Latest News- Bearings Market: Anti-friction bearings is expected to lead the Product segment during 2025-2029

The Bearings Market is being driven by Strong demand for high-quality bearings

The Bearings Market is expected to grow at a CAGR of 3.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 17286.5 million. The surge in electric vehicle (EV) adoption in major markets, including Europe, the US, and Asia Pacific, particularly China and Japan, driven by stringent regulations on carbon emissions and environmental safety, is fueling the demand for innovative hydraulic equipment for EV manufacturing. Between the fiscal years 2023 and 2024, electric car sales experienced a significant growth of approximately 15%. Notable automakers are investing in new designs and advanced features for their electric vehicle offerings. In response to the burgeoning EV market in China and other Asian countries, several vehicle manufacturers are relocating their production facilities. To minimize their carbon footprint, companies are also focusing on developing eco-friendly technologies for EVs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Anti-friction bearings
  • Magnetic bearings
  • Others
• End-user
  • Automotive industry
  • Heavy industry
  • ARS industry
  • Others
• Type
  • Mounted bearing
  • Unmounted bearing
• Distribution Channel
  • OEM
  • Aftermarket
• Measurement
  • 30 to 40
  • 41 to 50
  • 51 to 60
  • 61 to 70
  • 70 and above
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Strong demand for high-quality bearings
• Growing adoption of automation in manufacturing process
• APAC acting as market enabler

However, the market also witnesses some limitations, which are as follows:

• Increasing popularity of counterfeit and used bearings
• Difficulties in keeping pace with changing customer demand
• Fluctuating raw material prices

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Market Scope in Bearings Market Research Report

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Research Analysis Overview

The Bearings Market encompasses various sectors including automobile parts, farm equipment, and household appliances. The focus is on enhancing product designs and mechanical components through advanced technologies like 3D modeling, design tools, simulation software, digital prototyping, and augmented reality. Key applications include rolling elements, radial bearings, and thrust bearings in industries such as wind turbines, infrastructure growth, industrial robots, electric vehicles (EVs), and micro bearings. Innovations in lightweight steel alloys, AI integration, machine learning, and collaboration tools further boost market growth.

Market Research Overview

The global industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of machinery and components, including ball bearings, for sectors such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Key growth drivers for this market include the increasing industrial production in process and discrete industries, fueled by expanding economies in developing countries, leading to demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. Additionally, the digital transformation and the rise of electric vehicles (EVs) are expected to present significant opportunities for market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/