Global Bearing Market is estimated to reach US$ 1,20,054.1 Mn by 2027 | CAGR: 6.7%: Astute Analytica

NEW DELHI, April 6, 2022 /PRNewswire/ -- The study conducted by Astute Analytica foresees a tremendous growth in revenue of the Global Bearing Market from US$ 80,523.6 Mn in 2021 to US$ 1,20,054.1 Mn by 2027. The market is registering a CAGR of 6.7% during the forecast period 2022-2027.

Market Snapshot

Bearings are highly engineered, precision-made components which enable a machinery to move at extremely high speeds and carry remarkable loads with ease and efficiency. It is a part of a machine that allows one part to rotate in contact with another part with as less friction as possible. Bearings are used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. 

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Market Dynamics

Drivers:

The growing impetus of the market is attributed to factors such as rising utilization of bearing in motor, demand of automotive electrification, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars. Bearings are used in automobile to ensure smooth running of cars, electric vehicles (EVs), and other type of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks. Therefore, the demand for bearing increases with the rise in the production of automobiles. On an average, a passenger automobile has 35 bearings, which vary substantially depending on the model of the vehicle and the widely used technology. Further, a rise in utilization of bearing in railways, electric vehicles, & rolling mills is accelerating the market demand. Several features that are associated with the comfort, safety and fuel-efficiency of a vehicle rely on automotive bearings that adhere to the strict criteria for performance, function and design of the application. Moreover, the governments of different countries are pushing the growth of manufacturing sector in their country. For instance, Indian government's initiatives such as 'Make in India' and 'Aatmanirbhar Bharat', aimed at reviving the manufacturing sector, in turn increases the demand for bearings. Similarly, the Chinese government's 'Made in China' is reviving the manufacturing sector in China.

Restraints:

Counterfeit is growing rapidly globally. Bearing is one of the popular counterfeiting items. Companies such as SKF and NSK are among the companies that are more prone to this threat. Such fake bearings are dangerous due to the possible design failures that may occur, leading to machine damage and injuries. When counterfeiters sell a product that looks the same as the original but at a lower price, the authentic brand will lose sales. Therefore, the counterfeit products pose a great challenge to the bearing market.

Opportunities:

The rising demand of bearings in wind turbines and rising concern about green vehicles is estimated to provide a lucrative opportunity for the market growth.

Impact of COVID-19 

The global automobile industry weakened in the first quarter of 2020. The pandemic has severely impacted automotive production and sales. Further, the supply chain disruptions also negatively affected the bearings market. However, many countries across the globe have expanded significantly from third quarter of 2020. Considering this factor, a substantial growth is expected in the Global Bearing Market post the pandemic.

Regional Analysis of the Global Bearing Market:

• The US is the highest shareholder region in North America bearing market in 2021 and is further estimated to continue its dominance over the forecast period. Based on end-use industry, the industrial segment has the highest share in the North America bearing market. Under industrial segment, the machine tools hold the highest share in the market in 2021.
• Europe is the second highest shareholder region in the Global Bearing Market in 2021. The growing sales and production of electric and hybrid vehicles, along with the growth and development of automotive and automobile industries is propelling market growth in Europe. Germany is the highest shareholder country in the bearings market of Europe. Based on product type, the ball bearings have the highest market share in 2021.
• Asia Pacific dominated the Global Bearings Market in 2021 and is also registering the highest CAGR over the forecast period. China is one of the major markets in APAC, and the sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production. In terms of material, the specialty alloy segment has the highest share in the APAC bearing market in 2021
• Brazil is the highest shareholder country in South America bearing market in 2021, whereas, Argentina is registering the highest CAGR over the projection period. Based on end-use industry, the industrial segment has the highest share in the bearings market of South America in 2021. Under industrial segment, machine tools occupy the highest market share in 2021 followed by aerospace industry.
• South Africa dominates the Middle East & Africa bearing market in 2021 and is further estimated to continue its dominance over the forecast period. In terms of product type, roller bearings have the highest share in the MEA bearing market. Further, based on material, the specialty alloy has the highest market share in 2021, whereas the ceramics segment is estimated to have the highest annual growth rate over the projection period.

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Competitive Insight

The key players in the Global Bearing Market are SKF, Schaeffle AG, The Timken Company, NSK Ltd., IKO International, ISB Industries, NTN Corporation, and JTEKT Corporation among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized Japanese market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview

The following are the different segments of the Global Bearing Market:

• By Product segment of the Global Bearing Market is sub-segmented into:
• Ball Bearings
• Deep Groove Ball Bearings
• Self-Aligning Ball Bearings
• Angular-Contact Ball Bearings
• Thrust Ball Bearings
• Roller Bearings
• Tapered Roller Bearings
• Spherical Roller Bearings
• Cylindrical Roller Bearings
• Needle Roller Bearings
• Mounted Bearings
• Linear Bearings
• Slide Bearings
• Jewel Bearings
• Frictionless Bearings
• Others
• By Size segment of the Global Bearing Market is sub-segmented into:
• 30 to 40 mm
• 41 to 50 mm
• 51 to 60 mm
• 61 to 70 mm
• 70 mm & above
• By Material segment of the Global Bearing Market is sub-segmented into:
• Specialty Steel Alloys
• Plastic
• Ceramics
• By Industry segment of the Global Bearing Market is sub-segmented into:
• Automotive
• OEM
• Aftermarket
• Industrial
• Agriculture
• Railway
• Mining
• Aerospace
• Machine Tools
• Exports
• Others
• By Industrial segment of the Global Bearing Market is sub-segmented into:
• OEM's
• Aftermarket
• By Region segment of the Global Bearing Market is sub-segmented into:
• North America
• The U.S.
• Canada
•  Mexico
• Europe
• The U.K.
• Germany
• France
• Spain
• Russia
• Rest of Europe
• Asia Pacific
•  China
• India
• Japan
• Australia & New Zealand
• ASEAN
• South Korea
• Rest of Asia Pacific
• South America
• Argentina
• Brazil
• Rest of South America
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Israel
• Rest of Middle East & Africa

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About Astute Analytica 

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SOURCE Astute Analytica