Bearings Market by Product (Ball Bearings, Roller Bearings, Others), Application (Electrical, Railway & Aerospace, Mining & Construction, Agriculture, Automotive Aftermarket, Automotive, Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027
Newark, NJ, Jan. 27, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global bearings market is expected to grow from USD 111.62 billion in 2019 to USD 220.79 billion by 2027, at a CAGR of 8.9% during the forecast period 2020-2027.
Certain factors that are driving the growth of the global bearings market over the forecast period are the surging demand for high-performance & durable bearings, rising sales of new as well as pre-owned cars, expanding range for EVs (Electric Vehicles), increasing demand for automotive electrification, and growing demand for bearings in CVT (Continuously Variable Transmission). Technological advancements such as integrating sensor units, development of advanced lubricants & materials, and smart bearings are expected to provide high growth potential to the global market.
Rolling bearings guide and support oscillating or rotating machine elements like wheels, shafts, or axles; and transfer the load between machine elements. They provide low friction & high precision, enabling high rotational velocity while reducing heat, noise, wear & tear and energy consumption. Rolling bearings are usually cost-effective and follow international or national dimension standards. Bearings are used in almost every kind of machinery or equipment, ranging from farm equipment, household appliances, automobile parts, and aerospace & defense equipment. This factor is anticipated to drive the market growth in the coming years. Currently, the demand for bearings with longer service life, greater efficiency, and lower maintenance needs is increasing.
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With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the bearings market. With less disposable income and broken supply chains, the market’s growth is expected to slow down. Other factors hindering the market growth are environmental norms, energy efficiency regulations, high maintenance costs and volatile raw material prices.
Key players operating in the global bearings market include Schaeffler AG, SKF, RKB Bearing, Timken, THK Co. Ltd., NSK Ltd., NTN Corporation, Iljin Bearing, JTEKT Corporation, and Wafangdian Bearing Co., Ltd., among others. To gain a significant market share in the global bearings market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Schaeffler AG and NTN Corporation are some of the biggest manufacturers and suppliers of bearings in the global market.
Roller bearings dominated the market and held the largest market share of 37.3% in the year 2019
The product segment includes ball bearings, roller bearings, and others. Roller bearings dominated the market and held the largest market share of 37.3% in the year 2019. Roller bearings support axial & radial loads, decrease rotational friction, and can sustain heavy radial loads & limited axial loads more effectively than their counterparts. The across the board use of roller bearings by many industries like automobiles, aerospace, capital equipment, and home appliances is expected to support the product demand.
Automotive dominated the market and was valued at USD 18.8 billion in the year 2019
Based on application, the global bearings market has been segmented into electrical, railway & aerospace, mining & construction, agriculture, automotive aftermarket, automotive, and others. Automotive dominated the market and was valued at USD 18.8 billion in the year 2019. This was primarily due to the large-scale manufacturing of automobiles worldwide. There is also a new demand for technologically advanced vehicles such as electric vehicles and self-driving cars, hence leading to an increase in automotive component production such as bearings.
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Regional Segment Analysis of the Bearings Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global bearings market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region accounted for the major market share of 31.5% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment was attributed to key factors such as rising demand for passenger vehicles that are more fuel-efficient, rapid industrialization, accelerating infrastructure development, presence of a healthy aftermarket for motor vehicle repair & industrial equipment, cost-effective manufacturing, readily available raw material and the expansion of motor vehicle & machinery production. The Asia-Pacific region is also expected to grow at the highest CAGR during the forecast period 2020-2027. The robust mining & construction equipment industry in India is forecasted to support the bearings market growth through the years. Emerging economies around the world like India, Brazil, Vietnam, and China are incredibly lucrative, considering their growth potential.
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About the report:
The global bearings market is analyzed based on value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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