Bearings Market

Bearings Market Size

The global bearings market was estimated at USD 58.6 billion in 2024 and is expected to reach USD 143.6 billion by 2034, growing at a CAGR of 9% from 2025 to 2034, due to the increasing sales and production of automobiles. Bearings in the automobile industry are used in components such as engines, wheels and steering systems.

Additionally, the rise of EVs vehicles is boosting the growth of the market, since electric vehicles require specialized bearings to provide high-speed power, advanced braking system and high-performance engines. These bearings are used due to their ability to enhance the efficiency of the EVs. The growing adoption of e-vehicles across emerging economies is boosting the demand for bearings. According to the International Energy Agency. In 2022, electric vehicles accounted for 10% of global vehicle sales. The Electric Vehicle Association is actively engaged in initiatives aimed at accelerating the adoption of electric vehicles throughout the North American region.

A significant challenge is the fluctuating prices of raw materials such as steel, alloy steel, ceramics specialty materials like bronze and babbitt. The fluctuations in prices of these materials directly impact on the production costs of bearings. This presents a challenge for manufacturers to generate profit and maintain stable pricing factors for consumers and industries. Meeting the needs of various industries through product innovation is also a growth barrier for industry players.

Bearings Market Trends

• In automation and robotics, there is a need for advanced bearings which are made from specialized materials like bronze and babbitt etc. Manufacturers are introducing lightweight bearings to be used in automated vehicles and industrial machinery to improve the overall efficiency of the equipment, thereby fueling market growth
  

Bearings Market Analysis

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Based on product type, the market is segmented into ball bearings, roller bearings and other bearings. The ball bearings segment was worth around USD 26.7 billion in 2024 and is expected to reach USD 68.5 billion by 2034. The segment dominance is attributed to its high versatility of handling loads in a wide range of applications.

• Ball bearings offer low friction and high-speed mechanisms, which is essential for various industries such as electric, agriculture, mining & construction as well as automotive. Ball bearings are preferred due to their durability, which further reduces their maintenance and frequent replacement costs.
  

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Based on end use, the bearings market is bifurcated into automotive and transportation, building and construction, electrical and electronics, aerospace and defense, energy and power, industrial machinery and others. In 2024, the automotive and transportation segment dominated the market and accounted for a total market share of 40.5%. This can be attributed to the use cases of bearings in the automotive space, including wheel hubs, engines, transmission, electric motors and steering systems.

The transition towards toward electric vehicles has resulted in a shift in demand for specific types of bearings. Components such as electric motors, batteries, and powertrains in the electric vehicles require specialized bearings, which need to operate at high speeds and under high loads. Additionally, bearings used in these vehicles are developed for high efficiency, less friction, and long life to meet the unique requirements of electric drive systems. There is an increasing emphasis on lightweight, durable bearings that help improve the overall energy efficiency of vehicles, as the global automotive market moves toward sustainability and fuel efficiency.

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• The Asia Pacific region held a revenue share of over 51.2% of the global bearings market, with market size of USD 30 billion in 2024. Countries, such as China and India are experiencing rapid industrialization, driving the demand for bearings in machinery, infrastructure and vehicles. Moreover, Asia Pacific is the largest automotive market; countries like China, South Korea and India boast a strong production and consumption landscape. Asia Pacific is further expanding into manufacturing sectors like electronics and machinery. As per the India Brand Equity Foundation (IBEF), the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 2.77 million units, in 2024. Bearings are known as a crucial component in the production of various industrial machinery and equipment, thereby making the Asia Pacific a dominant region in the global bearings market.
  
• China is leading with an overall market share of around 22.6% in the Asia Pacific and is expected to reach USD 19 billion by 2034. China, renowned as a global manufacturing hub, experiences significant demand for bearings across various industrial applications. The rapid expansion and growth of the automotive industry in China further propel the overall bearings market growth in the region.
  
• In North America, the manufacturing and industrial sectors especially in the U.S. and Canada, rely on bearings for production and maintenance of machinery, equipment, and production lines. Moreover, the growth in the automation and robotics sector, drives the need for high-precision bearings to ensure efficient operations, reduced downtime, and enhanced productivity. Bearings are also critical components in sectors like mining, construction, and heavy machinery, wherein it is used in components to manage heavy loads in extreme operating conditions. The U.S. holds largest share in the North America bearings market, generating a revenue of around USD 8.2 billion in 2024 which is expected to reach around USD 19.9 billion by 2034. The dominance is attributed to the demand for bearings in automotive, mining and construction and electrical industries. Manufacturers are constantly innovating new innovations in bearings materials and in lubrication technologies, further contributing to the market growth.
  
• In 2024, the European Union’s (EU) car market grew by 0.8%, with total sales reaching 10.6 million units. Moreover, EU van sales increased by 8.3%, and bus segment accounted for a rise by 9.2%, in 2024. The UK leads the European market with an overall share of around 21.1% in 2024. This is attributed to the presence of a strong aerospace and defense military base where bearings play a crucial role in manufacturing applications in aircraft engines, landing gears and turbo fans.
  

Bearings Market Shares

• The top companies in the bearings industry include SKF, NSK, Schaeffler, Timken, NTN, and JTEKT, and they collectively hold a share of 20-30% in the market. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
  

Bearings Market Companies

Major players operating in the bearings industry are:

• SKF
• Timken
• NSK Global
• NTN Corporation
• Emerson Bearing
• JTEKT
• RBC Bearings
• Nachi Technology Inc
• Nakanishi Manufacturing Corporation
• Regal Rexnord
• Schaeffler Group
• Tsubaki Nakashima Co Ltd
• NBI Bearings
• Fersa Bearings
• MGM Bearings

NTN Corporation, headquartered in Japan, is a major manufacturer in the global bearings market. The company is broadly recognized for its research and development capabilities, and manufacturing expertise. NTN Corporation provides a wide portfolio of bearings, that includes ball bearings, roller bearings, and specialized solutions, catering to various sectors such as automotive, aerospace, construction, and industrial machinery. The company focusses on technological developments in bearings manufacturing and design, rendering better characteristics such as durability and energy-efficiency to the bearings. In February 2025, NTN Corporation developed a fluid dynamic bearing that that is capable of forward/reverse rotation. The developed product has various applications such as home appliances, and automotive sector, that includes actuators for automotive electrical auxiliary equipment, cooling fan motors.

SKF, headquartered in Sweden, offers a broad range of bearings, seals, lubrication systems, and services, catering to industries such as automotive, aerospace, energy, and heavy machinery industry. The company is focused on the development of precision bearings for industrial machinery. SKF has a global presence and strong brand reputation, making it a major market player in the bearings market. In November 2024, SKF developed a new series of bearings designed for circular use enabled by new advanced Laser Metal Deposition technology.

 Bearings Industry News

• In February 2024, NTN Corporation supplied bearings for turbo pumps of engines in the H3 launch vehicle. These turbo pumps bearings give high speed rotational performances under a cryogenic environment.
  
• In October 2023, SKF India expanded its ecosystem with the launch of open platform to accelerate innovation and delivering sustainable, customer-oriented solutions.
  
• In September 2023, Schaeffler expanded its range of rotary table bearings. These new radial rotary bearings are rigid and have a high load carrying capacity.
  

The bearings market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) (Million Units) from 2021 to 2034, for the following segments:

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Market, By Product Type

• Ball bearings
• Roller bearings
• Other bearings

Market, By End Use

• Automotive and transportation
• Building and construction
• Electrical and electronics
• Aerospace and defense
• Energy and power
• Industrial machinery
• Others

Market, By Distribution Channel

• Direct sales
• Indirect sales

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia 
• Latin America
  • Brazil
  • Mexico 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa