Bearings Market Size By Product (Roller Bearings [Split, Tapered, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Sep 2020  |  Report ID: GMI111  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 190   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Bearings Market size was USD 48.1 billion in 2019 and will witness 8.2% CAGR from 2020 to 2026. Ever increasing vehicle sales and growing adoption of electric and connected vehicles will primarily drive the bearings demand for their production and related accessories. A passenger vehicle on an average uses minimum 35 bearings, that vary largely on the basis of vehicle model and wide spreading technologies. Further, introduction of advanced high capacity wheel bearings coupled with improved lubricating performance will fuel the market expansion.

Growing demand for specialized bearing solutions to meet industry-specific requirements, such as gas meters, flight support systems, and medical imaging equipment will induce a significant growth potential.

Bearings Market
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The closure of several manufacturing facilities for applications including, automotive & aerospace owing to COVID-19 has significantly decreased consumer/end-user concentration and negatively influenced the bearing demand in 2020. The pandemic has reduced the overall consumer confidence to implement new technologies for product manufacturing. Further, it has escalated trade uncertainties, which have significantly increased several taxes and exchange rates thereby affecting the profit margins of bearings market participants.

The post-COVID-19 scenario will mainly focus on lean manufacturing with minimum inventory management as uncertainties in the demand are still unclear. It will also reduce manufacturer/end-user dependency on a single source. Raw materials, energy/fuel prices, and taxes will stabilize in the near term once the demand for products in the market increases.

Several manufacturers in the industry are focusing on digitalization and connectivity for better interaction with customers and automation across the value chain. Digitalization allows product development and improves workflow efficiency through digital manufacturing machineries and automation, contributing to automated and flexible manufacturing processes.

In 2020, SKF, a Swedish bearing & seal manufacturer, developed a mobile application to simplify bearings replacement and mounting. This reduces installation cost and time and simultaneously minimizes the difficulties of incorrect mounting, extending the operating life of bearings.

Bearings Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:48.1 Billion (USD)
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:8.2%
2026 Value Projection:70.3 Billion (USD)
Historical Data for:2016 to 2019
No. of Pages:190
Tables, Charts & Figures:111
Segments covered:Product, Application, and Region
Growth Drivers:
  • Increasing sales of new and pre-owned vehicles
  • Increasing range for e-vehicles
Pitfalls & Challenges:
  • Energy efficient and environmental manufacturing norms

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Superior performance capabilities will drive ball bearings demand

Ball bearings market will account for around 45% share by 2026 owing to superior performance under large temperature ranges. A ball bearing is a type of rolling-element bearing that reduces friction, carries loads, and facilitates motion and positions of moving machine parts. It possesses shield sealing that prevents leakage of lubricants and avoids entry of foreign particles into the casing, that reduces the maintenance cost.

In addition, simple design, cost effective replacement, and high durability, enables it to operate with radial as well as thrust load, increasing its demand in various applications.

Ball bearings are further categorized into deep groove and other ball bearings that mainly include angular contact, self-aligning ball bearings, etc. Deep groove ball bearings segment is likely to register 8.5% growth rate through 2026 owing to their simple design, low operating temperature, and low friction characteristics. Deep groove ball bearings ability to carry axial and radial loads with high durability and less maintenance downtime will positively influence product penetration in agriculture, railway, and aerospace applications.

Automotive segment to bank upon increasing vehicle sales

Bearings Market by Application

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In 2019, the automotive applications generated over USD 24 billion revenue in bearings market propelled by the increasing vehicle sales and rising demand for several automotive moving parts that require bearing to function. Key automotive sub-systems, where bearings find wide application are gearboxes, engines, transmissions, steering, wheels, pumps, electrical motors, etc.

Moreover, wipers, doors, rear view mirrors, and bonnet hinges require bearings for smooth functioning. Ball bearings and tapper head bearings are among the most used bearings in the automotive industry owing to their wide applications in gearboxes, engines, and steering systems.

Increasing investments in the automotive industry to spur Asia Pacific market growth

Bearings Market Regional Insights

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Asia Pacific dominates the bearings market size owing to the expanding automotive industry across various economies including China, India, Japan, and South Korea. The APAC ball bearings segment is set to cross USD 16.26 billion valuation by 2026. Easy availability of raw materials and cost-effective manufacturing coupled with the presence of several industry participants will further support product expansion.

Strengthening regional manufacturing footprint to boost competition in the market

Bearing manufacturers are continuously accelerating investments in manufacturing facilities and expanding their geographic presence to attain competitive edge in the market. In June 2019, SKF invested around USD 42.5 million in the new ball bearing factory in Xinchang, China. With the factory operational now, a further investment of USD 46 million was made for its expansion in June 2020. These investments will increase the company’s geographic presence and allow it to serve customers better across diverse applications.

The key bearings market participants include SKF, Brammer PLC, Daido Metal Company Limited, C&U Group Company Limited, Harbin Bearing Manufacturing Co. Ltd., JTEKT Corporation, HKT Bearings Ltd, Luoyang LYC Bearing Company Limited, NBI Bearings Europe, Minebea Company Limited, NSK Global, RBC Bearings Inc., NTN Corporation, Rexnord Corporation, The Timken Company, and Schaeffler Group.

This market research report on bearings includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2016 to 2026, for the following segments:

Market, By Product

  • Ball Bearings
    • Deep Groove Bearings
    • Other
  • Roller Bearings
    • Split
    • Tapered
    • Others
  • Others

Market, By Application

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

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Thailand
    • Indonesia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • Iran


Frequently Asked Questions (FAQ) :

In 2019, global bearings market size was worth USD 48.1 billion. Ongoing trend of EVs and connected vehicles will lead to the industry depicting 8.2% CAGR through 2026.
Ball bearings may hold 45% market share by 2026 as they depict superior performance even under large temperature ranges.
Low operating temperature, low friction characteristics and simple design will push global deep groove ball bearings industry size, poised to exhibit 8.5% CAGR through 2026.
Increasing use of bearings in automotive parts & rising vehicle sales will propel global bearings market size from automotive applications, slated to cross USD 24 billion by 2026.
Asia Pacific dominated global market in 2019, accounting for an industry share of 45%, owing to expanding automotive sector in nations such as India, Japan, South Korea, etc.

Premium Report Details

  • Published Date: Sep 2020
  • Pages: 190
  • Tables: 100
  • Charts / Figures: 11
  • Companies covered: 16
  • Countries covered: 19

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