Bearings Market Size, Share & COVID-19 Impact Analysis, By Type (Ball Bearings, Roller Bearings, and Others), By Application (Automotive, Industrial Machinery, Aerospace, and Others), and Regional Forecast, 2023-2030

The global bearings market size was valued at USD 41.58 billion in 2022. The market is projected to grow from USD 43.98 billion in 2023 to USD 77.90 billion by 2030, exhibiting a CAGR of 8.5% during the forecast period.

Bearings are mechanical components that enable relative motion between two parts while minimizing friction and reducing the stress on the moving parts. It consists of an inner and outer ring, a set of rolling elements (balls, rollers, or needles), and a cage that holds the rolling elements in place. Bearings are crucial in various applications, from automotive and aerospace to industrial machinery and appliances. This industry is responsible for manufacturing and supplying a wide range of bearings to meet the diverse needs of different sectors. High-performance bearings are designed to withstand extreme conditions and demanding environments, providing exceptional reliability, durability, and efficiency. These bearings are often used in high-speed applications, heavy machinery, and critical systems where precision and performance are paramount.

In addition to high-performance bearings, the industry also produces specialized bearings tailored for specific applications. These specialized products include thrust bearings for handling axial loads, radial bearings for supporting radial loads, spherical roller bearings for accommodating misalignment, and many others. Each specialized bearing is engineered to deliver optimal performance and longevity in its intended use case. The industry constantly strives to innovate and improve designs, materials, and manufacturing processes to enhance performance, reduce energy consumption, and prolong life. Advanced technologies, such as Computer-Aided Design (CAD) and simulation, enable manufacturers to develop highly efficient and reliable bearings, positively impacting the global market share.

COVID-19 IMPACT

Increasing Demand for Automotive Vehicles after COVID-19 Outbreak Propelled Market Growth

The COVID-19 pandemic has significantly impacted this industry. The unprecedented crisis has disrupted global supply chains, altered consumer demand patterns, and forced manufacturing facilities to adapt to new health and safety protocols. This industry experienced both challenges and opportunities during this period. As many industries faced shutdowns and reduced operations, the demand for bearings declined in the automotive, aerospace, and industrial machinery sectors. This downturn in demand resulted from reduced production and restricted movement of goods and people.

However, this industry also witnessed certain positive developments. The increased focus on healthcare infrastructure and medical equipment production increased the demand for specialized bearings used in ventilators, diagnostic devices, and medical machinery. Moreover, the rising popularity of e-commerce and online platforms during the pandemic drove the demand for bearings in logistics and material handling systems. Manufacturers in this industry had to navigate supply chain disruptions, ensuring a steady flow of raw materials and components to meet customer demands. They also implemented stringent safety measures in their facilities to protect their workforce and maintain production continuity.

LATEST TRENDS

Significant Increase in Demand for Small Single-Aisle Aircraft from Emerging Economies

The bearings market growth is attributed to the notable rise in demand for small single-aisle aircraft and helicopters from emerging economies. This surge in demand is driven by several factors that contribute to the overall expansion of this industry. Primarily, emerging economies are experiencing rapid economic growth, leading to an increased demand for transportation, including aviation. Small single-aisle aircraft and helicopters are ideal for short-haul regional travel and are well-suited for the developing infrastructure in these economies. Moreover, the growth of e-commerce and the need for efficient logistics solutions have created a demand for smaller aircraft and helicopters to support last-mile delivery and transportation of goods in remote areas. Bearings play a crucial role in the aviation industry, providing smooth and reliable movement of various components such as rotor blades and control systems.

Technological advancements and a greater emphasis on sustainability have also led to the development of more fuel-efficient and environment-friendly aircraft. This shift in the aviation industry surges the demand for newer aircraft models, which often utilize specialized bearings to ensure optimal performance, increasing the demand for bearing.

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DRIVING FACTOR

Increasing Demand for Precision Bearings to Drive the Market Development

The increasing demand for precision bearings is expected to significantly impact the overall market growth. Precision bearings are specialized components designed to provide high accuracy, reliability, and performance levels in various industries. One key factor contributing to the growth in demand for precision bearings in automobile and heavy engineering industries is the high benefits such as accuracy in rotation and smooth rotation. These advancements require increasingly precise and efficient components to meet the demands of modern applications. Precision bearings ensure accurate and smooth rotation, reduce energy consumption, and enhance overall performance.

Furthermore, the growing trend of automation in manufacturing and industrial processes is another driving force behind the increased demand for precision bearings. As automation becomes more prevalent, the need for precise movement, reduced downtime, and improved productivity becomes paramount. Precision bearings provide the reliability and accuracy required by automated machinery and robotics, making them essential components in these systems.

RESTRAINING FACTORS

High Initial Prices of the Product to Hinder Market Growth

This industry faces challenges due to fluctuating raw material costs and high maintenance costs, hindering its growth and profitability. Fluctuating raw material costs can have a significant impact on this industry. Barings are typically made from steel, ceramics, or polymers, subject to price volatility. Fluctuations in raw material costs directly affect the production costs of bearings, making it challenging for manufacturers to maintain stable pricing and profit margins. Manufacturers may also face difficulty sourcing consistent and high-quality raw materials at affordable prices, leading to supply chain disruptions.

Additionally, this industry often deals with high maintenance costs. Bearings are subject to wear and tear, especially in demanding applications such as heavy machinery, automotive, and industrial equipment. Regular maintenance, lubrication, and replacement can be costly for end users. High maintenance costs may discourage potential customers from investing in high-quality bearings, leading to lower demand and hindered market growth. To mitigate these challenges, this industry must optimize production processes, improve material sourcing strategies, and invest in research & development to develop more durable and cost-effective solutions. Collaborations between manufacturers and suppliers can also help stabilize raw material costs and improve overall efficiency in the industry.

SEGMENTATION

By Type Analysis 

With Increasing Demand from Automotive Industry, Ball Bearings is Expected to be the Fastest Growing Segment

By type, the market is bifurcated into ball bearings, roller bearings, and others.

The surge in demand from different applications such as food processing, material handling, printing, medical, and agriculture. Increasing adoption of deep groove ball bearings owing to various features, including cost-effectiveness and versatility. In addition, the high speed and excellent radial & axial load handling capability are resulting in the popularity of deep groove ball bearings. Furthermore, the emergence of sensor bearings, integrated bearings, and application-specific bearings is expected to result in the growth of ball bearings demand in the market.

By Application Analysis

Automotive Industry Holds the Highest Market Share due to Growing Demand for Passenger Cars

The market is segmented into automotive, industrial machinery, aerospace, and others based on application.

The automotive segment is showing prominent growth in the market, owing to increasing demand for passenger vehicles. Also, the aerospace segment is expected to witness significant growth owing to increasing domestic travel in emerging economies such as India, South Korea, and Southeast Asian countries’ demand and stable commodity prices. Furthermore, the industrial machinery segment is following the growth trends in the market due to the heavy penetration of the Industrial Internet of Things in the manufacturing industry.

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REGIONAL INSIGHTS

Asia Pacific is projected to maintain dominance in the bearings market share during the forecast period. The growing adoption of the Industrial Internet of Things and automation in the bearings manufacturing process is propelling the market in Asia Pacific. Moreover, leading companies are implementing various business strategies, including collaboration, business expansion, and product development, further to drive the Asia Pacific market.

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China to Dominated the Asia Pacific Market in 2022 due to Established Manufacturing Facilities

This industry in China is experiencing significant growth and propelling for several reasons. China has been actively expanding its manufacturing clusters and industrial infrastructure, creating a conducive environment for the development of this industry. Considerable efforts have been made to establish well-connected production facilities and manufacturing hubs nationwide. Additionally, the Chinese government has implemented favorable policies to encourage the establishment and growth of automotive manufacturing and precision engineering industries. These policies aim to attract investment, promote technological advancements, and enhance the overall competitiveness of this industry.

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In Asia Pacific, increasing industrialization and rising infrastructure development in China, India, Japan, and Southeast Asian nations are fueling the demand for roller and ball bearings. These bearings are essential components in various industries such as manufacturing, automotive, aerospace, and energy. The expansion of these industries is driving the growth of the roller and ball-bearings industry in the region. Moreover, the Asia Pacific region is experiencing a rising trend of automation and the adoption of advanced machinery and equipment in manufacturing processes. Roller and ball bearings are crucial for the smooth functioning of automated systems, ensuring precision and efficiency. The growing demand for automation drives the region's roller and ball bearings industry.

North America is witnessing robust industrial growth across various sectors, including manufacturing, automotive, aerospace, and energy. Mechanical bearings play a crucial role in these industries, supporting and facilitating smooth rotational or linear movement in machinery and equipment. The increasing demand for reliable and high-performance bearings in these sectors is driving the market growth of mechanical bearings in North America. Also, technological advancements such as Industry 4.0, automation, and the Internet of Things (IoT) are driving the adoption of advanced machinery and equipment. Mechanical bearings are essential to these modern systems, ensuring precision, efficiency, and reduced downtime. Integrating these technologies into manufacturing processes propels North America's demand for these products.

In Europe, Germany led the market of this region in 2022, and it will continue to be so during the forecast period. This is due to the fact that Germany is leading in automotive and industrial manufacturing industries, boosting the usage of bearings in Germany. Moreover, the country is also set to have the highest CAGR during the forecast period, owing to enormous R&D and manufacturing facilities.

The moderate growth in the Middle East & Africa and Latin America can be attributed to the decreased implementation of new technologies and lack of skilled labor necessary for developing and manufacturing industrial goods.

KEY INDUSTRY PLAYERS

NSK Bearings Holds a Prominent Market Position the Market Globally Owing to Advanced Research & Development Labs and Factories

NSK Bearings emerges as the dominant revenue holder among the leading companies globally. Renowned for its production of roller and ball bearings, which are integral components of numerous systems, NSK Bearings also excels as a primary supplier of bearings for the automotive market. In addition to NSK Bearings' success, other notable companies such as Nachi-Fujikoshi Corp, myotonic GmbH, LYC Bearings Corporation, Luoyang Huigong Bearings Technology Co., Ltd., Koyo, ISB Industries, NTN Bearings Corporation, SKF Bearings, The Timken Company, THB Bearings, and others have significantly expanded their production capacities in different countries. These expansions have played a crucial role in fostering market growth. Moreover, many companies have focused on launching new products, forming partnerships, and engaging in strategic acquisitions with several Small & Medium-sized Enterprises (SMEs) to enhance their global presence.

List of Key Companies Profiled:

• NSK Ltd (Japan)


• Nachi-Fujikoshi Corp (Japan)


• Myopic GmbH (Germany)


• LYC Bearings Corporation (China)


• Luoyang Huigong Bearings Technology Co., Ltd. (China)


• Koyo (Jtekt Corporation) (Japan)


• ISB Industries (Italy)


• NTN Corporation (Japan)


• SKF (Sweden)


• The Timken Company (U.S.)


• THB Bearings (China)

KEY INDUSTRY DEVELOPMENTS:

• April 2023 – SKF, a global bearings manufacturer, partnered with the high-end automotive manufacturer company Pagani S.P.A. SKF and Pagani developed lightweight and low-friction Bearings for the Pagani Hyper Car vehicle through this partnership.


• March 2023– NSK Bearings, a prominent manufacturer of high-end bearings, and the Tokyo Institute of Technology signed an agreement to establish an advanced tribology innovation research center. This innovation center is helping to promote open innovation and research in the field of tribology.


• October 2022 – Alpine Bearings, a prominent supplier in the U.S., partnered with NTN Bearings, a leading provider and manufacturer of bearings. Through this strategic alliance, Alpine Bearings became the official distributor of NTN Bearings in the U.S.


• September 2022 – Timken, a prominent global provider of industrial products and bearings, has successfully acquired GGB Bearings Technology, a division of Enpro Technology. This strategic move will assist the Timken Group in expanding its portfolio and business operations.


• March 2022 – Koyo Corporation, a leading bearings manufacturing company, rebranded all its products under the name of JTEKT Corporation. This business strategy will assist its customers in accessing all bearing products under a single brand name.

REPORT COVERAGE

The report provides a detailed analysis of the global market and focuses on critical aspects such as leading companies, product/service types, and leading end-use industries of bearings. Besides, the report offers insights into the market trends and highlights the key industry developments. In addition to the abovementioned factors, the report encompasses several factors contributing to the market growth in recent years.

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