Published Date : 24, 2022
The global bearing market size is predicted to reach US$ 243.03 billion by 2030 from valued at USD 121.30 billion in 2021 and growing at a CAGR of 7.6% from 2022 to 2030.
The bearings are found in almost every piece of equipment and machinery, from vehicle parts to household appliances. This factor is expected to boost the bearings market. The bearings with lower maintenance requirements, improved efficiency, and longer service life have become increasingly popular. Due to the increased need for high performance bearings, the key market players have begun to incorporate advanced sensor units into their products. The sensor modules help with digital monitoring of the product’s acceleration, deceleration, rotation speed, and load carrying capacity. Furthermore, the internet of things has aided the acceptance and continuous monitoring of connected machinery and equipment. All these factors are propelling the expansion of the bearings market during the forecast period.
|Market Size in 2021||USD 121.30 Billion|
|Asia Pacific Revenue Share in 2020||40%|
|Roller Bearings Segment Revenue Share in 2020||45%|
|Forecast Data||2022 to 2030|
Europe is the largest segment for bearings market in terms of region. Due to increasing demand from the industrial machinery sector; Europe has a mature market with stable demand for various types of bearing products.
Asia-Pacificregion is the fastest growing region in the bearings market. The bearings market in the Asia-Pacific region is expected to grow due to rising demand from various applications such as aerospace, automotive, and industrial equipment. In emerging nations of Asia-Pacific region, the bearings market is expected to grow at a rapid pace.
Drivers: Surge in demand for precision bearings
The growing need for precise bearings as a result of industrial automation is likely to boost bearing market revenue. The precision bearings are being more widely used in a variety of industries, including aerospace and machine tools. As a result, the surge in demand for precision bearings is driving the growth of the global bearings market during the forecast period.
Restraints: Fluctuating prices of raw materials
For manufacturers, the cost of raw materials is still the most prominent issue. The income of a bearing producer is made up of roughly 70% raw material. The price of raw materials for automotive bearings fluctuates constantly depending on the state of the economy. The raw material price volatility is making it difficult for businesses to stay competitive and maintain healthy profitability. The bearing prices are significantly associated with the global steel price movement since high grade steel and alloy steel are the principal raw materials utilized to manufacture bearings. As a result, raw material price fluctuations make it difficult for bearing producers to produce a bearing for a vehicle that is both affordable and of good quality. Thus, the fluctuating prices of raw materials is hindering the market growth.
Opportunities: Rising utilization of bearing products in diverse industries
The railway sector is focusing on cost reduction and extending the life of rails. The bearings are used in railway gearboxes to absorb the shocks and vibrations created by the force exerted by the traction motor and the wheels as they travel down the tracks. As a result, difficult operating circumstances increase engine maintenance and downtime. The railway industry's demand for bearings has been boosted by recent bearing improvements. The people's growing concern about pollution has compelled industry to cut carbon dioxide and hazardous gas emissions from motors. The pumps and compressors require more electricity, hence high-developed bearings are employed in motors to decrease mechanical loss during operation. As a result, rising utilization of bearing products in diverse industries is creating lucrative opportunities for the growth of the bearing market during the forecast period.
Challenges: Lack of production units in underdeveloped nations
The manufacturing units of bearings in the underdeveloped nations is very important and essential, as the labor cost in those countries is very low. But due to lack of economic development, the production units are not setup in those areas. Thus, this factor is a major challenge for the growth of the bearing market.