ID: MRFR/IA - E/1622-HCR | February 2021 | Region: Global | 185 pages
Bearing Market size is projected to be worth USD 227.87 Billion by 2028, registering a CAGR of 8.72% during the forecast period (2021 - 2028), The market was valued at USD 121.37 billion in 2020.
Developing infrastructure of wind turbines from emerging markets such as China Brazil, Mexico, and India, increasing demand for high-performance bearings for agriculture equipment, and rise in industrialization globally are the key factors driving the growth of the global market.
Market Research Future segments the global bearing market on the basis of product type, application, and region. By product, the global bearing market has been segmented into plain bearing, ball bearing, roller bearing, and others. By application, the global bearing market has been segmented into automotive, electronics, aerospace & defense, construction, and others.
Based on product type, the ball bearing segment is projected to be dominant throughout the forecast period due to growing uses from various industry verticals such as automotive, railway, and aerospace. By application, the automotive segment has accounted the largest share in the global bearing market over the assessment period owing to the growing sales of passenger cars and commercial vehicles in the developed and developing regions.
The key players operating in the global bearing market are Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (US), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (US), GKN plc. (UK), and Minebea Mitsumi, Inc. (Japan).
The global bearing market has been geographically segmented into North America, Europe, Asia-Pacific (APAC) and the rest of the world (RoW). In 2018, the global market was led by the Asia-Pacific, followed by Europe and North America. Among all the regions, Asia-Pacific is expected to hold the largest share and is projected to register the highest growth rate over the forecast period. This growth is attributed to the enhancements in the infrastructure of electric vehicles and growing number of windmill farms in emerging markets such as China and India.
Europe held the second place in the global bearing market. It is expected to exhibit considerable growth over the forecast period due to presence of large automobile production facilities and significant demand for high-performance machines from construction, power, and aviation sectors. However, the market in North America is projected to record significant growth over the forecast period due to favorable government initiatives for the safety of vehicle and passengers. Furthermore, stable economy, advanced technology, and rise in demand for bearings from various industry verticals such as aerospace & defense and power are likely to further boost the market growth in North America.
Bearings is a machine element used to reduce the friction between moving rotary parts and to support rotating parts in order to obtain desired motion. Bearings are used in various industry verticals such as automotive, aerospace, railway, and heavy machinery.
The report for the global bearing market of Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
|Market Size||2028: USD 227.87 Billion|
|CAGR||8.72% CAGR (2020-2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (US), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (US), GKN plc. (UK), and Minebea Mitsumi, Inc. (Japan)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global bearing market’s CAGR is recorded to be 8.72%.
Bearing Market size is projected to be worth USD 227.87 Billion by 2028.
The rising demand for high-performance bearings for agriculture equipment, as well as a rise in industrialization at a global level, are the factors rising the growth of the global bearing market.
The electronics, automotive, construction, and aerospace & defense are the key segments of the bearing market.
Asia-Pacific (APAC), Europe, North America, and the rest of the world (RoW) are the regions fostering with high market share.