Global Super Precision Bearing Market Overview
Super Precision Bearing Market Size was valued at USD 8.9 Billion in 2022. The Super Precision Bearing market industry is projected to grow from USD 9.55 Billion in 2023 to USD 16.78 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.30% during the forecast period (2024 - 2032). Product applications and growing demand in the automotive sector are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Super Precision Bearing Market Trends
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Rise in demand within the automotive sector is driving the market growth
Market CAGR for super precision bearing is being driven by the rise in demand within the automotive sector. High precision, high rotational speed and high rigidity are among the demanding requirements of particular applications that NSK Super Precision Bearings are made to satisfy. The maximum level of accuracy is provided by super precision bearings thanks to internal design and optimal materials.
Additionally, the increasing population in both industrialized and developing nations is driving up the quantity of automobiles available, which is causing market booms. Moreover, ultra-precision bearings are essential to the production of automobiles since they help to enhance the vehicle's ability to sustain large loads, reduce friction, and boost dependability. Additionally, the bearings are a part of the vehicle's subsystems, including the steering, suspension, engine, and transmission. Therefore, as demand and production levels in the automotive industry rise, the bearings market also benefits and the market share of high precision bearings increases.
The aerospace sector benefits from the qualities of super precision bearings, which include exact dimensions, high accuracy results, and increased bearing endurance. Additionally, aerospace is breaking down boundaries at this time and is concentrated on creating spacecraft and equipment as productively and efficiently as feasible. Furthermore, by precisely meeting customer needs, the bearing helps the aerospace sector achieve this goal. Therefore, this factor increases the need for bearings from end-user markets, which in turn contributes to the growth of the ultra precision bearing market the availability of super precision bearing replacements and raw materials. Furthermore, as a result of this setback, there are more and more fake goods on the market, which undermines consumer confidence and demand because the goods are ineffective. For instance, Colorado extended its tax credit of US$ 4,000 per light-duty electric car purchase until 2021. In a similar manner an electric car may register in Connecticut for a discounted biannual price of US$38. Thus, result in driving the Super Precision Bearing market revenue.
Super Precision Bearing Market Segment Insights:
Super Precision Bearing Type Insights
The Super Precision Bearing Market segmentation, based on type includes Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others. The angular contact ball bearings segment dominated the market. An essential kind of bearing found in many different applications are angular contact ball bearings. They are generally employed in situations requiring high load capacity and precision. These bearings are also utilized in applications where minimal noise and low friction are required.
Figure1: Super Precision Bearing Market, by Type, 2022 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Super Precision Bearing Application Insights
The Super Precision Bearing Market segmentation, based on Application, includes Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense. The spindles category generated the most income. High-precision bearings called spindle bearings are made for use in spindles of machine tools and other precision applications. The revolving parts that hold and power cutting tools are called machine tool spindles. Spindles, for instance, are employed in the machining of metal and other stiff materials.
Super Precision Bearing Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Super Precision Bearing market area will dominate this market, because of government policies that support innovation and strengthen infrastructure capabilities. North America's automobile sector may have an impact on the nation's economy.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: SUPER PRECISION BEARING MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Super Precision Bearing market has the second-largest portion of the market. The market is motivated by the rise in the number of industrial, transportation, and building and construction applications. Further, the German Super Precision Bearing market maintained the most market share, and the UK Super Precision Bearing market was the European market with the quickest rate of growth.
The Asia-Pacific Super Precision Bearing Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the semiconductor industry's large market, increased R&D spending, and government assistance. Moreover, China’s Super Precision Bearing market maintained the most market share, and the Indian Super Precision Bearing market was the Asia-Pacific market with the quickest rate of growth.
Super Precision Bearing Key Market Players & Competitive Insights
Leading market players are putting a lot of money on R&D to expand the range of their goods, which will help the Super Precision Bearings industry, grow even more. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Super Precision Bearing industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Super Precision Bearing industry to help customers and expand the market segment. In recent years, the Super Precision Bearing industry has provided some of the biggest benefits to medicine. Major players in the Super Precision Bearing market, including Schaeffler (Germany), Nachi-Fujikoshi (Japan), NSK (Japan), SKF (Sweden), Koyo (Japan), Timken (U.S.), ZYS (China), and others, are engaging in research and development activities in an effort to boost market demand.
ABC Sweden's SKF (Svenska Kullagerfabriken, 'Swedish Ball Bearing Factory') was established in 1907 and is a leading manufacturer of seals and bearings in Gothenburg. Globally, the company produces and distributes seals, lubrication and lubrication systems, maintenance goods, power transmission products, mechatronics products, condition monitoring systems, and related services. Employing 44,000 people across 108 manufacturing facilities, SKF is the largest bearing manufacturer in the world. With 17,000 distributor sites spread across 130 countries, it has the biggest industrial distribution network in the business. SKF India has 12 offices and 3 industrial sites spread around India as of 2021. 1762 employees, over 1900 suppliers, and 455 authorized distributors make up SKF India.
Schaeffler Technologies AG & Co. KG is also referred to as Schaeffler Group (Schaeffler-Gruppe in German) and produces rolling element bearings for industrial, automotive, and aerospace applications. Through a number of holding companies, Maria-Elizabeth Schaeffler-Thumann and her son Georg F. W. Schaeffler today own the majority of the company. The Schaeffler family also has controlling stakes in Vitesco Technologies and Continental AG through these holding entities. In 2018, For testing purposes exclusively, Schaeffler installed four electric motors from the ABT Schaeffler FE01 Formula E car in an Audi A3.
Key Companies in the Super Precision Bearing market include
- Schaeffler (Germany)
- Nachi-Fujikoshi (Japan)
- NSK (Japan)
- SKF (Sweden)
- Koyo (Japan)
- Timken (U.S.)
- ZYS (China)
- C&U Group (China)
- ZWZ (China)
- NTN (Japan)
Super Precision Bearing Industry Developments
In 2021: A new bearing cross roller in the bearing cross roller series, the CRBH9016, was introduced by Luoyang Huigong Bearing Technology Co Ltd.
In 2021: Based on customer requirements, Luoyang Huigong Bearing Technology Co. Ltd. created a large-size, highly precise stainless steel thin section beaning.
Super Precision Bearing Market Segmentation:
Super Precision Bearing Type Outlook
- Angular Contact Ball Bearings
- Cylindrical Roller Bearings
- Others
Super Precision Bearing Application Outlook
- Spindles
- High Speed Rolling Mills
- Printing Machinery
- Precision Ball Screw
- Live Centers,
- High Speed Turbochargers
- Vacuum Pumps
- Automotive
- Boat Gyrostabilizers
- Semiconductor Industry
- Textile Machinery
- Medical & Dental
- Measuring Machines
- Aviation & Defense
Super Precision Bearing Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 8.9Billion |
| Market Size 2023 |
USD 9.55Billion |
| Market Size2032 |
USD 16.78 Billion |
| Compound Annual Growth Rate (CAGR) |
7.30% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Type, Application, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled |
Schaeffler (Germany), Nachi-Fujikoshi (Japan), NSK (Japan), SKF (Sweden), Koyo (Japan), Timken (U.S.), ZYS (China) |
| Key Market Opportunities |
· Product Applications Help the Aerospace Sector and Promote Market Growth |
| Key Market Dynamics |
· Growing Need in the Automotive Sector Drives the Growth of the Bearings Market |
Frequently Asked Questions (FAQ) :
In 2022, the market for super precision bearings was estimated to be worth USD 8.9 billion worldwide.
Between 2023 and 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 7.30%.
North America held the most market share worldwide.
The leading companies in the market are Timken (USA), ZYS (China), NSK (Japan), SKF (Sweden), Schaeffler (Germany), Nachi-Fujikoshi (Japan), and NSK (Japan).
In 2022, the market was dominated by the Angular Contact Ball Bearings sector.
The Spindles sector held the biggest market share worldwide.
