Bearings Market Size - By Product Type (Ball bearings, Roller bearings, other bearings), By End use (Automotive, agriculture, electrical, mining and construction, railway & aerospace, automotive aftermarket, others), Regional Outlook & Forecast, 2024 – 2032

Bearings Market Size - By Product Type (Ball bearings, Roller bearings, other bearings), By End use (Automotive, agriculture, electrical, mining and construction, railway & aerospace, automotive aftermarket, others), Regional Outlook & Forecast, 2024 – 2032

Bearings Market Size

Bearings Market was valued at USD 54.45 billion in 2023 and is anticipated to register a CAGR of 8.9% during 2024 to 2032, due to the growing sales and production of automobiles. Bearings in the automobile industry are used in components such as engines, wheels and steering systems, etc.

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Additionally, the rise of EVs vehicle is boosting the growth of the market, since electric vehicles require specialized bearings to provide high-speed power, advanced braking system and high-performance engines. These bearings are used due to their ability to enhance the efficiency of the EVs. The growing adoption of e-vehicles across emerging economies is boosting the market growth.
 

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According to the International Energy Agency. In 2022, electric vehicles accounted for 10% of global vehicle sales. The Electric Vehicle Association is actively engaged in initiatives aimed at accelerating the adoption of electric vehicles throughout the North American region.

A significant challenge is the fluctuating prices of raw materials such as steel, alloy steel, ceramics specialty materials like bronze and babbitt. The fluctuations in prices of these materials directly impacts the production costs of bearings. This presents a challenge for manufacturers to generate a profit and maintain stable pricing factors for consumers and industries. Meeting the needs of various industries through product innovation is also a growth barrier for industry players.

Bearings Market Trends

In automation and robotics, there is a need for advanced bearings which are made from specialized materials like bronze and babbitt etc. Manufactures are introducing lightweight bearings to be used in automated vehicles and industrial machinery to improve the overall efficiency of the equipment, thereby fueling business growth.

Bearings Market Analysis

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Based on product type, the ball bearings segment was worth around USD 24.6 billion in 2023 and is expected to reach around USD 54.7 billion by 2032. The segment dominance is attributed to its high versatility of handling loads in a wide range of applications. Ball bearings offer low friction and high-speed mechanism, which is essential for various industries such as electric, agriculture, mining &construction as well as automotive. Ball bearings are preferred due to their durability, which further reduces their maintenance and frequent replacement costs.

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Based on end use, the automotive segment dominated the 40.2% of the market share in 2023, attributed to the use cases of bearings in the automotive space, including for wheel hubs, engines, transmission, electric motors and steering systems.

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The Asia Pacific region held about 50% share of the bearings market in 2023 and is expected to reach USD 59.9 billion by 2032. Countries, such as China and India are experiencing rapid industrialization, driving the demand for bearings in machinery, infrastructure and vehicles. Moreover, Asia Pacific is the largest automotive market; countries like China, South Korea and India boast a strong production and consumption landscape. Asia Pacific is further expanding into manufacturing sectors like electronics and machinery. Bearings are known as a crucial component in the production of various industrial machinery and equipment, thereby making the Asia Pacific a dominant region.

Country Level Analysis

North America In terms of country, the U.S. is dominating the bearings market, generating a revenue of around USD 7.65 billion in 2023 which is expected to reach around USD 16.1 billion by 2032. The dominance is attributed to the demand for bearings in automotive, mining and construction and electrical industries. Manufacturers are constantly innovating new innovations in bearings materials and in lubrication technologies, further contributing to the business growth.

EuropeThe UK leads the European market with an overall share of around 21.3% in 2023; market revenue is expected to reach around USD 5 billion by 2032. This is attributed to the presence of a strong aerospace and defense military base where bearings play a crucial role in manufacturing applications in aircraft engines, landing gears and turbo fans.

Asia pacificChina is leading with an overall market share of around 22.5% in the Asia Pacific market and is expected to reach USD 15 billion by 2032. China, renowned as a global manufacturing hub, experiences significant demand for bearings across various industrial applications. The rapid expansion and growth of the automotive industry in China further propel the regional growth.

Bearings Market Share

The key players operating in the market are SKF, NSK ltd, Schaeffer Ag, Timken, NTN corporation and JTEKT Corporation holding a market share of 20 % in 2023. These players focus on strategic partnerships and introduction of new bearings for market expansion. They heavily invest in research to introduce pumps integrated with innovative technology and garner maximum revenue in the market.

Bearings Market Companies

Major players operating in the bearings industry include

• Brammer PLC
• C&U Group Company Limited
• Daido Metal Company Limited
• Harbin Bearing Manufacturing Co., Ltd
• HKT Bearings Ltd.
• JTEKT Corporation
• Luoyang LYC Bearing Company Limited
• Minebea Company Limited
• NBI Bearings Europe
• NSK Global
• NTN Corporation
• RBC Bearings Inc.
• Rexnord Corporation
• Schaeffler Group
• SKF

Bearings Industry News

• In February 2024, NTN Corporation supplied bearings for turbo pumps of engines in the H3 launch vehicle. These turbo pumps bearings give high speed rotational performances under a cryogenic environment.
• In October 2023, SKF India expanded its ecosystem with the launch of open platform to accelerate innovation and delivering sustainable, customer oriented solutions.
• In September 2023, Schaeffler expanded its range of rotary table bearings. These new radial rotary bearings are rigid and have high load carrying capacity.
• In august 2023, RCB Bearings Incorporated announced the acquisition of Specline Inc.

This bearings market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments

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Market, by product Type

• Ball Bearings
• Roller Bearings
• Other Bearings

Market, by End use

• Automotive
• Agriculture
• Electrical
• Mining & construction
• Railway & Aerospace
• Automotive aftermarket
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA