Bearing Market Size was valued at USD 1,82,840.1 million in 2023. The Bearing market industry is projected to grow from USD 1,99,200.4 million in 2024 to USD 3,82,680.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 8.5% during the forecast period (2024 - 2032). There is an expanding need for high-performance bearings for agricultural machinery, and global industrialization is advancing are the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
September 2024: Timken announced a significant investment in its U.S. manufacturing facilities to advance its bearing technology and increase production capacity.
The expansion of developing markets, the quickening adoption of new technology, environmental legislation, and shifting consumer ownership preferences are all factors causing a significant change in today's economy. Automobiles will undergo a similar revolution to other sectors that have already been impacted by digitization, increased automation, and new business models. Four disruptive technology-driven trends are emerging in the automobile industry as a result of these factors: diversified mobility, autonomous driving, electrification, and connection. The adoption of mounted bearing in major industries such as mining & minerals, food & beverages, and pulp & paper drive the mounted market.
The U.S. Department of Agriculture (USDA) reports that in 2018, food processing facilities contributed 15% of the value of exports coming from the U.S. In the same year, the shipments of food processing included 24%, 13%, and 12% from the processing of dairy products, drinks, and meat, respectively. The need for food processing equipment will expand with better economic conditions and more consumption. The ability to handle more meat and poultry was increased thanks to a $500 million investment from the USDA. To assist them in coping with their deteriorating revenue from the COVID-19 epidemic, it invested USD 150 million in small chicken processing plants already in operation. Additionally, the USDA committed USD 100 million to improve the food chain to help little-known poultry and meat processing facilities.
The initiative would lessen the financial strain caused by extra inspection costs for small meat, poultry, and egg processing companies, giving farmers access to more affordable local options and increasing their ability to process animals. The U.S. Department of Agriculture reports that in 2021, export volumes in the American agriculture sector increased. U.S. agriculture and food exports reached USD 177 billion, an 18% increase from 2020.
The development of smart technologies and Digitalization embedded in bearings is Digitalization is one of the key strategies for implementing wireless choices across industrial verticals and is one of the factors driving the market growth. It is digitalized by assessing the Bearing's lubricant level and vibration pattern. These metrics are examined to take remedial action in the event of possible issues. Smart bearings are the result of the integration of sensors with bearings. The sensor detects these bearings' direction, temperature, speed, and vibration for industrial applications.
Additionally, the development of the Internet of Things (IoT) and artificial intelligence (A.I.) in real-time enables end customers to monitor the status of their bearings at all times easily. The technical shift in favour of (E.V.) Electric Vehicles are also seen as advantageous.
Several nations are stepping up their defense infrastructure, likely leading to a rise in demand for bearings. Specialized bearings, such as thrust and linear bearings, are required for mission-critical applications in aircraft equipment. Companies like SKF make specialized energy-efficient ball bearings with particular lubricants that reduce friction. In addition to utilizing less energy, these bearings feature far lower bearing temperatures, longer grease lives, and longer service intervals. Therefore, such innovations related to the automotive sector have enhanced the Bearing market CAGR globally in recent years.
However, to cater to the demand, significant advances in the industry are another factor driving the growth of the Bearing market revenue.
Based on product type, the Bearing Market segmentation includes a ball, roller, plain, and other bearings. The category with the highest revenue share in 2021—more than 45.04%—was roller bearings. In the upcoming years, the sector is anticipated to maintain its dominance and become the fastest-growing one. These items are more effective than alternatives in supporting strong radial and limited axial loads while reducing rotational friction. According to estimates, the widespread adoption of roller bearings by several industries, including capital equipment, autos, home appliances, and aerospace, would increase demand for the bearing market industry.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Bearing Market segmentation is based on application, Automotive, Electronics, Aerospace & Defense, Construction, and Others. The automobile industry led the market in 2021, with 49.86% of the total market share. The high global automobile production rate is responsible for the large share of this market. Additionally, there is a growing need for instrumented items due to the need for automobiles with technologically advanced solutions. The need for bearings in the automotive sector has increased due to the demand for highly sophisticated automobiles and the ensuing improvement in the capabilities of the vehicles. The automotive aftermarket industry is also predicted to grow at a correspondingly higher CAGR throughout the projection period, which will support demand for the Anti-friction bearings market industry.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific bearing market accounted for USD 66479.1 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. In 2021, Asia Pacific had a 42.90% revenue share, dominating the market. In terms of income, the area is predicted to increase quickly, reaching around USD 98.68 billion by 2030. One of the key markets is China, where sales are anticipated to soar in the coming years because of the country's fast machinery and automobile manufacturing development and its robust aftermarket for industrial equipment and auto maintenance. It is also predicted that India's healthy mining and construction equipment market will support market expansion through 2030.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The North America bearing market is anticipated to hold a market share of over 40% by 2032, representing a 6.8% value CAGR. The quickly developing construction industry is the main force driving this market's growth. The United States construction industry generates about US$ 1.4 trillion in building projects annually, according to the Associated General Contractors of America (AGC). Recently, several enormous projects have been started and are almost finished. Moreover, the US bearing market held the largest market share, and the Canada bearing market was the fastest-growing market in the North America region.
Due to stable economic growth and increased investment, the European bearing market is predicted to have positive growth. The growth of the bearing market in Europe is driven by the rising sales and production of electric and hybrid cars, as well as the expansion and development of the automotive and automobile sectors. European countries are home to the top automakers and the biggest private R&D investments. Mercedes, BMW, Opel, Audi, Volkswagen, Porsche, Fiat, and Ferrari are a few examples. This sort of bearings sector is also anticipated to be driven shortly by Europe's expanding infrastructure development projects. Further, the Germany Bearing market held the largest market share, and the U.K. Bearing market was the fastest-growing market in the European region.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for the Bearing industry. With significant industry changes, including new product releases, market developments contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and remain in a market that is becoming increasingly competitive, Bearing industry competitors must provide affordable products.
Manufacturing locally to cut operational costs is one of the main business tactics Bearing manufacturers use to serve customers and increase the market sector. The Bearing industry has recently given medicine some of the most important advantages. The Anti-friction bearings market major player such as Svenska Kullagerf abriken 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. (U.K.), and Minebea Mitsumi, Inc. (Japan) and others are working on expanding the market demand by investing in research and development activities.
Svenska Kullagerfabriken, often known as AB SKF or the "Swedish Ball Bearing Factory," was established in Gothenburg, Sweden, in 1907. It manufactures bearings and seals. The business produces and distributes bearings, seals, lubrication and lubrication systems, maintenance, mechatronics, power transmission, condition monitoring systems, and associated services globally. SKF debuted a fresh line of spherical roller bearings in North America. These bearings are used in slab, billet, and bloom casting to maximize uptime while reducing production costs and the environmental impact of continuous casting operations.
The largest bearing producer in Japan is NSK Ltd. (Nippon Seik Kabushiki-gaisha, or Japan Precision Company), sometimes referred to as NSK Automation in various regions. The business manufactures precision equipment and parts, industrial machinery bearings, and automobile bearings and components. For electric vehicle (E.V.) motors, NSK Ltd. created a third-generation ultra-high-speed ball bearing that can run at over 1.8 million demon*1. The novel Bearing, which enables greater energy (fuel) economy and longer vehicle range, is the world's fastest grease-lubricated deep groove ball bearing for automotive applications. In May 2021, with a revolutionary cage design, NSK Ltd. created a new line of spherical roller bearings that provide the general industry with new productivity levels, dependability, and load capacity. The redesigned cage removes the need for a guide ring and lowers internal tension. The new ECA series has various possible uses, from presses and mining equipment to conveyors, gearboxes, and steelmaking equipment.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 1,82,840.1 million |
| Market Size 2024 | USD 1,99,200.4 million |
| Market Size 2032 | USD 3,82,680.2 million |
| Compound Annual Growth Rate (CAGR) | 8.5% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 | R&D initiatives and new product releases among top players |
| Key Market Dynamics | There is an expanding need for high-performance bearings for agricultural machinery global industrialization is advancing |
Bearing Market Highlights:
Frequently Asked Questions (FAQ) :
The Bearing Market size was valued at USD 1,82,840.1 million in 2023.
The global market is projected to grow at a CAGR of 8.5% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the global market
The key players in the 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 roller Bearing category dominated the market in 2021.
The automobile had the largest share of the global market.
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Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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