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Bearings Market Size By Product (Roller Bearings [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI111
  • Published Date: Dec 2021
  • Report Format: PDF

Industry Trends

Bearings Market size exceeded USD 43.8 billion in 2020 and is anticipated to witness over 8.3% CAGR between 2021 and 2027. The increase in car sales and growing adoption of electric & connected vehicles will primarily drive the need for their production and related services. The passenger car on average uses a minimum of 35 bearings, which vary greatly based on the car model and the widely distributed technology.

The latest development in automatic dual-clutch transmissions requires three additional bearings, i.e., two on the second gearbox on the main shaft and one on the double-clutch. Moreover, the introduction of high-capacity bearings combined with improved lubrication performance will enhance the market expansion.

Bearings Market

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Bearings not only reduce friction but also play a key role in transmitting energy to a few rotating parts and supporting load-bearing features of various mechanical devices. The growing demand for specialized solutions to meet industry-specific needs, such as gas meters, aircraft support systems, and medical imaging equipment, will create significant growth potential for bearings market.

Several manufacturers focus on digital operations and connectivity for better customer interaction and automation across the value chain. Digital processing allows product development and enhances work efficiency with digital production equipment and automation, which contribute to automated and flexible production processes. By 2020, SKF, a Swedish company that manufactures seals & seals, launched a mobile app to facilitate the replacement and installation of bearings. This reduces installation costs & time and at the same time reduces the hassle of improper mounting, extending the working life of the bearings.

Superior performance capabilities will augment ball bearings demand

Ball bearings segment is poised to generate around USD 35 billion by 2027 owing to superior performance under large temperature ranges. Ball bearing is a type of rolling element that reduces friction, carries loads, and directs the movement & position of moving machine parts. It has a protective seal that prevents leaks and ingress of foreign particles into the casing, thus reducing the cost of repair. Additionally, simple design, low cost, and high durability make it work with radial & thrust load, increasing its need in different applications & end-use areas.

Deep groove ball bearings are likely to register significant growth rate of about 8.7% through 2027 due to their simplicity, design, low-operating temperature, and low friction features. The ability of deep groove ball bearings to carry axial & radial loads with high durability and low maintenance time will have a positive impact on product penetration in agriculture, rail, and aerospace systems.

Automotive segment to bank upon increasing vehicle sales

Bearings Market, By Application

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The automotive application is set to account for USD 38 billion by 2027. This is attributed to increasing vehicle sales and rising demand for several automotive moving parts that require bearings to function. Doors, wipers, bonnet hinges, and rear mirrors require bearings for smooth functions and performance. Ball bearings and tapper head bearings are widely consumed in the automotive industry due to their wide applications.

Increasing investments in the automotive industry across Asia Pacific

Bearings Market, By Regions

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Asia Pacific bearings market dominates the industry on account of the automotive industry expansion in various economies including China, India, Japan, and South Korea. The region contributed more than 50% to the total demand for bearings in 2020. The increasing purchase of cars in various developing countries, such as India, Indonesia, and Thailand, will boost regional growth. The easy availability of raw materials and inexpensive production along with the presence of many industry stakeholders in the region will also support growing production.

Strengthening regional manufacturing footprint

Bearing manufacturers continue to accelerate investments in production facilities and expand their local presence to gain a competitive edge in regional markets. This move will increase the company's local presence and allow it to provide customers with a wide range of products. The key bearings market participants include NTN Corporation, SKF, Daido Metal Company Limited, JTEKT Corporation, NSK Global, 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 2017 to 2027 for the following segments:

  • 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
Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

The global market for bearings surpassed USD 43.8 billion in 2020 and will observe around 8.3% CAGR between 2021 and 2027 due the adoption of electric & connected vehicles and car sales.

Ball bearings segment is forecast to be valued at approximately USD 35 billion by 2027 owing to superior performance under large temperature range.

Automotive application is likely to garner around USD 38 billion in global bearings industry by 2027 on account of rising vehicle sales.

Asia Pacific captured more than 50% of the market share in 2020 and will grow with easy availability of raw materials.

NTN Corporation, JTEKT Corporation, Daido Metal Company Limited, The Timken Company, Schaeffler Group, among others, are some of the leading companies fostering bearings industry.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 16
  • Tables & Figures: 111
  • Countries covered: 19
  • Pages: 190

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