Report Id: SNS/EQIP/1179 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Bearings Market size was valued at USD 138.30 Bn in 2022 and is expected to reach at USD 261.92 Bn by 2030, and grow at a CAGR of 8.31% over the forecast period 2023-2030.
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.
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.
Wind turbine infrastructure development
Demand for high-performance bearings for agricultural equipment is growing.
Global industrialization is increasing.
Ball bearings are manufactured under strict environmental regulations.
The onset of the pandemic has halted industry operations.
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.
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.
KEY MARKET SEGMENTATION:
Deep Groove Bearings
Journal Plain Bearings
Linear Plain Bearings
Thrust Plain Bearings
Mining & Construction
Railway & Aerospace
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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.
|Market Size in 2022||US$ 138.30 Billion|
|Market Size by 2030||US$ 261.92 Billion|
|CAGR||CAGR 8.31% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
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
8.2 Roller Bearings
8.3 Plain Bearings
8.3.1 Journal Plain Bearings
8.3.2 Linear Plain Bearings
8.3.3 Thrust Plain Bearings
9. Bearings Market Segmentation, By Application
9.4 Mining & Construction
9.5 Railway & Aerospace
9.6 Automotive Aftermarket
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1 NSK Ltd
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
11.5 The Timken Company
11.6 MinebeaMitsumi Inc.
11.7 NTN Bearing Corporation
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
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