The bearing market is expanding growth at a CAGR of 7.2% over the forecast period of 2021 to 2030 and to reach over US$ 205 billion by 2030.
Bearing is a product which is used as a machine element. It has the ability to constrain relative motion to only the desired motion. Bearings are also used to reduce friction between moving parts. Asia Pacific is the dominant and fastest growing bearing market. Europe accounted for second largest position at the global level. The U.S. had major market share in the North America region. Companies are working on development of supply chain to deliver bearings quickly.
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The global bearing market would be largely driven by growth of automotive and aerospace industries, which is expected to continue to boost the market during the forecast period. The market growth can be primarily attributed to a host of factors, including high demand from the automotive sector, growing demand for lightweight automotive components, evolving regulatory landscape, widening applications in different end-use industries, and advancements in bearing technology. Market players should focus on increasing their market share by improving their production prowess and collaborating with other companies operating in the bearing market landscape.
Globally, the sales of electric vehicles have increased tremendously. Almost every car manufacturer now has an electric car being sold, from the BMW i3 to the Nissan Leaf. This surge in electric cars on the roads has led to increased research and innovation required by these major manufacturers.
Bearing manufacturer SKF has been investing in the development of its bearings in order to keep up with the ever-increasing demand for new and better bearings. For instance, the company has developed a range of ball bearings that increases the mileage that an electric or hybrid car can travel. These are their energy efficient SKF e-Drive bearing that work by decreasing the levels of friction and heat, which allows the car to move more efficiently and improves the power density, to extend the battery life.
Drivers, Opportunities, and Restraints
The growing production of vehicles globally is directly influencing the growth in demand for bearings used in automotive parts. According to data released by the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year.
Bearings used in various machinery need to be monitored continuously in order to ensure efficiency, reliability, consistency, and cost effectiveness of the operations. Upcoming technologies such as smart bearings will help manufacturers monitor bearing operations constantly. This factor is expected to create new opportunity in the bearing market.
Currently, counterfeit bearings are showing up in the marketplace in large volumes. Some unscrupulous companies are mislabeling inferior-quality counterfeit bearings as brands from reputed bearing companies. It is often hard to tell the difference between genuine and counterfeit bearings.
The global bearing market was on course to witness an impressive year-on-year growth in 2020. However, as the COVID-19 pandemic situation continues to intensify around the world, the market is expected to tread through uncertain times, particularly in 2020. Due to the fast-paced transmission of the novel coronavirus, several nations around the world imposed stringent lockdown measures to curb the transmission of the virus. The shutdown of the industrial sector in China in the first quarter of 2020 is projected to have a strong impact on the growth of the global bearing market. In addition, the dwindling demand for bearings from various end-use industries amid the ongoing COVID-19 pandemic is likely to hinder the growth prospects of the market in 2020.
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Innovations on Rise Due to Stringent Environmental Guidelines
At present, key players operating across the bearing market are roping in consistent efforts to integrate new technologies to improve the quality of their bearings. At present, market players are exploring the potential of different materials, including ceramic, stainless steel, graphite, and more to improve flexibility in terms of production. In addition, the growing demand for lightweight bearings from an array of industrial sectors such as automotive, aerospace, oil & gas, among others, has compelled market players to introspect on the raw materials in use. The soaring demand for high-performance bearings have led to the integration of cutting-edge sensor units into the bearings and as technology continues to evolve, a number of ‘smart bearings’ are expected to hit the market that are likely to find applications in the defense and the aerospace sector.
High Demand from Automotive Sector to Boost Market Growth
The automotive components industry around the world, mainly in the Asia Pacific region has grown at a rapid pace over the past couple of decades. Consistent improvements in production techniques, along with the soaring demand from the automotive sector are some of the major drivers that have played a key role in influencing the growth of the bearing market during the assessment period. This trend is expected to continue in the upcoming years. At present, players operating in the bearing market are increasingly focusing on rolling out bearings that fulfil the consumer demand for high efficiency, reduction of unplanned downtime, and improved productivity.
The bearing market is witnessing continual waves of technological advancements and innovations. In addition, market players operating in the automotive components industry are also increasingly aligning their operations with the evolving regulatory landscape. The growing interest in electric vehicles is another window of opportunity that has opened up for participants operating in the bearing market due to which, innovations are expected to gain considerable momentum. In addition, several market players are increasingly focusing on developing wear-resistant bearings that have a considerably high load capacity. The growing demand for smooth motion across the automotive sector over the past few years is a major trend that is expected to influence the pace of innovations across the bearing market.
Based on product segment, the demand for ball bearing is expected to rise at a higher pace at the global level. Light vehicle manufacturers are opting for ball bearings, which is one of the major market driving factors. Global light vehicle production is projected to increase in the coming years, as a result of its feature of consuming less fuel. Ball bearings are available at a lower cost in the global market. Furthermore, the compact nature of this product boosts its utility among end users.
In terms of material, the bearing market is divided into plastic, ceramic, and metal. The 52100 chrome steel is the most commonly used material to produce the load carrying components in precision ball bearings, roller bearings, and tapered roller bearings. This material is used in inner and outer rings, balls, and rollers. Companies purchase chromium steel material for bearings as it has the ability to improve the performance of the bearings. Chromium also increases its lifespan.
Based on application, the market has been categorized into automotive, construction, aerospace, power transmission, oil & gas, agriculture, and others. The growth of the bearing market is related to the growth of the automotive and industrial sector. The increase in production of commercial vehicles is one of the key drivers of the bearing market. Increasing construction activities also encourages the growth of the bearing market. The automotive segment dominates the global market followed by construction and power transmission segments. The automotive segment accounted for the largest market share in 2020 and is expected to maintain its dominance in the coming years.
Various types of bearings used in automobiles include car hub unit bearings, truck hub units, belt tensioner units, water pump spindles, clutch release bearings, propeller shaft support bearings, propeller shaft centring bearings, suspension bearings, and free wheel clutches.
The growing production of vehicles globally is directly influencing the growth in demand for bearings used in automotive parts. According to the data released by the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year.
Various bearing manufacturers are catering to this growing demand in the automotive sector. Considering these factors, the impact of this driver is currently high and is expected to remain so during the forecast period. Fast growing economies of the Asia Pacific region are stimulating the demand for bearings in the automotive segment. In 2018, the Asia Oceania region produced the highest number of motor vehicles and accounted for 52.5 million units.
As per distribution channel, the global bearing market is bifurcated into online and offline.
North America is one of the key bearing markets where online sales are increasing at a higher pace. Majority of online sellers are third party e-Commerce players who provide discounted bearings. Rising number of e-Commerce players coupled with the quick product delivery feature is driving sales through the online channel.
Asia Pacific accounted for fastest growing share of the bearing market in 2020. Increasing demand from end user segments coupled with easy government rules and regulations for establishment of small & medium manufacturing units is expected to boost the market growth. Europe is the second largest market as a result of large number of automotive companies in the region.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global bearing market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Key players operating in the bearing market are NSK Ltd., Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, and Rexnord Corporation.
Market By Product
- Ball Bearing
- Deep Groove
- Angular Contact
- Four-point Contact
- Roller Bearing
- Plain Bearing
Market By Material
- Chrome Steel
- Stainless Steel
- Carbon Steel
Market By Type
- Unmounted Bearing
- Mounted Bearing
Market By Component
Market By Application
- Power Transmission
- Oil & Gas
Market By Distribution Channel
Market By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This report focuses on bearing market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall bearing market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global bearing market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global bearing market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the bearing market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of bearing are as follows:
- History Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
The research methodology adopted by analysts for compiling the global bearing market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global bearing market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2021) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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