Bearings Market size is set to grow by USD 18.79 billion from 2024-2028, High investments in R and D activities related to the development of electric vehicles boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global bearings market  size is estimated to grow by USD 18.79 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 4.06%  during the forecast period. 

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Market Driver

The high adoption of electric vehicles (EVs) in Europe, the US, and APAC, especially in China and Japan, is driven by strict regulations on carbon emissions. Sales of EVs in the US grew by 45% from June 2021 to June 2022. Many automakers are developing new EV models, and manufacturers are relocating to China due to its market potential and government subsidies.

In April 2021, China had 868,000 public EV charging stations. Additionally, companies like Toyota are launching new plug-in hybrid vehicles. With the growing demand, firms like SKF Group are investing in energy-efficient ball bearings for EVs, boosting the global bearings market.

Market Challenges

• Bearings are mainly made from steel and alloys, and fluctuating prices of these materials significantly impact production costs. This volatility makes it hard for manufacturers to plan pricing and long-term investments. The pandemic has disrupted supply chains, increasing raw material costs, especially steel and aluminum.
• Rising raw material costs, trade tariffs, and supply chain issues are pushing steel prices higher, affecting manufacturing expenses. Aluminum prices ha

ve also risen due to energy costs and the Russia-Ukraine war. These cost increases may lead to higher bearing prices, affecting affordability and demand, and potentially disrupting the entire supply chain.

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Segment Overview 

1. Product 
• 1.1 Anti-friction bearings
• 1.2 Magnetic bearings
• 1.3 Other bearings
2. End-user 
• 2.1 Automotive industry
• 2.2 Heavy industry
• 2.3 ARS industry
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Anti-friction bearings-  The anti-friction bearings segment is set to see significant growth in the coming years. Valued at USD 46.15 billion in 2018, this market benefits from various industries, including aerospace, automotive, and industrial manufacturing. The rise of electric vehicles and e-mobility boosts demand, alongside the need for energy-efficient solutions in healthcare, wind generation, and farm equipment.

Innovations in lightweight materials and smart features like condition monitoring are key drivers. Additionally, niche products like micro bearings and integrated bearings address specific applications, while maintenance and environmental concerns shape market trends. This will contribute to the segment's growth during the forecast period.

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Research Analysis

The Bearings Market encompasses a wide range of industries, including automobile parts, farm equipment, and household appliances. Bearings play a crucial role in enhancing efficiency and extending service life across various sectors. In infrastructure growth and industrial applications, bearings are essential mechanical components in wind turbines, product designs, and mechanical systems.

Rolling elements, such as radial bearings and thrust bearings, are integral to the functioning of these systems. The market also caters to niche applications in aerospace, electric vehicles (EVs), and digital transformation. Innovations in lightweight steel alloys and ceramics are driving advancements in bearing technology, while industrial robots continue to benefit from the reliability and precision offered by these components.

Market Research Overview

The Bearings Market encompasses a wide range of rotating machinery components, designed to support and reduce friction between moving parts. These components are essential in various industries, including automotive, aerospace, power generation, and manufacturing. Bearings come in various types, such as ball bearings, roller bearings, and ceramic bearings, each with unique properties and applications.

The market is driven by factors like increasing industrialization, growing demand for energy efficiency, and the need for reliable and durable machinery components. Additionally, advancements in materials science and manufacturing technologies continue to shape the market landscape, offering opportunities for innovation and growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Anti-friction Bearings
• Magnetic Bearings
• Other Bearings
• End-user
• Automotive Industry
• Heavy Industry
• ARS Industry
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio