Bearing Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), During the historic forecast period that ended in 2020, the "bearing market" size was valued at a global market figure worth USD 118.7 billion. With the base year of 2020, the global industry experts and leaders have predicted that the market is likely to attain a global CAGR of 8.5% and hence, reach a final market value of USD 127.56 billion.
Notable players operating in the global bearing industry profiled are-
- Svenska Kullagerfabriken AB (Sweden)
- NSK Ltd. (Japan)
- NTN Corporation (Japan)
- Schaeffler Group (Germany)
- Robert Bosch GmbH (Japan)
- The Timken Company (US)
- JTEKT Corporation (Japan)
- The Danaher Corporation (US)
- GKN plc. (UK)
- Minebea Mitsumi Inc. (Japan).
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Multiple Factors to Bolster Market Growth
Bearings are machine components that are used to minimize friction between moving rotary parts and to support rotating parts in order to achieve the desired motion. Bearings are employed in a variety of industries, including automotive, aerospace, railway, and heavy machinery.
The development of wind turbine infrastructure in emerging economies such as China, Brazil, Mexico, and India, rising demand for high-performance bearings for agricultural equipment, and worldwide industrialization are the primary factors driving the global market's growth.
COVID-19 to Have Temporary Impact on the Global Market
The COVID-19 pandemic has swept the globe. The declaration of COVID-19 as a pandemic in March 2020 resulted in widespread lockdowns and the closure of business operations, affecting the worldwide economy. Due to revenue losses, the lockdowns have also resulted in the entire closure of manufacturing facilities, greatly reducing the adoption of bearing solutions and impeding the growth of the bearings industry. The spread of the COVID-19 virus has had a huge impact on the automotive industry, which is today facing unprecedented uncertainty. The pandemic has had a significant influence on automotive production. The disruption of supply chain operations is also to blame for the slowdown in manufacturing activities, which is delaying vehicle production and stifling market expansion. In addition, the fall in vehicle demand caused by the COVID-19 pandemic is impacting the growth of the bearings market.
To prevent the spread of the pandemic, the lockdowns have compelled people to stay at home and have restricted travel. Due to the necessity to replace outdated fleets, bearings are commonly used in aerospace and railway applications. Bearings are also commonly employed in helicopters and aircraft. However, government-imposed travel restrictions are impeding industry expansion. Before the COVID-19 pandemic, bearing manufacturers were constantly working on product improvements to suit the growing demand for specialized bearing solutions from various industries. Following the pandemic, the bearings market is projected to be driven by the resumption of manufacturing activity and the relaxation of travel restrictions.
The global bearing industry has been segmented on the basis of product type and application.
On the basis of product, the global bearing market has been segmented into plain bearing, ball bearing, roller bearing, and others. The ball bearing segment is anticipated to be dominant throughout the forecast period due to growing uses from various industry verticals like automotive, railway, and aerospace.
On the basis of application, the global bearing market has been segmented into automotive, electronics, aerospace defense, construction, and others. The automotive segment captured the largest share in the global bearing market over the forecast period owing to the increasing sales of passenger cars and commercial vehicles in the developed and developing regions.
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APAC to Lead the Global Market
The Asia Pacific is likely to hold the largest share and increase at the fastest rate over the forecast period. This growth is linked to improvements in electric vehicle infrastructure and the growing number of windmill farms in emerging economies such as China and India.
Europe to Hold the Second Spot in the Global Market
Europe ranked second in the worldwide bearing market. Due to the presence of large automobile manufacturing plants and significant demand for high-performance machines from the construction, power, and aviation industries, it is likely to increase significantly throughout the projection period.
North America to Witness Significant Growth
Due to favorable government initiatives for vehicle and passenger safety, the market in North America is expected to expand significantly throughout the review period. In addition, a stable economy, advanced technology, and increased demand for bearings from various industry verticals such as aerospace and defense and power are expected to drive market expansion in North America.
Segmentation of Market covered in the research:
Bearing Market Research Report: by Product Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others), Application (Automotive, Electronics, Aerospace Defense, Construction, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)– Forecast till 2028
Browse In-depth Market Research Report (185 pages) on Bearing Industry
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