The global bearings market is anticipated to grow at a CAGR of 9.5% over the forecast period 2019 to 2026, expected to reach a value of around US$ 213,685 mn by 2026.
Bearings are machine elements that reduce friction and improve the mobility between moving parts. These are widely used in industrial machinery, automobiles, agriculture equipment, and mechanical devices. These can be classified into a type of operation and diameter. Bearings are also used for supporting the load, ensuring alignment between rotating parts, and for efficient power transmission. The functions associated with the bearings help in enabling the efficient working of machinery for a longer duration. The development of self-lubricating bearings is cutting maintenance and labor costs with an increase in service life, particularly in aerospace applications. Moreover, a ball bearing is widely used in the market owing to its several benefits including a large operating range of temperature, ability to avoid entering foreign particles into the casing, easy replacement in cheaper cost and easy availability in the market.
The rapidly growing construction sector is accelerating the demand for bearings for heavy machinery. Increasing demands in automotive particularly for light-weight bearings are boosting the market value. The increasing investment in mining and transport infrastructure development projects is also supporting the market growth. Along with these, the availability of customized and application-specific bearings in the market is further contributing to the market growth. In addition, technological advancements and growing demand from developing economies are likely to create potential opportunities over the forecast period.
On the flip side, fluctuating raw material prices, especially steel is expected to hinder the growth over the forecast period from 2019 to 2026.
By type, ball bearing segment dominated the market with maximum share
Ball bearing registered the maximum share in the market in the year 2018 owing to the presence of its numerous applications to reduce rotational friction and to support radial and axial loads. The ability of ball bearing to bear both radial and thrust loads is propelling its demand in four wheelers and two-wheeler vehicles.
Automotive segment lead the bearings market by application
In 2018, automotive dominated the market with maximum share and the segment is also projected to witness large share over the forecast period. The increasing demand for bearings for motor vehicles and the increasing development of automotive with advanced technologies to enhance driving experiences are supporting the segment growth. The integration of IoT in bearing technology is enabling the development of smart gearing technology that can be able to detect faults and failure.
The market research study on “Bearings Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight into the global bearings market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global bearings market, its type, outer diameter, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global bearings market size and volume, and segment markets by type, outer diameter, application, and geography along with the information on companies operating in the market. The bearings market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Asia Pacific accounted for the maximum market share in the market
In 2018, Asia Pacific held the topmost position in the bearings market and the region is also anticipated to be the fastest-growing market over the forecast period. The rapid industrialization, along with the increasing investment by the manufacturers in the region is primarily contributing to market growth. The major economies of the region including Japan, China and India are major contributors to market growth. The rapidly growing automotive, construction and mining sector are extremely bolstering the demand of bearings in the regional market. In addition, the upgrading transportation sector of the region is further propelling the regional market growth.
The players profiled in the report include C&U GROUP LTD., Tenneco Inc., JTEKT Corporation, NKE AUSTRIA GmbH, NSK Ltd., Schaeffler AG, SKF, THK CO., LTD., The Timken Company, and NTN Corporation. The major players involved in strategic investment plans in the developing regions across the globe. The companies were also involved in mergers and acquisitions and new product development for gaining a competitive advantage.
Market By Type
Market By Outer diameter
Market By Application
Market By Geography
Middle East & Africa
Bearings are machine elements that reduce friction and improve the mobility between moving parts.
Bearings are used for supporting the load, ensuring alignment between rotating parts, and for efficient power transmission.
Bearings are widely used in industrial machinery, automobiles, agriculture equipment, and mechanical devices.
C&U GROUP LTD., Tenneco Inc., JTEKT Corporation, NKE AUSTRIA GmbH, NSK Ltd., Schaeffler AG, SKF, THK CO., LTD., The Timken Company, and NTN Corporation are the top players operating in the bearings market.
Bearing types are Ball bearings, plain bearings, roller bearing, and others (magnetic, rifle, and composite bearings).
According to Acumen Research and Consulting, the bearings market size is anticipated to be worth around US$ 213,685 million in 2026.
The bearings market is anticipated to grow over 5.8% CAGR during the forecast period 2019 to 2026.