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Bearings Market Size By Product (Roller Bearings, Ball Bearings), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket) & Forecast, 2023 - 2032
- Report ID: GMI111
- Published Date: Jan 2023
- Report Format: PDF
Industry Statistics
Bearings Market size surpassed USD 50 billion in 2022 and is projected to witness 8.5% CAGR from 2023 to 2032.
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Escalating vehicle sales across emerging economies, such as China, India, and South Korea, will support the demand for bearings in the automotive sector. Rising urbanization and improving standard of living are expected to advocate the demand for new/pre-owned vehicles globally. According to the federal transport authority KBA, a total of 2.65 million vehicles were registered in Europe's largest economy in 2022, indicating a 1.1% increase from the previous year.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 50 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8.8% |
| 2032 Value Projection: | USD 116 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 111 |
| Segments covered: | Product, Application and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
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The need for proper maintenance of bearing in long-run operations could impact bearings market. Correct installation and application of bearings are essential to extend their lifespan. The adoption of new and efficient business models and the pressing need to address the negative impressions of climate change and environmental degradation would decline the demand for fossil-fuel-powered industrial equipment. The introduction of automation and electrification will however create new business prospects for equipment manufacturers, favoring product penetration.
Increasing use of roller bearings in the mining and construction sector
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Roller bearings industry is set to observe 8.5% growth between 2023 and 2032. Roller bearings are increasingly used in mining and construction as well as in railway and aerospace applications. These bearings can carry heavy loads and are preferred for their high mechanical efficiency, simple installation, repair and interchangeability. They also support high precision and exhibit long service life.
The introduction of supportive government initiatives to expand the manufacturing sector would complement the roller bearings industry expansion. Take for instance, in December 2022, China’s Customs Tariff Commission of the State Council, announced the implementation of a provisional import tax for 1,020 commodities starting from January 1, 2023. These tariff reductions would be applicable to machinery items such as e-ink screens, lithium niobate, and roller bearings for wind turbines.
Growing demand for automotive moving parts to lead industry development
The bearings market from the automotive application to be worth over USD 45 billion by 2032. The use of bearings in the automotive sector is expanding rapidly, which can be linked to rising vehicle sales and increased demand for several automotive moving parts like bearings. Rising urbanization and availability of vehicle financing facilities would boost vehicle sales by end of 2032, consequently driving product penetration.
Increasing construction activity to favor market progression
The industry revenue from the mining & construction application is estimated to account for USD 15 billion by 2032. A surge in construction and mining activities has driven the need for equipment like excavators, dozers, dump trucks, loaders, backhoes, graders, pavers, vibratory compactors, cranes, forklifts, etc. These machineries are rigged with bearings with the high load-carrying capability to improve fatigue life. The launch of cutting-edge bearing products for mining and construction equipment should intensify segment growth
Expanding automotive sector to fuel Asia Pacific industry
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Asia Pacific bearings market is estimated to attain 9% gains through 2032. The automotive industry across APAC countries like China and India has perceived momentous growth in the past few years. To meet growing consumer demand, many automotive manufacturers are expanding their production capacity. The easy availability of raw materials, cost-effective labor and the presence of several industry participants are some of the factors that will augment the regional demand for automotive bearing by 2032.
Strategic expansion activities to drive global industry development
Some of the leading companies in the bearing market include C&U Group Company Limited, Brammer PLC, Daido Metal Company Limited, HKT Bearings Ltd., Harbin Bearing Manufacturing Co., Ltd, JTEKT Corporation, Minebea Company Limited, Luoyang LYC Bearing Company Limited, NBI Bearings Europe, NTN Corporation, NSK Global, RBC Bearings Inc., Schaeffler Group, the Timken Company, Rexnord Corporation, and SKF. Companies are launching cutting-edge technologies to enhance the monitoring and maintenance of bearing products.
Impact of the COVID-19 pandemic on market trends
The COVID-19 pandemic had a negative influence on the global automotive sector. The outbreak heavily disrupted supply chain players leading to a shortage of important automotive moving parts and components. Closure of manufacturing plants, trade restrictions, and limited supplies are some of the other factors that impacted the automotive sector as well as the bearings market during the pandemic. However, robust demand for electric vehicles and expanding passenger vehicle sales post pandemic would generate new growth avenues for the market over the forecast period.
This market research report bearings includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2018 to 2032 for the following segments:
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Market, By Product
- Ball Bearings
- Roller Bearings
Market, By Application
- Automotive
- Electrical
- Railway & Aerospace
- Others
Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
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