The Global Bearing Market size is expected to reach $181.1 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
A bearing is an element of a machine that limits relative motion to the intended motion and decreases friction between moving elements. The design of the bearing may, for example, allow free linear movement of the moving component or free rotation on a fixed axis; alternatively, it may prevent the motion by controlling the vectors of normal forces acting on the moving elements.
The majority of bearings enhance motion by decreasing friction. Bearings are widely categorized based on the kind of operation, the permitted movements, and the direction of the loads (forces) supplied to the parts. Rotary bearings support rotating elements such as shafts or axles in mechanical systems, transferring axial and radial loads from the load source to the supporting structure.
Plain bearings are the simplest type of bearing, consisting of a shaft revolving in a hole. Use lubrication to minimize friction. Rolling components such as rollers or balls having a circular cross-section are inserted between the races or journals of the bearing assembly in the ball and roller bearings to minimize sliding friction. It is possible to meet the application's requirements for optimal efficiency, reliability, durability, and performance using a range of bearing designs.
The name "bearing" is derived from the verb "to bear" a bearing is an element of a machine that enables one part to support (bear) another. The simplest bearings consist of bearing surfaces cut or molded into a component, with variable degrees of control over the surface's shape, size, roughness, and placement. Other bearings are distinct components that are put within a machine or machine component.
In 2020, the worldwide market for bearings was projected to expand by a substantial margin. Nonetheless, as the global COVID-19 pandemic situation continues to deteriorate, the industry is anticipated to experience a period of uncertainty in 2020. Due to the rapid spread of the new coronavirus, various governments throughout the world have implemented rigorous lockdown measures to halt the virus's spread. China's industrial sector shutdown in the first quarter of 2020 is anticipated to have a significant influence on the expansion of the global bearing market.
Numerous industry areas, including construction, automotive, power transmission, and oil & gas, employ a variety of bearing types. Efforts have been undertaken to increase bearing performance and life over the course of a previous couple of decades, as seen by the market's constant technological breakthroughs and innovative developments. During the forecast period, the market for bearings is anticipated to expand at a steady rate as a result of an exponential increase in demand for bearings that can run at greater speeds, withstand heavier loads, and more.
Over the past couple of decades, the automotive components sector has expanded rapidly, particularly in the Asia-Pacific area. Consistent advancements in production processes and rising demand from the automotive industry are two of the primary factors that have had a significant impact on the expansion of the bearings market throughout the assessment period. Currently, market participants in the bearing industry are placing a greater emphasis on producing bearings that satisfy customer demand for high efficiency, reduced unexpected downtime, and enhanced productivity.
Counterfeit bearings are a significant market restraint for mounted bearings. Frequent bearing failures caused by counterfeit bearings result in increased costs, dangers, and decreased machine dependability. These bearings are made from low-grade materials that are frequently produced on old machinery by workers earning the minimum wage. The packaging of these counterfeit bearings resembles that of authentic items, making it difficult for buyers to distinguish between counterfeit and authentic products.
Based on the Product, the Bearing Market is segmented into Ball Bearings, Roller Bearings, Plain Bearings, and others. The plain bearing segment witnessed a significant revenue share in the bearing market in 2021. Plain bearings, also known as sleeve bearings, are bearings with no rolling components and are the most basic variety. They facilitate sliding, oscillating, rotating, and reciprocating movements. They are utilized as bearing strips, slide bearings, and wear plates in sliding applications. Plain bearings are superior to roller bearings in terms of resistance to high shock loads and load capacity due to their wider contact area and conformability.
On the basis of Ball Bearing Type, the Bearing Market is divided into Deep Groove Bearings and Others. The deep groove bearings segment procured the largest revenue share in the bearing market in 2021. Deep groove ball bearings are the most extensively utilized and adaptable bearing type. They are optimized for minimal noise and low vibration, allowing for high spinning speeds. They are simple to install and need less maintenance than other bearing types. Deep groove ball bearings are available in a wide range of sizes, materials, and variations to accommodate a variety of applications, including high-temperature industrial purposes.
Based on the Plain Bearings Type, the Bearing Market is bifurcated into Journal Plain Bearings, Linear Plain Bearings, Thrust Plain Bearings, and Others. The journal segment registered the largest revenue share in the bearing market in 2021. Journal roller bearings, such as corrugator bearings, are intended for moderate to heavy radial loads and have the classification of a 3-piece separable bearing. Inner Race, Outer Race, and Roller Assembly comprise the bearing's whole. Journal roller bearings are manufactured in the Metric and Inch series and are customized for specific industries with unique widths, grease holes, and key notches.
By Application, the Bearing Market is fragmented into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others. The automotive segment procured the highest revenue share in the bearing market in 2021. The increasing demand for cars with technologically advanced solutions is causing an increase in vehicle production, which in turn needs instrumented goods. In the automobile sector, the need for bearings has increased because of the rising demand for highly sophisticated cars and the concomitant increase in the vehicles' capabilities.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 103.1 Billion |
| Market size forecast in 2028 | USD 181.1 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 8.8% from 2022 to 2028 |
| Number of Pages | 324 |
| Number of Tables | 584 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the Bearing Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia pacific segment garnered the largest revenue share in the bearing market in 2021. The demand is fueled by the resurgence of automobile production and a solidly fixed investment climate. Increased sales of high-priced bearings, such as large-diameter, custom-built bearings used in heavy machinery and wind turbines, are also anticipated to fuel the North American market. In the Middle East and Africa, the fast construction of urban infrastructure has a favorable effect on economic expansion.
Free Valuable Insights: Global Bearing Market size to reach USD 181.1 Billion by 2028
The major strategies followed by the market participants are Partnerships and Acquisitions. Based on the Analysis presented in the Cardinal matrix; Schaeffler AG and AB SKF are the forerunners in the Bearing Market. Companies such as, NTN Corporation, Rexnord Corporation, The Timken Company are some of the key innovators in Bearing Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AB SKF, NSK Ltd., NTN Corporation, RBC Bearings, Inc., Rexnord Corporation (Regal Rexnord Corporation), Schaeffler AG, The Timken Company, JTEKT Corporation, Harbin Bearing Manufacturing Co. Ltd. (HRB Group) and HKT Bearings Limited.
By Product
By Application
By Geography
The global Bearing Market size is expected to reach $181.1 billion by 2028.
Industry 4.0 will hasten innovations in the bearing market are driving the market in coming years, however, The availability of fake items restraints the growth of the market.
AB SKF, NSK Ltd., NTN Corporation, RBC Bearings, Inc., Rexnord Corporation (Regal Rexnord Corporation), Schaeffler AG, The Timken Company, JTEKT Corporation, Harbin Bearing Manufacturing Co. Ltd. (HRB Group) and HKT Bearings Limited.
The expected CAGR of the Bearing Market is 8.8% from 2022 to 2028.
The Ball Bearings market is leading the Global Bearing Market by Product in 2021; thereby, achieving a market value of $79.7 billion by 2028.
The Asia Pacific market dominated the Global Bearing Market by Region in 2021; thereby, achieving a market value of $69.8 billion by 2028.
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