Global Bearings Market to Increase Gradually with the CAGR 8.5% with Market Valuation Reaching USD 77.90 Billion by 2030, Implementation Of Advanced Technologies To Develop Highly Efficient And Reliable Product To Propel Market Growth

The global bearings market size is estimated to display strong growth by reaching USD 77.90 billion by 2030. Fortune Business Insights™ in its report titled “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” observes that the market size in 2022 stood at USD 41.58 billion in 2022 and is expected to reach USD 43.98 billion in 2023 with CAGR 8.5% during the forecast period. Bearings are made of an inner and outer ring, a set of rolling elements, and a cage that holds the rolling elements in place. They are designed to take on extreme conditions with exceptional reliability, durability, and efficiency. The market is continuously innovating with improved and new designs, materials, and manufacturing process. Implementation of advanced technologies, such as Computer-Aided Design (CAD) and simulation, enables manufacturers to develop highly efficient and reliable product.

Alpine Bearing Partnered with NTN Bearing for Being the Official Distributor in the U.S.

In March 2023, Alpine Bearing, partnered with NTN Bearing, a major provider and manufacturer of bearings. This strategic move resulted in Alpine Bearing becoming the official distributor for NTN bearings in the U.S. further making Alpine Bearing the major supplier in the U.S.

Decline in the Performance of Various Industries Disrupted the Demand for the Product

The pandemic disrupted global supply chains, altered consumer patterns, and led manufacturing facilities to cope with safety protocols. With the decline in the performances of various industries, such as automotive, aerospace, and industrial machinery, the demand for the bearings also declined. The demand for specialized bearings increased as they are used in ventilators, diagnostic devices, and medical machinery. Additionally, rising popularity of e-commerce and online platforms during the pandemic surged the demand for the product in logistics and material handling systems.

Increasing Demand for Small Single-Aisle Aircraft from Various Developing Countries to Drive Market Growth

Increasing demand for small single-aisle aircraft from various developing countries is predicted to drive the bearings market growth. The demand for the product is driven by increasing demand for aviation transportation. Small single-aisle aircraft and helicopters are used for short distanced travels and for developing infrastructure in developing economies. Technological innovations and sustainability have led to the development of more fuel-efficient and environment-friendly aircraft, which drives the demand for newer aircraft models.

However, fluctuating raw material costs, difficulty sourcing consistent and high-quality raw materials at affordable prices, and supply chain disruptions are hampering the market growth.

Various Companies are Engaging in Various Strategies to Drive Competition

Various prominent 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 expanded their production capacities in different countries. Companies have been focusing on launching new products, partnerships, and engaging in strategic acquisitions with several small and medium-sized enterprises to enhance their global presence.

Notable Industry Development

• March 2023: NSK Bearings and the Tokyo Institute of Technology signed an agreement for setting up a research center for advanced tribology. This innovation center is helping to promote open innovation and research in the field of tribology.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/bearings-market-101608

List of Key Companies Profiled in the Report:

•          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)

Further Report Findings

• Asia Pacific led the global bearings market share due to the adoption of various business strategies, collaboration, business expansion, and product development. The region was valued at USD 19.93 billion in 2022, with China being actively expanding its manufacturing clusters and industrial infrastructure.


• The Asia Pacific market was the second-largest region in 2022 due to the expansion of various sectors such as manufacturing, automotive, aerospace, and energy.

Table of Segmentation