Dublin, June 16, 2023 (GLOBE NEWSWIRE) -- The "Global Bearings Market: Analysis By Type, By Application, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global bearings market in 2022 was valued at US$114.21 billion. The market is expected to reach US$165.10 billion by 2028. Bearings are parts that assist objects' rotation.
They support the rotating shafts of the wheels, gears, turbines, rotors, etc. in machines, allowing them to rotate more smoothly. Machines that use bearings include automobiles, airplanes, electric generators and so on.
The future of bearings looks promising, as the automotive and construction sector is showing widening adoption. Therefore, expanding applications of bearings in various industry verticals is one of the main factors that would drive the demand for bearings in the forthcoming years. The market is expected to grow at a CAGR of approx. 6.36% during the forecasted period of 2023-2028.
Market Dynamics:
- Growth Drivers: The global bearings market has been growing over the past few years, due to factors such as growing demand from the automotive industry, expanding demand for bearings in the food packaging industry, extending construction activities, rapid urbanization, surging demand for customized & high performance bearings, and many other factors. Both, residential and commercial construction activities are rising globally, owing to expanding urbanization along with the development of mega infrastructure projects, especially in emerging economies. This is catalyzing the demand for various types of bearings in construction equipment and is creating a huge market demand across the world. Thus, extending construction activities has positively contributed to the market growth.
- Challenges: However, the market has been confronted with some challenges specifically, lack of bearing clearance, availability of counterfeit products, etc.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing use in wind turbines, evolution of digitalization & smart technologies embedded in bearings, escalating adoption of innovative materials for manufacturing bearings, etc. Additionally, the rising sales of electric vehicles is one of the most significant drivers for bearings market. EVs have very specific bearing requirements for their high-power density electric motors. Bearings that are used in EVs offer improved efficiency, operability, and shelf life owing to constant product development. Thus, product development along with rise in the sales of EVs is another significant factor that would drive the demand for bearings in the forthcoming years.
Impact Analysis of COVID-19 and Way Forward:
The COVID-19 outbreak resulted in hampering the demand for bearings in various applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. Besides, the decrease in the demand for vehicles due to the COVID-19 pandemic is also affecting the market growth.
Competitive Landscape:
The global bearings market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market.
The key players in the global bearings market are:
- NSK Ltd.
- Schaeffler Technologies AG & Co. KG
- NTN Corporation
- RBC Bearings Inc.
- AB SKF
- Regal Rexnord Corporation
- JTEKT Corporation
- The Timken Company
- NBI Bearings Europe Sa.
- Luoyang Huigong Bearing Technology Co., Ltd. (CHG)
- LYC Bearing Corporation
- C&U Company Limited
Some of the strategies among key players in the market for bearingss are product launches, mergers, acquisitions, and collaborations. For instance, in July 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.
Whereas, in June 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 156 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $121.3 Billion |
| Forecasted Market Value (USD) by 2028 | $165.1 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Bearings Market: An Analysis
3.1.1 Global Bearings Market: An Overview
3.1.2 Global Bearings Market by Value
3.1.3 Global Bearings Market by Type
3.1.4 Global Bearings Market by Application
3.1.5 Global Bearings Market by Region
3.2 Global Bearings Market: Type Analysis
3.2.1 Global Bearings Market by Type: An Overview
3.2.2 Global Roller Bearings Linen Market by Value
3.2.3 Global Ball Bearings Market by Value
3.2.4 Global Plain Bearings Market by Value
3.2.5 Global Other Bearings Market by Value
3.3 Global Bearings Market: Application Analysis
3.3.1 Global Bearings Market By Application: An Overview
3.3.2 Global Automotive Bearings Market by Value
3.3.3 Global Aviation & Aerospace Bearings Market by Value
3.3.4 Global Railway Bearings Market by Value
3.3.5 Global Construction Bearings Market by Value
3.3.6 Global Electrical & Electronics Bearings Market by Value
3.3.7 Global Others Bearings Application Market by Value
4. Regional Market Analysis
4.1 Asia Pacific Bearings Market: An Analysis
4.1.1 Asia Pacific Bearings Market: An Overview
4.1.2 Asia Pacific Bearings Market by Value
4.1.3 Asia Pacific Bearings Market by Region
4.1.4 China Bearings Market by Value
4.1.5 Japan Bearings Market by Value
4.1.6 India Bearings Market by Value
4.1.7 Rest of Asia Pacific Bearings Market by Value
4.2 North America Bearings Market: An Analysis
4.2.1 North America Bearings Market: An Overview
4.2.2 North America Bearings Market by Value
4.2.3 North America Bearings Market by Type
4.2.4 North America Roller Bearings Market by Value
4.2.5 North America Ball Bearings Market by Value
4.2.6 North America Plain Bearings Market by Value
4.2.7 North America Other Bearings Market by Value
4.2.8 North America Bearings Market by Region
4.2.9 The US Bearings Market by Value
4.2.10 Canada Bearings Market by Value
4.2.11 Mexico Bearings Market by Value
4.3 Europe Bearings Market: An Analysis
4.3.1 Europe Bearings Market: An Overview
4.3.2 Europe Bearings Market by Value
4.3.3 Europe Bearings Market by Region
4.3.4 Germany Bearings Market by Value
4.3.5 United Kingdom Bearings Market by Value
4.3.6 France Bearings Market by Value
4.3.7 Italy Bearings Market by Value
4.3.8 Spain Bearings Market by Value
4.3.9 Rest of Europe Bearings Market by Value
4.4 Latin America, Middle East & Africa Bearings Market: An Analysis
4.4.1 Latin America, Middle East & Africa Bearings Market: An Overview
4.4.2 Latin America, Middle East & Africa Bearings Market by Value
5. Impact of COVID-19
5.1 Impact of COVID-19 on Bearings Market
5.1.1 General Impact
5.1.2 Impact of COVID-19 on Automotive Sector
5.1.3 Post COVID-19 Outlook
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Demand from the Automotive Industry
6.1.2 Expanding Demand for Bearings in the Food Packaging Industry
6.1.3 Extending Construction Activities
6.1.4 Rapid Urbanization
6.1.5 Surging Demand for Customized & High Performance Bearings
6.1.6 Intensifying Demand from the Medical Industry
6.2 Challenges
6.2.1 Lack of Bearing Clearance
6.2.2 Availability of Counterfeit Products
6.2.3 Fluctuating Raw Material Prices and High Maintenance Cost
6.3 Market Trends
6.3.1 Rising Sales of Electric Vehicles
6.3.2 Increasing Use in Wind Turbines
6.3.3 Evolution of Digitalization & Smart Technologies Embedded in Bearings
6.3.4 Escalating Adoption of Innovative Materials for Manufacturing Bearings
7. Competitive Landscape
7.1 Global Bearings Players by Market Share
7.2 India Bearings Players by Market Share
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/tm588e
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