Bearing Market Research Report: Application (Automotive, Electronics, Aerospace & Defense, Construction, and Others), By Product Type (Plain Bearing, Ball Bearing, Roller Bearing, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World) – Forecast 2027

ID: VPR/A&T/1128 Publishing Year: January 2022 Pages: 104 Format:   


Bearing Market Overview:

Bearings are machine parts that facilitate relative motion and serve to reduce friction between moving elements. Bearings are used in a variety of industries, including automobiles, wind turbines, construction and mining machinery, agricultural machinery, machine tools, and so on. It is used in automobiles to ensure that cars, electric vehicles (EVs), and other types of vehicles, such as light commercial vehicles and big vehicles like trucks, run smoothly. Because of the increased use of bearing goods in various end-use sectors, rolling mills, and electric cars, the Worldwide Bearing Industry is growing in importance. Technological advancements have increased the overall efficiency of bearing goods in the vehicle industry, as well as their shelf life. NSK, for example, has created a gearbox bearing for railway engines that is low-maintenance and reliable.

Key Players:

The key players operating in the Global Bearing Market are SvenskaKullagerfabriken AB (Sweden), NTN Corporation (Japan), Schaeffler Group (Germany), NSK Ltd. (Japan), The Timken Company (US), JTEKT Corporation (Japan), Robert Bosch GmbH (Japan), The Danaher Corporation (US), GKN plc. (UK), and Minebea Mitsumi, Inc. (Japan).

Market Growth:

To meet the increased demand for optimum materials and designs, bearing manufacturers are more oriented toward the development of unique proprietary goods. As factory and industrial automation gains traction, another important factor expected to boost bearing demand throughout the projection period is the Industry 4.0 movement. Market companies are progressively working on refining their products' internal designs while also upgrading other characteristics such as cage design, among other things. Another factor expected to drive market expansion is continuous advancements in bearing technology, particularly for high-speed applications.

Market Segmentation:

The Global Bearing Market is divided into three categories: product type, application, and region. The Global Bearing Market is divided into four categories: plain bearings, ball bearings, roller bearings, and others. The Global Bearing Market has been divided into automotive, electronics, aerospace &defence, construction, and others based on application.

Due to expanding uses from several industrial verticals such as automotive, railway, and aerospace, the ball bearing sector is expected to be dominating throughout the projection period. Due to rising sales of passenger cars and commercial vehicles in both developed and emerging nations, the automotive segment has accounted for the biggest share of the global bearing market by application over the evaluation period.

Regional Analysis:

China is a large market, and sales are likely to skyrocket in the next years, fueled by rapid expansion of machinery and motor vehicle manufacturing, as well as a robust aftermarket for industrial equipment and motor vehicle maintenance. Furthermore, India's robust construction and mining equipment industry is expected to support expansion through 2028.

Due to sustained economic expansion and increased investment, the market in Europe is expected to grow favourably throughout the forecast period. Furthermore, demand in the mature economies of the United States, Western Europe, and Japan is fueled by rebounding auto output and a solid fixed investment climate. Increased sales of high-value bearings, such as large-diameter, custom-built bearings used in heavy machinery, as well as wind turbines, are predicted to fuel the market in North America. The rapid expansion of city infrastructures is positively influencing overall growth in the Middle East and Africa.

Covid-19 Impact:

In 2020, the Global Bearing Market was expected to develop at a rapid rate year over year. However, as the COVID-19 epidemic continues to spread over the world, the market is projected to experience some volatility, especially in 2020. Due to the new coronavirus's rapid spread, various countries throughout the world implemented strict lockdown measures to prevent the virus from spreading. The shutdown of China's industrial sector in the first quarter of 2020 is expected to have a significant influence on the global bearing market's growth. Furthermore, the market's growth prospects in 2020 are projected to be hampered by falling demand for bearings from numerous end-use sectors due to the ongoing COVID-19 epidemic.

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