Bearing Market to Surpass US$ 270 Billion by 2032 amid Rising Adoption of Electric Vehicles Worldwide

Automotive Industry to Generate Maximum Revenue in the Bearing Market through 2032

Fact.MR's latest report on the bearing market investigates key growth variables influencing the sales. The report continues by describing key market aspects such as market drivers, challenges, and opportunities. To present the information in a vivid way, the report is segmented into product, type, component, application, and region.

ROCKVILLE, Md., Nov. 15, 2022 /PRNewswire/ -- The global bearing market is projected to top a valuation of US$ 140 Billion in 2022. Sales are expected to increase at a robust 7% CAGR between 2022 and 2032, exceeding US$ 270 Billion by 2032.

Increasing demand for electric cars will drive the sales of bearing market during the forecast period (2022-2032). Recent technical developments in automatic dual-clutch transmissions is improving the installation of three extra bearings, two on the second gearbox's main shaft and one on the dual-clutch. The market for bearings is predicted to grow as development of high-capacity bearings surges, along with improved lubrication capabilities.

Additionally, rising adoption of eco-friendly vehicles, ongoing advancements in automotive sector, development of sensor bearing units, and improvement of additive manufacturing methods for the production of bearings are contributing to the growth in the market.

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A per Fact.MR, the automotive sector is projected to generate maximum profits in the bearing market during the projected period. However, demand for bearings in the construction industry is expected to fuel the growth at a rapid pace. Increasing number of construction projects in residential and industrial sectors across the U.S, India, and China is anticipated to fuel the adoption of bearings.

Regionally, Asia Pacific led the market and held a sizable revenue market share in 2021. The trend is likely to continue over the upcoming decade, with China leading the growth in Asia Pacific bearing market.

Growth in the China bearing market is attributed to the fast development of machinery and automobile manufacturing as well as its robust aftermarket for industrial equipment and auto maintenance. Furthermore, the robust construction and mining equipment industry in India is expected to support market expansion through 2032.

Key Takeaways:

• The U.S bearing market is estimated to account for more than 40% of demand share, with sales predicted to surge at a CAGR of 6.8%.
• The bearing market in Germany is anticipated to grow at a robust CAGR of 7% by 2032.
• Bearing market in China is expected to register growth at a CAGR of 6.7% during the projected period.
• In terms of category, ball bearing category is projected to advance at a steady pace, registering 5% CAGR between 2022 and 2032.
• Based on bearing type, the mounted bearing segment is anticipated to hold 50% of revenue share in the global bearing market.

Growth Drivers:

• Increasing use of high-capacity bearings in wind turbines to enhance turbine performance is projected to drive demand.
• Growing demand for customized bearing solutions to meet diverse industry-specific needs and requirements in construction and automotive industry will spur growth.

Restraints:

• Presence of counterfeit products in the market will impede the growth of bearing
• Bearing generates too much heat when they are combined with high load speed this is likely to hinder the demand for bearing.

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Competitive Landscape:

Key companies are focusing on research and development initiatives in order to create application-specific bearings and boost efficiency. Additionally, companies are implementing a variety of strategies, including alliances, mergers, collaborations, capacity expansions, and others, to enhance their market share and clientele. High competition in the market is encouraging the manufacturers to invest in product development and production expansion in order to meet customers' requirement.

For instance,

• In June 2021, JTEKT Corporation created ball bearings with high mud water-resistance sealing for agricultural machines. These improvements have made it possible for these machines to function in challenging working conditions as well.
• In September 2020, NTN Corporation announced an increase in production and supply of deep groove ball bearings designed exclusively for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
• In May 2021, NSK Ltd. developed a new series of NSK round roller courses with a covered enclosure concept, providing the company with new levels of efficiency, reliability, and burden limitation. The redesigned enclosure eliminates the need for an assist ring and lowers internal pressure. The new ECA series is anticipated to be used for a variety of equipment, including presses and mining equipment as well as transporters, gearboxes, and steelmaking hardware.

Top Companies Profiled by Fact.MR

• HKT Bearings Ltd.
• Minebea Mitsumi Inc.
• Nachi Fujikoshi Corp.
• Igus Corporation
• JTEKT Corporation
• NSK Ltd.
• Timken Company Ltd.
• Wafangdian Bearing Group Co. Ltd.
• NTN Corporation
• Schaeffler Technologies AG & Co.
• SKF Inc.

Complete list is available on request!

More Valuable Insights on Bearing Market

In the latest study, Fact.MR offers a detailed study on global bearing market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of bearing through detailed segmentation as follows:

By Product:

• Ball Bearing
• Roller Bearing
• Plain Bearing
• Other Bearings

By Bearing Type:

• Unmounted Bearing
• Mounted Bearing

By Component:

• Bearing Balls
• Bearing Rollers
• Bearing Cages
• Bearing Rings
• Other Bearing Components

By Application:

• Automotive Bearings
• Construction Bearings
• Aerospace Bearings
• Power Transmission Bearings
• Oil & Gas Bearings
• Agriculture Bearings
• Other Applications

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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Key Questions Covered in the Bearing Market Report

• What will be the projected value of the bearing market in 2022?
• At what rate will the global bearing market grow until 2032?
• Which are the factors hampering the growth in the bearing market?
• Which region is expected to dominate the global bearing market?
• Which are the factors driving the bearing market during the forecast period?
• What is the expected market value of the bearing market during the forecast period?

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Marine Wheel Bearings Market: Rise of e-commerce platforms, as well as industrialization, are driving the growth of the shipbuilding sector, fueling the marine bearings market. Additionally, the development in water-based transportation operations has caused a steady rise in sea traffic, which will in turn fuel demand for the marine bearings market during the forecasted period.

Bridge Bearings Market: The global bridge bearings market is projected to reach US$ 930 Million by 2028, registering a CAGR of 4.8% during the forecast period (2018-2028). The bridge bearings market is predicted to develop at a quicker and lateral rate due to continuous large public infrastructure projects possibilities.

Control Valve Market: The global control valve market is expected to reach at a value of US$ 17 Billion and it is predicted to expand 3x by 2031. Growing use of valve in pharmaceutical and oil & gas industry will boost the demand for control valve during the projected period.

Large Scale Bearing Market: Worldwide demand of large scale bearing market is estimated to surpass US$ 30.9 Billion by 2032-end. Europe tops the global large scale bearing market accounting for nearly 28% of the global market share.

About Fact.MR

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SOURCE Fact.MR