The global bearing market size is expected to hit around US$ 195 billion by 2027 growing at a noteworthy CAGR of 6.85% during forecast period 2020 to 2027.
Bearings are basically employed in each type of machinery or equipment, ranging from farm equipment, automobile parts, and household machines to aerospace and defense equipment. Bearings find use in several applications in automotive sector including interior, wheel hub, transmission system and engine. Continuously rising vehicles production, augmented demand from the emerging nations and growing need for technologically enhanced solutions are driving the growth of bearing market in automotive industry across the world. Since, last few years, there has been escalating demand for bearings having greater efficiency, lesser maintenance, and extended service life.
Different product segment in global bearing market includes roller bearing, ball bearing, and plain bearing among others. Among all segments demand for ball bearing is predicted to grow at substantial rate during forecast period due to rising use of ball bearings by light vehicle manufacturers. 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 presented at a lessercost and compact nature of this product segment further support their demand among various end-use sectors.
Global bearing market report analyses different material segments including ceramic, plastic, and metal. The 52100 chrome steel is frequently utilized material to manufacture the load carrying components in tapered roller bearings, roller bearings and precision bearings. It also finds application in outer rings, inner, rollers and balls.
Different kinds of bearings employed in automobiles are truck hub units, car hub unit bearings, belt tensioner units, propeller shaft centering bearings, clutch release bearings, water pump spindles, propeller shaft support bearings, free wheel clutches and suspension bearings.
Distribution Channel Insights
Global bearing market is segmented on the basis of distribution channel into online and offline channels. North America has emerged as major bearing markets due to escalating online sales at a greater rate. Bulk online sellers are third party e-Commerce firms those offers discounts on bearings. Intensifying number of e-Commerce participants plus speedy product delivery feature is further supporting sales over the online channel.
Global bearing market has been bifurcated on the basis several applications into construction, aerospace, automotive, power transmission, agriculture, oil & gas among others. Bearing market growth is directly proportional to the development of industrial and automotive sector. Augmented commercial vehicles production is one of the imperative driving factors of the bearing market. Further, growing construction activities across globe also boosts the growth of the bearing market globally.
Sale of automotive bearings is projected to surge in the nations of Asia Pacific, primarily in India, China and Japan during coming years. Growing demand for vehicles specifically passenger cars and two-wheelers by more than 1/3rd of the world population concentrated in India and China supports the sale of automotive bearings in these nations. Bearing market is projected to experience steady growth for automotive bearings by matured markets of North America and Europe. Emerging countries such as South Africa and Brazil are anticipated to record high growth rate during forecast period.
Europe is estimated to observe favorable growth on account of supportable economic growth and augmented investment. Additionally, demand of bearings in mature markets of Western Europe, the U.S., and Japan, is predicted to fuel by recovering productions of motor vehicles and a strong fixed investment atmosphere. Improved sales of high value bearings including large-diameter, tailored built bearings employed in wind turbines and heavy machinery are also anticipated to trigger the growth of the market in North America.
Key Companies & Market Share Insights
Growing sale of high-performance bearings has forced companies to integrate cutting-edge sensor units in their product offerings. These sensor units aid in digital monitoring of deceleration, axial movement, acceleration, load carrying capacity and rotation spee of the product. Moreover, the initiation of Industrial Internet of Things (IIoT) has further fortified acceptance and continuous monitoring of connected machinery and equipment. This current trend has also affirmatively triggered the growth of bearing market. Extreme competition has led companies to capitalize in product improvements to meet customer requests. For instance, NTN Corporation has manufactured a Grease Lubrication Type High-Speed Deep Groove Ball Bearing that shows better rotational speed.Some of the noteworthy companies in the bearing market include:
Report Scope of the Bearing Market
|Market Size||USD 195 Billion by 2027|
|Growth Rate||CAGR of 6.85% from 2021 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Type, Material, Distribution Channels, Region|
|Companies Mentioned||SKF, The Timken Company, Rexnord Corporation, MinebeaMitsumi Inc., NSK Ltd, Schaeffler AG, RBC Bearings Incorporated, JTEKT Corporation, NTN Bearing Corporation, Danaher|
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, material, application, type, component, distribution channel, and regionas follows:
By Product Type
By Material Type
By Distribution Channel Type
By Component Type
By Application Type
By Regional Type
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