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 electric vehicle market is experiencing significant growth due to increasing regulations on carbon emissions and environmental safety in major markets such as Europe, the US, and APAC, particularly in China and Japan. This trend has led to a surge in electric car sales, with an approximate 15% increase between June 2023 and June 2024. In response, automakers are developing innovative hydraulic equipment for electric vehicles and introducing new designs with multi-featured electric vehicles. To capitalize on the high growth potential of the electric vehicle market in China and other APAC countries, several manufacturers are relocating their facilities. Additionally, companies are investing in environment-friendly technologies to reduce the carbon footprint of electric vehicles and meet evolving consumer demands. 

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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 applications, including automobiles, farm equipment, and household appliances, where efficiency and extended service life are crucial. Industries like wind energy, aerospace, and infrastructure development rely heavily on bearings in their product designs, utilizing rolling elements such as radial and thrust bearings. Lightweight steel alloys and ceramics enhance bearing performance. Digital transformation in industries like manufacturing and transportation integrates micro bearings and industrial robots, while electric vehicles (EVs) contribute to the market's growth.

Market Research Overview

In the expansive landscape of global industries, the parent market, encompassing industrial machinery and supplies and components, encompasses enterprises dedicated to manufacturing machinery and components. This sector includes manufacturers of presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, and roller bearings, among other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by these entities operating within this domain. The market's growth is anticipated to be fueled by the increasing industrial output in process and discrete industries, driven by the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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