Bearings Market 2021-2026: Global Opportunities, Regional Trends & Industry Analysis
Global bearings market is anticipated to depict a CAGR of 8.2% through 2026, having recorded a valuation of USD 48.1 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 70.3 billion.
Rise in sales of new and preowned vehicles could generate new growth strides in the bearings market over the coming years. The market for electric vehicles is heavily reliant on bearings and related accessories. Consumers are increasingly gravitating towards e-vehicles on account of their benefits like cost-effective maintenance, low ownership costs, effective energy utilization and available charging infrastructure. Bearings are mostly used across automotive sub-systems such as engines, steering wheel, electrical motors, wheels, gearboxes, transmissions and pumps.
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With the surge in demand for new vehicles, firms operating in the bearings market are developing advanced products that are designed for specific automotive applications. For instance, in 2020, major bearings producer, NSK Global announced the development of new high reliability, low-maintenance gearbox bearings that are suitable for both large and small gears (pinion shafts, etc.). Fueled by such developments, the bearings market may record over USD 70 billion by 2026.
The bearings market mainly bifurcated into product segments like balls, rollers and other bearings. Of these, the other bearings segment is expected to register a CAGR of above 7% by 2026. Specialized bearing such as magnetic, fluid, jewel, plain and flexure bearings solutions are of high significance in the electrical and automotive sector. Robust technological advancements and product innovations are projected to boost segment growth and overall bearings industry share.
The mining and construction application segment is estimated to garner a CAGR of over 9% on account of growing number of construction activities and reforms in multiple mining policies. Development of advanced bearing products specific for mining and construction equipment is likely to drive commendable revenue stride in the industry. Speaking of new product development, in 2020, SKF launched a new range of ball bearing unit (UC 300 series) which prevents bearing operation from contaminated environments.
Europe bearings market is anticipated to grow at a considerable rate of about 8% during the forecast period. Countries such as France, Germany and the UK have emerged as one of most promising markets for light commercial and passenger vehicles.
Major automotive manufacturers including Ferrari, Bentley, Volkswagen, Porsche, BMW, Volvo and Audi are demanding for high performance bearings that support smoother rotation of different moving parts as well as reduce friction.
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Some Point from Table of Contents:
Data Tables
TABLE 1 Bearings industry 3600 synopsis, 2016 - 2026
TABLE 2 Global bearings market, (USD Million), 2016 - 2026
TABLE 3 Global bearings industry by region, (USD Million), 2016 - 2026
TABLE 4 Global bearings industry by product (USD Million), 2016 - 2026
TABLE 5 Global ball bearings industry by product (USD Million), 2016 - 2026
TABLE 6 Global roller bearings industry by product (USD Million), 2016 - 2026
TABLE 7 Global bearings market by application, (USD Million), 2016 - 2026
TABLE 8 Growth drivers
TABLE 9 Industry pitfalls & challenges
TABLE 10Global ball bearings demand (USD Million), 2016 - 2026
TABLE 11Global ball bearings demand by region (USD Million), 2016 - 2026
TABLE 12Global DGBB demand by region (USD Million), 2016 - 2026
TABLE 13Global other ball bearings demand by region (USD Million), 2016 - 2026
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