Global Bearing Market Size By Product (Ball Bearings, Roller Bearings And Plain Bearings), By Application (Automotive, Agriculture, Mining & Construction), By Geography Scope And Forecast

Bearing Market Size And Forecast

Bearing Market size was valued at USD 112.3 Billion in 2022 and is projected to reach USD 247.8 Billion by 2030, growing at a CAGR of 10.40% from 2023 to 2030.

The demand for high-performance Bearings that can resist the increased speeds and loads associated with electric motors is growing along with the popularity of electric vehicles. The Global Bearing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Bearing Market Definition

A Bearing is a mechanical item that permits rotational or linear movement between two or more elements while supporting a load. It is made to transmit stresses from one part to another and to lessen wear and friction between moving parts. To ensure smooth and effective functioning, Bearings are frequently utilized in a wide range of machinery and equipment. Automobiles, airplanes, electric motors, industrial machinery, home appliances, and other devices all frequently require Bearings. To maintain the longevity and best performance of Bearings, proper maintenance, and lubrication are essential.

Global Bearing Market Overview

The demand for high-performance Bearings that can resist the increased speeds and loads associated with electric motors is growing along with the popularity of electric vehicles. Compared to the Bearings used in traditional vehicles, EVs need ones that can withstand higher speeds and weights. This is due to the fact that electric motors have a higher torque and power output, which puts additional strain on the Bearings. Additionally, Bearings are essential for lowering friction and wear in the EV drivetrain, which enhances energy efficiency and increases component longevity. Furthermore, in order to increase energy efficiency in machinery and equipment, Bearings are essential.

This is so because Bearings are made to lessen wear and friction between moving parts, which can lead to wasted energy and decreased effectiveness. Bearings help to increase the overall energy efficiency of machinery and equipment by reducing friction and wear, which results in less energy being used, cheaper operating costs, and a smaller environmental effect. This is crucial in sectors like manufacturing, transportation, and energy where energy efficiency is a major area of concern. Also, High-performance Bearings can also lengthen the useful life of machinery and equipment, lowering the frequency of maintenance and replacement.

This not only minimizes waste and costs but also saves time and money, making manufacturing and production more efficient. However, depending on the application and operating circumstances, Bearings may need to be replaced on a frequent basis. This may increase the total cost of machinery and equipment and deter some businesses from employing Bearings in their goods. But, in the upcoming years, the Bearings industry is anticipated to keep expanding and changing as a result of these and other prospects. The ability to innovate and create high-performance, dependable, and sustainable Bearing solutions will put manufacturers in a strong position to thrive in this competitive industry.

Global Bearing Market Segmentation Analysis

The Global Bearing Market is segmented on the basis of Product, Application, And Geography.

Bearing Market, By Product

• Ball Bearings
• Roller Bearings
• Plain Bearings
• Others

Based on Product, The market is divided into Ball Bearings, Roller Bearings, Plain Bearings, and Others. The roller Bearings segment held the highest market share in 2022. Roller Bearings are perfect for use in large gear such as wind turbines, mining equipment, and construction equipment because they can withstand strong weights and shock loads. Additionally, roller Bearings are made to handle difficult operating circumstances including high temperatures, fast speeds, and corrosive environments, which increases their durability and longevity.

Additionally, roller Bearings are more affordable than other types of Bearings despite having great performance and endurance, making them a popular option in a variety of applications. In order to ensure smooth operation and low friction, spinning shafts are guided and supported by roller Bearings, which are renowned for their excellent precision and accuracy.

Bearing Market, By Application

• Automotive
• Agriculture
• Mining & Construction
• Railway & Aerospace
• Others

Based on Application, The market is divided into Automotive, Agriculture, Mining & Construction, Railway & Aerospace, and Other. The automotive segment held the highest share in 2022. Automotive Bearings are extremely durable and dependable since they are made to handle challenging operating circumstances including high speeds, hefty loads, and extreme temperatures. Additionally, Bearings play a crucial role in the smooth and safe operation of the vehicle’s safety systems, including the airbags, steering systems, and ABS brakes. Additionally, as the automobile industry develops, Bearings continue to be essential in the creation of cutting-edge technologies like hybrid and electric drivetrains and autonomous driving systems.

Bearing Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, The Global Bearing Market is segmented into North America, Europe, Asia Pacific, Rest of the World. The biggest market share was held by Asia-Pacific. Over the past few decades, the Asia Pacific area has rapidly industrialized, which has increased demand for Bearings across a range of sectors including manufacturing, construction, and the automobile industry. Also, The construction of new buildings, roads, railways, and airports, all of which require Bearings for a variety of uses, has increased significantly in the Asia Pacific region.

Key Players

The “Global Bearing Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, and Schaeffler Group.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• September 2020, Specifically designed deep groove ball Bearings for electric vehicles (EVs) and hybrid electric cars will now be produced and delivered in greater quantities, according to NTN Corporation. (HEVs).
• July 2021, According to NTN Corporation, deep groove ball Bearings specifically made for electric vehicles (EVs) and hybrid electric vehicles will now be produced and delivered in increasing quantities. (HEVs).

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Bearing Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behaviour of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global Bearing Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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