Market Snapshot:
Bearings is a machine element used to reduce the friction between moving rotary parts and to support rotating parts in order to obtain desired motion. Bearings are used in various industry verticals such as automotive, aerospace, railway, and heavy machinery. Developing infrastructure of wind turbines from emerging markets such as China Brazil, Mexico, and India, increasing demand for high-performance bearings for agriculture equipment, and rise in industrialization globally are the key factors driving the growth of the global market.
Highlights from Bearing Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Largest Market | Europe |
Unit | Value (USD Million) |
CAGR | 6.6% |
The key Manufacturers profiled in the report are Svenska Kullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (United States), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (United States), GKN plc. (United Kingdom) and Minebea Mitsumi, Inc. (Japan). Additionally, other players that are part of this comprehensive study are Brammer PLC (United Kingdom), Harbin Bearing Manufacturing Co., Ltd. (China), HKT Bearings Ltd. (Korea), NBI Bearings (Spain) and RBC Bearings Inc. (United States).
Geographic Breakdown and Segment Analysis
The Global Bearing market presents a comprehensive analysis of the Bearing market by product type (Ball Bearings (Deep Groove Bearings, Others), Roller Bearings (Split, Tapered, Others) and Others), by end-user/application (Automotive, Aerospace, Construction, Railways and Industrial Machinery), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Bearing industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest. For instance, while the Europe holds majority of market share of the Bearing market
Analyst at AMA have segmented the market study of Global Bearing market by Type, Application and Region.
Influencing Trend:
Rise in Demand for Specialized Bearing Solutions That Meet Different Industry-Specific Requirements and Advent of the Agricultural Internet of Things (IoT)
Market Growth Drivers:
Growing Demand from the End-Use Industry such as Aerospace, Automotive, Agriculture and Rising Demand for Bearings with Lower Maintenance Requirements, Higher Efficiency, and Longer Service Life.
Challenges:
Rusting Issues
Restraints:
Fluctuation in the Raw Material Prices
Opportunities:
Technological Advancements in Seal and Lubrication Technologies and the Use of Lightweight Materials in High-Performance Products
In September 2020, NTN Corporation announced the expansion of production and delivery of deep groove ball bearings specifically developed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
The manufacturers are increasingly emphasizing R&D projects to manufacture application-specific bearings and to increase their efficiency. Also, companies are undertaking various strategies such as partnerships, mergers, collaborations, capacity expansions, among others, to capture a higher share in the market and to increase their customer base. Intense competition has led manufacturers to invest in product developments and expansion of production to better cater to customer requirements.