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Reasons for Notable Growth of Global Bearings Market during 2021 – 2029 - A Report by Absolute Markets Insights

Published On 04 Dec 2021 11:42 AM


In terms of revenue, the global bearings market was valued at US$ 112200.049 Mn in 2020 and is projected to grow at a CAGR of 5.08% over the forecast period.

Rising Demand For High Performance Bearings

A significant increase in demand for bearings that requires less maintenance, has a longer service life, and promises better and higher performance is on the rise, which is expected to propel the growth of the global bearings market.  Additionally, demand for specialized bearing solutions that suit various industry-specific requirements will further aid in fulfilling worldwide bearings market demand.  Especially in automotive and aerospace industry, there is a growing trend towards "Integrated Bearings," in which the bearing's surrounding components become an integral part of the bearing itself. These bearings were created with the goal of reducing the number of bearing components in the final assembled product. As a result, using "integrated bearings" lowers equipment costs, improves reliability, simplifies installation, and extends service life. In addition, the bearings market is moving towards inventing new types of application-specific bearings. Numerous bearing manufacturers are developing specialized bearings for applications such as agricultural machinery, weaving looms in the textile industry, and turbochargers in the automotive industry. Bearing OEMs are constantly working on sensorized smart bearing development. Internally powered sensors and data-acquisition circuitry enable bearings to highlight their operating conditions continuously with incorporation of this technology. In the last several years, advances in surface texturing and the inclusion of wear-resistant coatings in rolling elements and raceways have advanced significantly. These bearings perform in high-stress, high-impact, low-lubrication, and high-temperature conditions. Thus, these factors are driving the demand for the global bearings market.

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Regional Scenario

Start-ups and manufacturing companies focussing on bearings are emerging in countries like India, U.S., China, amongst others because of increasing industrialization in this region. Ease of doing business index gives insights regarding business friendliness in various countries. Countries with a higher ease of doing business index promote imports and exports for industrial equipment manufacturers. The promotion of technical advancement in manufacturing of bearings will play a vital role in the growth of the bearings market in the coming years such as high performance bearings, customized bearings and specialized bearings, as this will lead to a lower equipment costs, improved reliability, simplified installation, and extended service life. Furthermore, countries that have well-established automotive and transportation industry will have ample number of end-users of the bearings, as they are increasingly looking to adopt bearings to enhance the efficiency, reliability, and consistency across numerous operations.

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There is high competition in the global bearings market, especially in regions like North America Europe, and the Asia Pacific. These regions have well-established manufacturing industry, and the market participants are coming up with innovative solutions with competitive pricing to distance themselves from their competitors.

Competitive Landscape:

Some of key players operating in the global bearings market are AISIN, Brammer, Harbin Bearing Manufacturing Co., Ltd., HKT BEARINGS LIMITED., IKO International, ILJIN co., ltd., JTEKT Corporation, MinebeaMitsumi Inc., NACHI-FUJIKOSHI CORP., NBI Group, NSK Ltd., NTN BEARING CORPORATION OF AMERICA, RBC Bearings Incorporated, Rexnord Corporation, Schaeffler AG, SKF, and THE TIMKEN COMPANY, THK CO., LTD.

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Global Bearings Market

By Product Type

  • Standard
  • Customized

By Type

  • Ball Bearings
    • Deep Groove
    • Insulated
    • Angular Contact
    • Self-Aligning
    • Others
  • Roller Bearings
    • Spherical
    • Taper
    • Others
  • Bearing Units
  • Others

By Application

  • Railway
  • Aviation and Aerospace
  • Automotive
  • Agriculture
  • Electrical and Electronics
  • Construction
  • Mining
  • Others

By Distribution Channel

  • Direct
  • Indirect

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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Press Release Provided By: Absolute Markets Insights