Pune India, Jan. 28, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the bearing market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the bearing market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as plain bearing type, ball bearing type, application, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global bearing market are NSK Global, Brammer PLC, RHP Bearings, JTKET Corporation, Harbin Bearing Manufacturing Co., Ltd., NTN Corporation, SKF Corporation, RBC Bearings Inc., The Timken Company, Rexnord Corporation among others. To achieve a substantial market share in the worldwide bearing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Bearings reduce friction between moving parts and limit relative motion to only the desired motion. Various mechanical devices depend on bearings to deliver energy to spinning elements and to support their load-bearing properties. The increasing demand for specialized solutions to satisfy industry-specific needs like aircraft support systems, medical imaging equipment and gas meters will drive the bearings market significantly during the forecast period. The automotive bearing market across the world is experiencing rapid growth as vehicle production continues to increase, new demands are growing from emerging nations, and technologically advanced solutions are becoming increasingly important. Rolling element bearing manufacturers are focusing on improving their rolling element bearing products, which has created more growth opportunities for the market in the automotive rolling bearing segment. Increasingly frequent bearing failures caused by counterfeit bearings result in increased costs, and reduced machine dependability, making counterfeit bearings a significant market restraint for mounted bearings. These bearings are manufactured using low-grade materials and often by workers earning minimum wage on old machinery, which is hampering the market growth. Moreover, in order to satisfy the demand for lightweight, durable bearings in modern vehicles, bearing manufacturers are adopting new raw materials such as lightweight steel alloys or ceramics, forging new technologies and adopting new raw materials.
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Scope of Bearing Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Plain Bearing Type, Ball Bearing Type, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||NSK Global, Brammer PLC, RHP Bearings, JTKET Corporation, Harbin Bearing Manufacturing Co., Ltd., NTN Corporation, SKF Corporation, RBC Bearings Inc., The Timken Company, Rexnord Corporation among others|
Journal plain bearings are expected to be the fastest-growing segment in 2022.
The plain bearings type segment includes thrust plain bearings, journal plain bearings, linear plain bearings and others. The journal plain bearings are expected to witness the highest growth rate during the forecast period. Revenues for journal bearings, including corrugator bearings, were the largest in the segment. As a 3-piece separable bearing, journal roller bearings, or corrugator bearings, are intended for moderate to heavy radial loads. Outer Race and Roller Assembly make up the bearing’s whole. Journal roller bearings are available in both metric and inch series and are customized with different widths, grease holes, and key notches according to specific industries.
Deep groove bearing is expected to be the fastest-growing segment in 2022.
The ball bearing type segment includes deep groove bearings and others. The deep groove-bearing segment is expected to witness the highest growth rate during the forecast period. This type of bearing is widely utilized and adaptable, as it has a low level of noise and vibration and allows for high spinning speeds. It is easy to install, requires little maintenance, and is simple to maintain. A wide variety of materials, sizes, and variations of deep groove ball bearings are available to accommodate a variety of applications, including high-temperature industrial ones.
Automotive is expected to be the fastest-growing segment in 2022.
The application segment includes automotive, railway & aerospace, mining & construction, agriculture and others. The automotive segment is expected to witness the highest growth rate during the forecast period. Technology-driven automobiles are in high demand, necessitating increased vehicle production. As the demand for modern automobiles has grown and vehicle capabilities have improved, the automotive sector has seen an increase in the demand for bearings.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the bearing market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Over the forecast period, China, Japan, India, and South Korea are expected to remain the market’s leading countries with lucrative investment opportunities in the automotive industry. In addition, other factors, such as the availability of raw materials and cost-effective manufacturing, as well as the presence of various industry players in the region, are likely to increase the market share of bearings.
Germany’s bearing market size was valued at USD 10.5 billion in 2022 and is expected to reach USD 21.38 billion by 2030, at a CAGR of 9.3% from 2023 to 2030.
It is estimated that Germany exported more than 200K tonnes of ball and roller bearings to the European Union in 2021, which was close to 30% of total exports. Although, there is tremendous competition in the market, resulting in manufacturers focusing more on improving their rolling element-bearing products.
China’s bearing market size was valued at USD 11.3 billion in 2022 and is expected to reach USD 23.5 billion by 2030, at a CAGR of 9.6% from 2023 to 2030.
There has been an increase in the demand for bearings in the country due to an increase in the standard of living, increased disposable income, and a growing fleet of vehicles. In China, however, the Coronavirus outbreak in late 2019 slammed several industries and caused an economic crisis. As a result of the slowdown, it is expected that bearings sales will decline over the next few years.
India’s bearing market size was valued at USD 8.7 billion in 2022 and is expected to reach USD 17.9 billion by 2030, at a CAGR of 9.5% from 2023 to 2030.
As a result of the increasing use of bearing in motors and the increasing demand for automotive electrification, the market for bearings in India has gained a tremendous amount of momentum. In addition, the Indian government’s initiatives such as “Aatamnirbhar Bharat” and “Make in India” are boosting the manufacturing sector, increasing the demand for bearings.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand in the automotive sector.
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