With 8.2% CAGR, Bearing Market Size Worth USD 195.1 Billion by 2028 – Comprehensive Research Report by Facts & Factors
Facts & Factors delivers in-depth insights on the report titled, “Global Bearing Market Size, Trends, Analysis, Growth, and Forecast: 2022 to 2028”. The global bearing market size was valued at USD 121.6 Billion in 2021 and is estimated to reach USD 195.1 Billion by 2028 to register a CAGR of 8.2% in terms of value during the forecast period 2022–2028. The report offers in-depth insights, revenue details, and other crucial information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2028.
Bearings are used in almost every type of machinery or equipment, including automobiles, farm equipment, and household appliances, as well as defense and aerospace equipment. Bearings with lower maintenance requirements, higher efficiency, and longer service life are in high demand. Furthermore, the market is expected to benefit from increased demand for specialty-bearing solutions that address a variety of industry-specific requirements and constraints. Product designers are constantly striving to improve product designs in order to improve performance and energy efficiency. They use a unique material for raceways, cages, and rolling components, as well as revised raceway profiles. This will contribute to market growth in the coming years.
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Furthermore, advancements in seal and lubrication technology, as well as the use of lightweight materials in high-performance goods, are opening up a plethora of new opportunities for manufacturers. The direct incorporation of electromechanical components into bearings improves performance while also reducing size and cost, which will drive market growth. Furthermore, the adoption and continuous monitoring of linked equipment and machinery has been facilitated by the introduction of the Internet of Things (IoT). This advancement has also had a positive impact on the market. The cost of raw materials remains the top overall concern for businesses. The price of an automobile’s raw materials fluctuates in response to market economic conditions. Such raw material price volatility poses a significant challenge for businesses seeking to stay competitive.
In terms of Product, the roller bearings segment led the market during the forecast period, accounting for the lion’s share of total revenue. Furthermore, by the end of the forecast period, this area is expected to maintain its dominance and become the fastest-growing segment. These products have lower rotational friction, can support radial and axial loads, and can withstand both restricted axial loads and large radial loads better than competitors. The widespread use of roller bearings in a variety of industries, including capital equipment, automobiles, home appliances, and aerospace, is expected to increase product demand.
The automobile segment led the market in terms of Application, accounting for nearly 50.0 percent of total sales. A significant portion of this market can be attributed to increased global vehicle manufacturing. Furthermore, as the demand for automobiles with technologically advanced solutions grows, so does vehicle manufacturing, which necessitates the use of instrumented goods. The increased demand for high-tech automobiles, as well as the resulting increase in vehicle capabilities, has increased the demand for bearings in the automotive industry.
Asia Pacific led the bearings market during the forecast period, accounting for the largest share of total sales. The region is expected to see the fastest revenue growth. China is a large market, and sales are expected to skyrocket in the coming years, thanks to rapid development of machinery and motor vehicle manufacturing, as well as a robust aftermarket for industrial equipment and motor vehicle maintenance. Furthermore, India’s thriving construction and mining equipment industries are expected to fuel growth throughout the forecast period.
NSK Ltd, Schaeffler AG, JTEKT Corporation, SKF, The Timken Company, MinebeaMitsumi Inc., NTN Bearing Corporation, Danaher, RBC Bearings Incorporated, Rexnord Corporation, and others are among the major players in the bearing market.
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The global bearing market is segmented as follows:
- Ball Bearings
- Roller Bearings
- Plain Bearings
- Others (Air Bearings, Magnetic Bearings, etc.)
- Others (Shield, Seals, etc.)
- Power Transmission
- Oil & Gas