. Competitive Landscape

12.1 Competitive Benchmarking

12.2 Market Share analysis

12.3 Recent Developments

 

13. Conclusion

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Secondary Research

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