Bearings Market Share, Size, Trends, Industry Analysis Report, By Type (Ball Bearings, Roller Bearings, Plain Bearings, Others); By End-use (Automotive, Electrical and Electronics, Agriculture, Construction, Mining, Aerospace, Others); By Region; Segment Forecast, 2023 - 2032
- Published Date:May-2023
- Pages: 118
- Format: PDF
- Report ID: PM1408
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global bearings market was valued at USD 111.59 billion in 2022 and is expected to grow at a CAGR of 10.4% during the forecast period. The increasing demand for automation and heavy machinery in manufacturing industries primarily drives demand growth during the forecast period. There has been a rising demand for the product from the automotive industry owing to the growing implementation of lightweight bearings for automobiles, which supports the growth of this market worldwide. The availability of customized and application-specific products in the market further enables end-users to increase efficiency and enhance overall productivity.
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Additionally, market players are developing sensor-equipped bearings to meet the growing consumer demands, increasing the popularity of the product from the renewable energy sector, and growing applications of the product in wind turbines have increased the adoption of the product, which is also expected to influence the market positively over the coming years.
The increasing demand for energy-efficient vehicles and the growing adoption of advanced technologies to maximize the efficiency of bearings in diverse industries accelerate market growth. Emerging economies and technological advancements are expected to provide numerous growth opportunities over the forecast period.
Furthermore, bearings are mechanical components that facilitate the movement of machine parts while in contact with each other or in relative motion. Their main purpose is to reduce friction and prevent wear and tear between stationary and mobile components. There are several types of bearings, including ball, roller, ball thrust, roller thrust, and tapered roller thrust bearings.
Ball bearings are the most used type and are suitable for various applications. They can handle radial and thrust loads and are typically used in applications with relatively low loads. On the other hand, roller bearings are ideal for conveyer belt rollers because they can bear heavy radial loads. These bearings feature a primary roller as a cylinder that distributes the load over a larger surface area and can handle greater weights.
The COVID-19 pandemic has significantly impacted the bearings market globally, leading to supply chain disruptions, factory shutdowns, and reduced demand from end-use industries such as automotive and aerospace. However, the pandemic has also created opportunities for growth in segments such as medical and logistics equipment due to increased demand. The European and North American regions have been particularly affected due to the concentration of automotive and aerospace industries. In contrast, the Asia-Pacific region has seen growth in demand for bearings used in medical equipment and industrial machinery.
Industry Dynamics
Growth Drivers
The bearings market is fueled by various factors, including the increasing demand from end-use industries such as automotive, aerospace, construction, and industrial machinery. As these industries continue to grow, the demand for bearings is expected to rise accordingly. Additionally, technological advancements have led to innovative bearings with improved performance, durability, and efficiency, further driving the adoption of bearings in various applications.
Moreover, the rise of industrial automation has led to an increased demand for precision bearings, which are used in various industrial automation applications. This trend is expected to continue as Industry 4.0, and the Industrial Internet of Things (IIoT) trends gain momentum, driving the demand for bearings in industrial automation. Furthermore, the growing demand for renewable energy sources such as wind and solar power has increased the demand for bearings used in wind turbines and solar panels. This demand is expected to grow as more countries shift towards renewable energy sources.
Furthermore, the growth of emerging economies, especially in the Asia-Pacific region, is driving the demand for bearings as these economies continue to invest in infrastructure development, automotive and aerospace industries, and industrial machinery. The increasing urbanization and rising disposable income in these regions are also expected to boost the demand for automobiles and construction equipment, further fueling the demand for bearings.
Report Segmentation
The market is primarily segmented based on type, end-use, and region.
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By Type |
By end-use |
By Region |
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Roller bearings segment dominated the revenue share in 2022
The roller bearings segment dominated the market in terms of revenue and is expected to maintain its growth as the fastest segment. This can be attributed to the superior capabilities of roller bearings, which offer reduced rotational friction, support for both radial and axial loads, and efficient handling of limited axial and heavy radial loads. The widespread adoption of roller bearings by various industries, including capital equipment, automotive, home appliances, and aerospace, is expected to boost demand for this product further. Overall, the roller bearings segment is expected to impact the market's growth positively.
Automotive segment held the largest market share in 2022
The automotive segment held the largest market share, driven by the high global production of automobiles. Furthermore, the increasing demand for technologically advanced vehicles has led to a rise in vehicle manufacturing, which requires more sophisticated bearing products. The growth in demand for high-end vehicles with advanced capabilities has fueled the demand for bearings in the automotive industry. Moreover, the automotive aftermarket segment is expected to grow at a higher CAGR in the coming years, further contributing to the demand for bearings. The automotive segment is a significant driver of the market growth.
The aerospace segment is projected to be the fastest-growing segment in the market over the forecast period. This growth can be attributed to increasing interest in travel, the need to renew aging fleets in compliance with strict environmental regulations, pressure on fuel prices, and the availability of new technologies to enhance global and local transportation systems. Additionally, the growth in the aerospace segment is expected to drive the demand for aircraft and helicopters in emerging economies. Overall, the aerospace segment will significantly impact the market growth in the coming years.
Furthermore, demand from the railway segment is also expected to increase due to the accelerated construction of railways in developing countries.
Asia Pacific dominated the global market in 2022
The Asia Pacific region dominated the market, generating the highest revenue in 2022. This region is projected to experience the swiftest revenue growth, with China being one of its major markets. The sales in China are anticipated to increase significantly in the coming years, owing to the rapid expansion of machinery and motor vehicle production and a thriving aftermarket for industrial equipment and motor vehicle repair. Additionally, India's robust construction and mining equipment market is expected to fuel the market's growth further.
However, During the forecast period, the market in Europe is expected to experience favorable growth due to sustainable economic growth and increased investment. In addition, the demand in mature markets such as the U.S., Western Europe, and Japan is driven by the recovery of motor vehicle production and a strong fixed investment environment.
The North American market is also expected to be propelled by increased sales of high-value bearings, including large-diameter and custom-built bearings used in wind turbines and heavy machinery.
Competitive Insight
Some of the major players operating in the global market include HKT Bearings Ltd., NTN Corporation, Schaeffler Group, JTEKT Corporation, Brammer PLC, RHP Bearings, NSK Global, RBC Bearings Inc., Rexnord Corporation, The Timken Company, Harbin Bearing Manufacturing Co., Ltd., SKF Corporation, and NBI Bearings Europe.
Recent Developments
- In March 2021, NTN Corporation has created a Tenter Clip Bearing specifically designed to enhance the reliability of film stretching machines utilized within the packaging sector.
- In September 2022, The Timken Company has acquired Enpro Industries' division, GGB Bearing Technology, which will expand Timken's business by adding complementary products with strong growth potential. This acquisition will allow Timken to offer its customers the most effective solutions for friction management applications by incorporating GGB's metal-polymer bearings into its portfolio.
Bearings Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 123.04 billion |
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Revenue forecast in 2032 |
USD 299.99 billion |
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CAGR |
10.4% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments Covered |
By Type, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
HKT Bearings Ltd., NTN Corporation, Schaeffler Group, JTEKT Corporation, Brammer PLC, RHP Bearings, NSK Global, RBC Bearings Inc., Rexnord Corporation, The Timken Company, Harbin Bearing Manufacturing Co., Ltd., SKF Corporation, and NBI Bearings Europe. |
FAQ's
key companies in bearings market are HKT Bearings Ltd., NTN Corporation, Schaeffler Group, JTEKT Corporation, Brammer PLC, RHP Bearings, NSK Global, RBC Bearings Inc., Rexnord Corporation.
The global bearings market expected to grow at a CAGR of 10.4% during the forecast period.
The bearings market report covering key segments are type, end-use, and region.
key driving factors in bearings market are increased End-Use of high capacity bearings in wind turbines.
The global bearings market size is expected to reach USD 299.99 billion by 2032.
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