Bearings Market: Industry Trends, Key Companies Growth & Regional Forecast To 2026
The size of bearings market was registered at USD 48.1 billion in the year 2019 and is anticipated to cross USD 70 billion by 2026. Between the period 2021-2026, the market is expected to register a CAGR of 8.2%.
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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The 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 market share.
With respect to the application spectrum, bearings find extensive usage in the vast mining and construction industry. An economic improvement over the years has driven the demand for industrial, commercial, and residential infrastructure. Reforms in various mining policies over the years have further supported developments in the mining sector in developing nations.
In 2020, NSK Ltd. developed a new ultra-high-speed bearing designed for electric vehicles, including hybrid, battery electric and other new energy vehicles. Reportedly, the new bearing would enable electric motors to operate at high speeds, consequently improving fuel economy, vehicle range, and enhance user comfort. The company also revealed its target of reaching 10 billion yen in sales by 2030.
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. Other leading market players include Brammer PLC, NTN Corporation, HKT Bearings Ltd., The Timken Company, and SKF among various others.
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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
TABLE 14Global roller bearings demand (USD Million), 2016 - 2026
TABLE 15Global roller bearings demand by region (USD Million), 2016 - 2026
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