The Global Bearing Market size is expected to reach $181.1 billion by 2028, rising at a market growth of 8.8% CAGR during the forecast period.
A bearing is an element of a machine that limits relative motion to the intended motion and decreases friction between moving elements. The design of the bearing may, for example, allow free linear movement of the moving component or free rotation on a fixed axis; alternatively, it may prevent the motion by controlling the vectors of normal forces acting on the moving elements.
The majority of bearings enhance motion by decreasing friction. Bearings are widely categorized based on the kind of operation, the permitted movements, and the direction of the loads (forces) supplied to the parts. Rotary bearings support rotating elements such as shafts or axles in mechanical systems, transferring axial and radial loads from the load source to the supporting structure.
Plain bearings are the simplest type of bearing, consisting of a shaft revolving in a hole. Use lubrication to minimize friction. Rolling components such as rollers or balls having a circular cross-section are inserted between the races or journals of the bearing assembly in the ball and roller bearings to minimize sliding friction. It is possible to meet the application's requirements for optimal efficiency, reliability, durability, and performance using a range of bearing designs.
The name "bearing" is derived from the verb "to bear" a bearing is an element of a machine that enables one part to support (bear) another. The simplest bearings consist of bearing surfaces cut or molded into a component, with variable degrees of control over the surface's shape, size, roughness, and placement. Other bearings are distinct components that are put within a machine or machine component.
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The major strategies followed by the market participants are Partnerships and Acquisitions. Based on the Analysis presented in the Cardinal matrix; Schaeffler AG and AB SKF are the forerunners in the Bearing Market. Companies such as, NTN Corporation, Rexnord Corporation, The Timken Company are some of the key innovators in Bearing Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AB SKF, NSK Ltd., NTN Corporation, RBC Bearings, Inc., Rexnord Corporation (Regal Rexnord Corporation), Schaeffler AG, The Timken Company, JTEKT Corporation, Harbin Bearing Manufacturing Co. Ltd. (HRB Group) and HKT Bearings Limited.
A bearing is an element of a machine that limits relative motion to the intended motion and decreases friction between moving elements. The design of the bearing may, for example, allow free linear movement of the moving component or free rotation on a fixed axis; alternatively, it may prevent the motion by controlling the vectors of normal forces acting on the moving elements.
The majority of bearings enhance motion by decreasing friction. Bearings are widely categorized based on the kind of operation, the permitted movements, and the direction of the loads (forces) supplied to the parts. Rotary bearings support rotating elements such as shafts or axles in mechanical systems, transferring axial and radial loads from the load source to the supporting structure.
Plain bearings are the simplest type of bearing, consisting of a shaft revolving in a hole. Use lubrication to minimize friction. Rolling components such as rollers or balls having a circular cross-section are inserted between the races or journals of the bearing assembly in the ball and roller bearings to minimize sliding friction. It is possible to meet the application's requirements for optimal efficiency, reliability, durability, and performance using a range of bearing designs.
The name "bearing" is derived from the verb "to bear" a bearing is an element of a machine that enables one part to support (bear) another. The simplest bearings consist of bearing surfaces cut or molded into a component, with variable degrees of control over the surface's shape, size, roughness, and placement. Other bearings are distinct components that are put within a machine or machine component.
COVID-19 Impact Analysis
In 2020, the worldwide market for bearings was projected to expand by a substantial margin. Nonetheless, as the global COVID-19 pandemic situation continues to deteriorate, the industry is anticipated to experience a period of uncertainty in 2020. Due to the rapid spread of the new coronavirus, various governments throughout the world have implemented rigorous lockdown measures to halt the virus's spread. China's industrial sector shutdown in the first quarter of 2020 is anticipated to have a significant influence on the expansion of the global bearing market.Market Growth Factors
Industry 4.0 will hasten innovations in the bearing market
Numerous industry areas, including construction, automotive, power transmission, and oil & gas, employ a variety of bearing types. Efforts have been undertaken to increase bearing performance and life over the course of a previous couple of decades, as seen by the market's constant technological breakthroughs and innovative developments. During the forecast period, the market for bearings is anticipated to expand at a steady rate as a result of an exponential increase in demand for bearings that can run at greater speeds, withstand heavier loads, and more.Growing Demand from the automotive industry
Over the past couple of decades, the automotive components sector has expanded rapidly, particularly in the Asia-Pacific area. Consistent advancements in production processes and rising demand from the automotive industry are two of the primary factors that have had a significant impact on the expansion of the bearings market throughout the assessment period. Currently, market participants in the bearing industry are placing a greater emphasis on producing bearings that satisfy customer demand for high efficiency, reduced unexpected downtime, and enhanced productivity.Marketing Restraining Factor
The availability of fake items
Counterfeit bearings are a significant market restraint for mounted bearings. Frequent bearing failures caused by counterfeit bearings result in increased costs, dangers, and decreased machine dependability. These bearings are made from low-grade materials that are frequently produced on old machinery by workers earning the minimum wage. The packaging of these counterfeit bearings resembles that of authentic items, making it difficult for buyers to distinguish between counterfeit and authentic products.Product Outlook
Based on the Product, the Bearing Market is segmented into Ball Bearings, Roller Bearings, Plain Bearings, and others. The plain bearing segment witnessed a significant revenue share in the bearing market in 2021. Plain bearings, also known as sleeve bearings, are bearings with no rolling components and are the most basic variety. They facilitate sliding, oscillating, rotating, and reciprocating movements. They are utilized as bearing strips, slide bearings, and wear plates in sliding applications. Plain bearings are superior to roller bearings in terms of resistance to high shock loads and load capacity due to their wider contact area and conformability.
Ball Bearing Type Outlook
On the basis of Ball Bearing Type, the Bearing Market is divided into Deep Groove Bearings and Others. The deep groove bearings segment procured the largest revenue share in the bearing market in 2021. Deep groove ball bearings are the most extensively utilized and adaptable bearing type. They are optimized for minimal noise and low vibration, allowing for high spinning speeds. They are simple to install and need less maintenance than other bearing types. Deep groove ball bearings are available in a wide range of sizes, materials, and variations to accommodate a variety of applications, including high-temperature industrial purposes.Plain Bearing Type Outlook
Based on the Plain Bearings Type, the Bearing Market is bifurcated into Journal Plain Bearings, Linear Plain Bearings, Thrust Plain Bearings, and Others. The journal segment registered the largest revenue share in the bearing market in 2021. Journal roller bearings, such as corrugator bearings, are intended for moderate to heavy radial loads and have the classification of a 3-piece separable bearing. Inner Race, Outer Race, and Roller Assembly comprise the bearing's whole. Journal roller bearings are manufactured in the Metric and Inch series and are customized for specific industries with unique widths, grease holes, and key notches.Application Outlook
By Application, the Bearing Market is fragmented into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others. The automotive segment procured the highest revenue share in the bearing market in 2021. The increasing demand for cars with technologically advanced solutions is causing an increase in vehicle production, which in turn needs instrumented goods. In the automobile sector, the need for bearings has increased because of the rising demand for highly sophisticated cars and the concomitant increase in the vehicles' capabilities.>
Regional Outlook
Region-wise, the Bearing Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia pacific segment garnered the largest revenue share in the bearing market in 2021. The demand is fueled by the resurgence of automobile production and a solidly fixed investment climate. Increased sales of high-priced bearings, such as large-diameter, custom-built bearings used in heavy machinery and wind turbines, are also anticipated to fuel the North American market. In the Middle East and Africa, the fast construction of urban infrastructure has a favorable effect on economic expansion.The Cardinal Matrix - Bearing Market Competition Analysis
The major strategies followed by the market participants are Partnerships and Acquisitions. Based on the Analysis presented in the Cardinal matrix; Schaeffler AG and AB SKF are the forerunners in the Bearing Market. Companies such as, NTN Corporation, Rexnord Corporation, The Timken Company are some of the key innovators in Bearing Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AB SKF, NSK Ltd., NTN Corporation, RBC Bearings, Inc., Rexnord Corporation (Regal Rexnord Corporation), Schaeffler AG, The Timken Company, JTEKT Corporation, Harbin Bearing Manufacturing Co. Ltd. (HRB Group) and HKT Bearings Limited.
Strategies Deployed in Bearing Market
Partnerships, Collaborations and Agreements:
- Jul-2022: SKF signed a Memorandum of Understanding of ABB, a Swedish-Swiss multinational corporation. Through this agreement, SKF and ABB would recognize and consider solutions to enhance manufacturing abilities and help clients increase production productivity.
- Jun-2022: Schaeffler Group teamed up with DLR, the German Aerospace Center. This collaboration aimed to boost the growth of application-oriented solutions in robotics. Additionally, the collaboration is an intensive strategic alliance in the field of robotics.
- Apr-2022: Schaeffler Group formed a partnership with Rolls-Royce, a British international aerospace and defense company. This partnership would surround the development and production of engine rolling bearing systems for widebody aircraft and the business jet market piece. Moreover, jointly companies would follow ambitious objectives for improved sustainability in the aviation sector and acquire them due to creative products, manufactured and produced at the main location in Schweinfurt.
- Oct-2021: SKF teamed up with Lulea University, a Public Research University. Under this collaboration, SKF would experience in and fund research on hydrogen benefits in industrial operations and energy systems, boosting up the evolution of fossil-free bearing steel.
- Feb-2021: Rexnord Corporation signed an agreement with Regal Beloit Corporation, a manufacturer of electric motors and power transmissions. This agreement integrates Regal and PMC’s best-in-class power transmission offering to propel innovation in industrial power transmission and motion control solutions through premium technology, engineering, and manufacturing abilities. Moreover, Rexnord would divide its Process & Motion Control segment by way of a tax-free spin-off to Rexnord shareholders and then instantly integrate it with Regal in a Reverse Morris Trust transaction.
- Oct-2020: NTN Bearing came into a partnership with Alpine Bearing, New England’s largest ball-bearing distributor. Under this partnership, Alpine would have emphasis permit to specialized lines of NTN precision parts, which can be challenging to procure and may demand waits of up to a year.
- Jan-2020: Rexnord Aerospace formed a partnership with Wencor, which provides aviation products and services. Through this partnership, Wencor would resume circulating Rexnord Aerospace bearings and seals to the commercial aviation aftermarket via April 2024. Moreover, this extension permits to improve high level of assistance for mutual consumers as the company grows the aftermarket on Rexnord’s behalf.
Mergers and Acquisitions:
- Jan-2022: SKF took over Laser Cladding Venture, an additive manufacturing firm based in Belgium. Through this acquisition, additive manufacturing would enable a circular economy approach that sustains SKF's ambition to deliver solutions that reduce the entire CO2 footprint. Moreover, Additive manufacturing would play a crucial role in creating tomorrow’s value offer to support consumers' future application demands.
- Jan-2022: NSK took over Alliance Bearing Repair and Reclaim, a provider of reconditioning solutions. Through this acquisition, NSK would improve its service and support capabilities to effectively handle bearing life cycle expenses for consumers.
- Nov-2021: RBC Bearings took over ABB’s DODGE Mechanical Power Transmission Business. Through this acquisition, DODGE develops a foremost manufacturer with a strong brand identity for bonus performance-critical bearings, elements, and motion control products for the aerospace, industrial, and defense industry.
- Aug-2021: SKF acquired Rubico Consulting, an industrial consultancy business. With this acquisition, expertise would be incorporated into SKF’s proposal around the rotating shaft, along with powering new technology zones such as bearings with fiber-optic sensors.
- Mar-2021: NSK completed the acquisition of Brüel & Kjær Vibro, an independent provider of condition monitoring solutions. This acquisition would propel the growth of NSK's enterprise platform in the developing CMS market, and further bolster the company's capability to react to demand industrialization, smart technology, labor savings, and environmentally sustainable solutions.
Product Launches and Product Expansions:
- Feb-2022: Schaeffler unveiled the TriFinity triple-row wheel bearing and the energy-efficient ball bearing with the centrifugal disc, two new bearings for Evs. The product is developed especially for electric vehicles.
- Apr-2021: NSK launched a third-generation ultra-high-speed ball bearing for electric vehicle motors. The third-era bearing is the world's fastest grease-lubricated deep cavity ball bearing for automotive applications, allowing more extended vehicle range and higher fuel thrift.
Business Expansions:
- Sep-2022: NSK expanded its business by launching Operation at Toyama. the expansion aimed to create parts for bearings utilized in the infrastructure sector, such as wind turbines, construction, railways, and mining machinery. Moreover, the plant expansion would allow NSK to satisfy consumer demands with state-of-the-art structures creating even higher-quality products.
- Aug-2022: Schaeffler Group expanded its business by launching a building complex in Bühl, Germany. The expansion would operate as a new center of distinction for electrified mobility at Schaeffler Group’s Automotive Technologies headquarters. Moreover, the company aimed to develop new, state-of-the-art facilities for inventions in electromobility.
- Feb-2021: SKF India expanded its business by launching E-SHOP, Its First Online Store in India. This expansion aimed to acquire consumers across market segments and constantly deliver a superior consumer experience, while further strengthening the country’s ‘Digital India’ ambition.
Scope of the Study
By Product
- Ball Bearings
- Deep Groove Bearings
- Others
- Roller Bearings
- Split
- Tapered
- Others
- Plain Bearings
- Journal
- Linear
- Thrust
- Others
- Others
By Application
- Automotive
- Mining & Construction
- Agriculture
- Electrical
- Railway & Aerospace
- Automotive Aftermarket
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- AB SKF
- NSK Ltd.
- NTN Corporation
- RBC Bearings, Inc.
- Rexnord Corporation (Regal Rexnord Corporation)
- Schaeffler AG
- The Timken Company
- JTEKT Corporation
- Harbin Bearing Manufacturing Co. Ltd. (HRB Group)
- HKT Bearings Limited
Unique Offerings
- Exhaustive coverage
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Bearing Market by Product
Chapter 5. Global Bearing Market by Application
Chapter 6. Global Bearing Market by Region
Chapter 7. Company Profiles
Companies Mentioned
- AB SKF
- NSK Ltd.
- NTN Corporation
- RBC Bearings, Inc.
- Rexnord Corporation (Regal Rexnord Corporation)
- Schaeffler AG
- The Timken Company
- JTEKT Corporation
- Harbin Bearing Manufacturing Co. Ltd. (HRB Group)
- HKT Bearings Limited
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 324 |
| Published | October 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 103115.9 Million |
| Forecasted Market Value ( USD | $ 181069 Million |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
