Bearings are antifriction devices used in rotating equipment to minimize resistance and reduce wear and tear. These are used in various industries including automotive, electrical, mining & construction, and railway & aerospace and are manufactured using high grade steel or alloy steel. In general, raw materials account for two-thirds of the cost structure of a company. Although bearing manufacturers have higher pricing flexibility due to technology know-how and strong aftermarket presence, their productivity is affected by increase in cost of steel. The global bearings market size was estimated at $78,779 million in 2014. It is estimated to be valued at $140,792 million in 2022, registering a CAGR of 7.5% during the forecast period.
The global bearings market is driven by increase in the demand for bearings in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction. The manufacturing industry exhibits the highest demand for bearings. Moreover, ongoing developments in the automotive sector is a major factor that fuels the adoption of bearings in the global market. The adoption of bearings is the highest among automotive industries in countries in the Asia-Pacific region such as India, China, Japan, and South Korea. This trend is expected to significantly supplement the bearings market growth due to rapid mechanization.
The other major drivers of the market are high demand for bearings in the defense & aerospace industry and growth in need to reduce energy expenses. Moreover, increase in demand for aerospace equipment in emerging economies such as India, China, Russia, and Japan is expected to boost the bearings market growth. However, the imminent growth of bearings is estimated to be detrimental for the market growth, as this is projected to lower the demand for aftersales facilities.
Replacement of bearings is the only possible aftersales operation for bearing suppliers. Therefore, the advent of technologically advanced bearings is expected to hamper the productivity for manufacturers in the near future.
Increase in demand for automobiles and automotive components majorly drive the market. Partnerships and acquisitions are the key strategies adopted by market players to increase their bearings market shares. For instance, SKF AB signed an agreement with Autopartes NAPA Mexico to sell vehicle aftermarket products in the latter’s new stores to increase its sales in Mexico. In 2015, RBC Bearings acquired the Sargent Aerospace & Defense business of Dover Corporation. This acquisition enabled RBC Bearings to expand its product portfolio and customer base.
The global bearings market is segmented, based on bearing type, into ball bearings, plain bearings, and others. Ball bearings is further classified into deep grove ball bearings (open and sealed) and others (angular, contact, and thrust). Upsurge in construction activities in railway across developing countries is expected to boost the ball bearings market in the near future.
The market is segmented based on the outer diameter of the ball bearings, into below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and others (>45mm). In the present scenario, the deep grove ball bearings segment accounted for the largest share of 30% in the global bearings market in 2015.
The application areas of the market are automotive, electrical, agriculture, mining & construction, railway & aerospace, and others. The automotive segment is expected to witness significant growth rate throughout 2022, owing to rapid industrialization in the Asia-Pacific and LAMEA regions.
The market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and Latin America, Middle East, and Africa (LAMEA). The Asia-Pacific region is expected to grow at a CAGR of 8.6% during the forecast period. This region is expected to dominate the global bearings industry, owing to rapid industrialization, booming automotive industry, and upsurge in use of bearings for manufacturing heavy machinery.
Key Market Segments
By Outer Diameter
Key players profiled in the report
Other Market Players Mentioned in the Report
ARB Bearings Limited, MAHLE GmbH, HARP, RBC Bearings, and others.
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