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The global roller bearings market size was valued at USD 21.05 Billion in 2018 is projected to reach USD 26.71 Billion by 2026, exhibiting a CAGR of 3.0% during the forecast period (2019 - 2026).
The growing usage of heavy machinery and equipment mainly in manufacturing facilities and automotive industry is supplementing the market trend. Adoption of high-performance industrial machinery and demand of customized machines for conducting complex operations and task specificity is driving the market growth. Generally, roller bearings are featured with antifriction components that reduce friction, high resistance, which leads to increase the mobility, increase higher load capacity, and life span of machines. Furthermore, machine tools that are used across construction, mining, and agricultural sector require high precision roller bearings to sustain heavy loads and reduce energy consumption.
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Therefore, the demand for large diameter roller bearings is projected to increase across these sectors. Similarly, the rise in investment projects in mining, infrastructure development, and the increasing number of offshore wind farms is closely linking to the growth of roller bearings market. The key manufacturing players are investing in the research and development activities and launching new advanced solutions to their existing product line to strengthen their market reach and maintain their position in the competitive market. For instance, in June 2015, NKE AUSTRIA GmbH launched roller bearing integrated with a disc-shaped tool and mounting arm for agricultural machinery.
"Growing focus of automotive manufacturing companies to manufacture lightweight roller bearings"
Manufacturing companies are emphasizing to reduce the weight of the bearings in order to lessen vehicle emission and improve the efficiency of the vehicles. This significant move in the bearings industry is fueling the global roller bearings market share. The automobile industry is focusing on manufacturing light weight bearings, especially in modern cars and SUVs. Moreover, light weight bearings consist of high durability and stiffness. Integration of such bearings is widely been adopted in electric vehicles as high durability will lower the load on the engine and increase the life span of the vehicles further enlarging the market size.
Within product type, the cylindrical roller bearings held the highest market share in 2018, due to an increase in demand for the heavy machinery where high speed and loads are involved. Moreover, the cylindrical bearings are designed in order to lower stress generated during operations. These bearings are widely adopted in end use verticals mainly automotive and aerospace industry as the spare and consumables are attached to the important point of contact.
Tapered roller bearings are anticipated to drive the market in the forecast period as they are specifically designed to handle radial and axial forces simultaneously. The major application of tapered bearings is integrated into medical equipment, defense equipment, etc. The adoption of spherical roller bearings is anticipated to be moderate in the forecast period owing to its ability to withstand shock loads, reliability, ease in mounting and erecting. Moreover, the application of spherical roller bearings is growing in the international market and exploring its reach to almost every industry vertical mainly automotive and aerospace sector.
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Among the application segment, automotive held the dominance in 2018, owing to the growth of heavy-duty vehicles in transportation, growing logistics sector, and demand for electric commercial vehicles. Industrial machinery segment is growing at a considerable rate with the growing demand from construction, mining, manufacturing industries. Furthermore, the demand for customized machinery to handle delicate material and spares from the aerospace industry is growing the roller bearings market potential.
"Expansion of manufacturing facilities fueling growth in the Asia Pacific"
Asia Pacific was valued at USD 7.40 Billion in 2018 and is experiencing dominance in the global market in the forecast period. Growth witnessed in the region is likely to be driven by the demand for heavy machinery from countries such as Japan, China, India, and South Korea. The manufacturing companies are focusing on upgrading their existing manufacturing facilities with high-performance industrial machinery to ensure accuracy in proper alignment of movable components and facilitate efficiency in power transmission.
Moreover, demand from the automobile industry is gaining impetus in this region owing to technological advancement in vehicles, increasing population, rising disposable income of consumers. Manufacturers are focusing on integrating specialized roller bearings in vehicles to reduce friction at important points of contact. Integration of such specialized roller bearings is boosting the roller bearings market growth.
Asia Pacific Roller bearings Market, 2018
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North America was valued at USD 5.73 Billion in 2018, and it is anticipated to be an emerging region in the forecast period for market owing to demand for heavy-duty commercial vehicles, various automobile manufacturers initiatives to expand their business reach for heavy commercial vehicles in the region.
The market in Europe generated a revenue of USD 5.03 Billion in 2018 and is forecasted to drive the global market owing to new manufacturing facilities like industry 4.0, warehouses, and distribution centers. Major industrial vertical aerospace, railways defense are integrating smart bearings in order to reduce replacement frequency and avoid overhead costs.
"Schaeffler, THE TIMKEN COMPANY, and SKF Group Account a Considerable Market Share in Terms of Revenue"
The prominent players like Timken, SKF, and Schaeffler are striving to reach to its customer with customized roller bearings to map with the demand for customized machines designed to conduct specific operations. Moreover, these companies are focusing on offering new manufacturing facilities like industry 4.0 with smart bearings in order to reduce the chances of operational breakdown and improve the efficiency of the machinery. Such strategies from manufacturers are widening the roller bearings market size.
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The market has been segmented by product type, by application and geography. By product type, the market is categorized into tapered, spherical, cylindrical, others. Based on application, the roller bearings market is bifurcated into automotive, industrial machinery, aerospace, others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, consolidated SWOT analysis for key players, and emerging market trends.
By Product Type
Fortune Business Insights says that the value of the global Roller Bearings Market was USD 21.05 Billion in 2018
The Roller Bearings Market is projected to reach USD 26.71 Billion by 2026
The Roller Bearings Market will grow at the rate of 3% CAGR