ID: MRFR/IA - E/1622-HCR | February 2021 | Region: Global | 185 pages
During the historic forecast period that ended in 2020, the bearing market size was valued at a global market figure worth USD 118.7 billion. With the base year of 2020, the global industry experts and leaders have predicted that the market is likely to attain a global CAGR of 8.5% and hence, reach a final market value of USD 127.56 billion. The subsequent rise of the bearings along with their ability to offer low-cost maintenance and a higher degree of efficiency along with a longer service life will impact the global market growth scale during the forecast period of 2022-2030.
One of the major issues that are being faced by the Bearing Market players since the historic forecast period ending in 2019 is the arrival of the novel coronavirus pandemic. The pandemic has been declared as a healthcare emergency and hence, the strong healthcare service providers and infrastructures across the world are collapsing due to which there has been an increase in the degree of distress. The rising cases of the pandemic are being taken into consideration and the global governments are focusing on the curb of the pandemic spread. Hence, the global governments were forced to pass rules and take strict measures that would impact the functioning but might help in declining the rate at which the pandemic was unfolding globally. However, the strict measures that were imposed like the lockdown had a major impact on the market functioning that resulted in a major disruption in the supply chain mechanism of the global market. Also, the market has been facing manufacturing and production issues that have been acting as a major flaw and resulting in a declined demand. The demand is also being declined because of the changing market trends and preferences of the global audience during the forecast period ending in 2028.
Hence, the global Bearing Market players are understanding the changing trends and investing in the research and development departments. This is an imperative step that will help the market to produce new and innovative goods and launch them on an international scale.
The rising competitive degree in the Bearing Market is a result of the efforts of prominent market players.
The competitive players are as follows:
Bearings are virtually put to use in various kinds of equipment or machinery. The range is variant and is inclusive of automobile parts, farm equipment, along with the household appliances in the defense and aerospace equipment. This is an important factor that will drive the global growth for the market during the forecast period that ends in 2028. Along with this, there has been a substantial rise in the demand for bearings that require lower maintenance requirements followed by a longer service life and promising a better and higher efficiency degree that will impact the ability of the market to enhance its growth during the forecast period that will be ending in 2028. There has been a huge rise for specialized bearing solutions that meet the different industry-specific requirements that will help in meeting the demand for the global market.
However, the arrival of the pandemic has held the functioning of the industries at a standstill which is declining the rate of the Bearing Market demand during the forecast period that will be ending in 2028.
The rising application of high-capacity products in wind turbines is expected to catapult the demand for the forecast period. The wind turbines make use of these products to enhance the turbine performance and reliability along with the increased energy production along with the reduced lubricant consumption is likely to put the consumers in a better place and hence, demand the market for products and services. The manufacturers are on the way to constantly work on improving the product designs to enhance the performance followed by energy efficiency. They make use of special material for raceways, rolling elements, and cages, along with the redesigned raceway profiles. Technological advancements such as the use of seal and lubrication technologies along with the use of lightweight materials in high-performance products are generating huge prospects for the manufacturers that are in the lane for the global market expansion. The integration of electro-mechanical features directly into bearings helps in performance enhancement and reduction in the size and cost incurred. The rising demand for the bearings is resulting in manufacturers integrating the advanced sensor units in their products as they help in assisting the digital monitoring of axial movement, acceleration, deceleration, rotation speed, and much more.
Owing to the rise of the bearing market revenue in the global market scale, the market has been functioning in the form of segments to meet the rising needs of the global target audience. The market has been segmented on the following factors:
Based on size
The size segment of the global market includes the categories like 30 to 40, 41 to 50, 51 to 60, 61 to 70, and 70 and above.
Based on the end-use
The end-user segment of the market includes aerospace, industrial, and automotive.
Based on the group
The group segment of the market includes groups 1, 2, and 3.
The Bearing Market was dominated by the APAC region during the historic forecast period that ended in 2019 by attaining the largest market share and attaining a revenue of 39.7%. Similar trends are expected to follow and the experts predict that the market will attain a market revenue worth USD 95 billion by the end of the forecast period in 2028. China is one of the major markets that is expected to see a higher degree of sales in the home country and emerge as the largest market contributor. There has been a robust degree of construction and mining equipment that will facilitate the growth of the market throughout the forecast period that will end in 2028.
The bearings market report discusses the impact of the pandemic on the market functioning that will give rise to the possible market dynamics during the forecast period of 2021-2028. The market report covers the performance of the market segments that will impact the revenue potential of the market followed by the recent developments that have been undertaken by the market players during the period that will end in 2028.
|CAGR||8.72% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|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.