Bearings Market Size to grow by USD 18.79 billion between 2024-2028
According to a research report “ Bearings Market” by Product (Anti-friction bearings, Magnetic bearings, Other bearings) End-user (Automotive industry, Heavy industry, ARS industry, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 18.79 billion, at a CAGR of 4.06% during the forecast period. In the current economic climate, developing countries' burgeoning industries require increasingly efficient machinery for manufacturing industrial goods and domestic appliances. To optimize performance and reduce energy consumption, high-quality bearings are essential. These bearings minimize friction, contributing to longer-lasting machines, fewer breakdowns, and increased productivity. Moreover, machinery vendors are intensely focused on operational efficiency and profitability enhancement. Consequently, they are incorporating advanced bearings into their products to significantly decrease frictional losses, thereby controlling manufacturing costs..
Browse market data tables, figures, and in-depth TOC on “Bearings Market” by Product (Anti-friction bearings, Magnetic bearings, Other bearings) End-user (Automotive industry, Heavy industry, ARS industry, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Product, the Anti-friction bearings segment is projected to dominate the market size in 2024
In the realm of industrial and automotive sectors, anti-friction bearings play a pivotal role in minimizing the friction between moving components, including shafts, axles, and wheels. The preference for application-specific bearings is escalating among end-users due to their enhanced ease of use and efficiency. The burgeoning demand for anti-friction bearings is driven by the expansion of core manufacturing processes in the industrial and automotive industries. These bearings are indispensable in various sectors such as automotive, aerospace, railways, wind generation, and defense. In wind energy generation, the increasing capacity of wind power necessitates the use of diverse types of bearings, such as shaft, gearbox, generator, yaw, and pitch bearings, to ensure the smooth operation of wind turbines.
By End-user, Automotive industry segment is expected to hold the largest market size for the year 2024
The global bearings market experiences significant growth, primarily driven by the automotive sector. Automakers incorporate bearings into various components, including engines, gearboxes, transmissions, wheels, steering systems, electrical motors, and pumps, to reduce friction, extend product life, enhance operational efficiency, and minimize energy loss. For instance, a single passenger car utilizes over 100 bearings. The expansion of the automotive industry, fueled by factors such as rising living standards, economic growth, and increasing disposable income, propels the demand for bearings. Prominent automotive original equipment manufacturers (OEMs) like BMW AG (BMW) and Ford Motor Company are key players in this market.
APAC is forecasted to hold the largest market size by region in 2024
The APAC bearings market is projected to exhibit robust growth during the forecast period, driven primarily by China, which is the largest market and a significant revenue contributor. The expanding economies of China and India, coupled with the increasing demand for bearings from end-users such as automotive, aerospace, electronics, electrical, and healthcare sectors, are fueling market growth. With the largest manufacturing industry in APAC, encompassing sectors like automobiles, electrical and electronics, healthcare devices, metals, and plastics, the demand for bearings is anticipated to escalate further due to the rising disposable income and subsequent increase in machinery usage.
The Bearings Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The bearings market is experiencing significant growth due to the digital transformation in various industries, including electric vehicles (EVs), infrastructure, and manufacturing. The increasing adoption of EVs and the shift towards sustainable energy sources are driving demand for lightweight materials like ceramics and lightweight steel alloys in the production of radial and thrust bearings. In the manufacturing sector, the use of industrial robots and micro bearings is on the rise, leading to increased efficiency and productivity. The aerospace industry is another major consumer of bearings, with a focus on high-performance rolling elements for improved service life and reduced weight. Product designs in industries like wind energy, appliances, farm equipment, and automobile parts are also evolving to incorporate advanced bearing technologies for enhanced efficiency and durability. The infrastructure growth in emerging economies is further fueling demand for bearings in various applications. Overall, the bearings market is poised for continued growth, driven by the increasing adoption of digital technologies and the demand for high-performance mechanical components.
Market Research Overview
The global bearings market is a dynamic and diverse industry, encompassing various types of bearings used in numerous applications across multiple industries. Key sectors driving the market include wind turbines, vehicle production, and aerospace. Thrust bearings and spherical roller bearings are commonly used in wind turbines, while radial bearings and precision bearings are essential components in vehicle production. Supply chain disruptions, regulatory requirements, and quality standards are key challenges in the bearings market. Strategic collaborations and niche offerings, such as smart bearings with integrated sensor units and intelligent features, are helping companies stay competitive. Materials like lightweight steel alloys and ceramics, and manufacturing processes, are crucial in producing high-performance bearings for applications in industrial robots, helicopters, farm equipment, and household appliances. The market is also witnessing growing demand for bearings in emerging economies, e-commerce, e-mobility, and digital transformation. Energy efficiency and pollution reduction are critical factors influencing the market, leading to the development of micro bearings and plain bearings. Regulatory requirements and maintenance requirements continue to shape product designs, while the use of rolling elements, such as ball bearings and roller bearings, remains a mainstay in mechanical components. Overall, the bearings market is poised for growth, with applications in automobile parts, automation, and aerospace continuing to drive demand.
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