Bearing market share, trends, innovations, outlook 2021-2027 (2023)

Stock market statistics - 2027

The global bearing market was valued at USD 107.46 billion in 2019 and is expected to reach USD 143.53 billion by 2027 at a CAGR of 6.1%.

Bearing is a type of machine element used to support relative motion, helping to reduce the friction that occurs between moving parts. Bearings find their applications in various sectors such as automotive, wind turbines, construction and mining machinery, agricultural machinery, machine tools and others. It is used in automobiles to ensure the smooth operation of cars, electric vehicles (EVs) and other types of vehicles such as light commercial vehicles and heavy vehicles such as trucks. The global bearing market is gaining in importance due to the increasing use of bearing products in various end-use industries, rolling mills and electric vehicles. Technological advances have improved the overall efficiency of bearings in the automotive industry and extended product life. For example, NSK has developed transmission bearings that require little maintenance and are more reliable in railway engines.

the globewarehouse marketIt was complemented by factors such as the increasing use of bearings in railways, electric vehicles and rolling mills, followed by an increasing use of bearings in engines, the demand for automobile electrification and the demand for bearings in continuously variable transmissions (CVT) has improved the market demand for bearings. However, EV bearing damage, increasing vehicle electrification and fluctuating raw material prices, as well as high maintenance costs, are hampering the growth of the global EV market. In addition, the growing concern for green vehicles and the constant advancement of the automotive industry, the emergence of bearing units with sensors and the increasing development of additive manufacturing technologies and materials for the manufacture of bearings are the factors that offer profitable opportunities and lead growth in the global industry. warehouse market.

The global bearings market is segmented by type, size, distribution channel, machine type, end use, group and region. Based on type, the market has been segmented into ball bearings and tapered bearings. Based on size, the global bearings market has been categorized into 30-40, 41-50, 51-60, 61-70 and 70+. Original Equipment Manufacturers (OEMs) and the aftermarket are the different distribution channels served in the global bearing market. Internal Combustion Engine Vehicles (ICE), Electric Vehicles, Industrial Machines and Aerospace Machines are the different types of machines that are considered in the world market. Based on end use, the global bearing market has been categorized into automotive, industrial and aerospace. Depending on the group, the global bearing market has been classified into Group 1, Group 2 and Group 3. ICE vehicles are considered in group 1, electric vehicles are considered in group 2, and combination of industrial and aerospace machines are considered in group 1. They are considered in group 3. By region, the market is analyzed in North America, Europe, Asia-Pacific and LAMEA.

Major players in the global bearing market include NSK Ltd., Schaeffler AG, NTN Corporation, SKF, Iljin Bearing, RKB Bearing, JTEKT Corporation, Timken, Wafangdian Bearing Co., Ltd. and THK Co.Ltd.

Increased use of bearings in railways, electric vehicles and rolling mills

The rail industry emphasizes cost reduction and further improvements in extending the life of the tracks. Bearings are used in railway transmissions to absorb shock and vibration created by the energy generated by the traction motor and wheels running on the tracks. Therefore, severe operating conditions increase engine maintenance and downtime. Recent developments in bearings have increased the demand for bearings in the rail industry. For example, tapered roller bearings are used to support pinion shafts that require periodic adjustments and are designed with expert maintenance that reduces maintenance costs and improves cage strength.

Additionally, increasing public awareness and demand for EVs has increased the use of bearings in EVs. Bearings are designed to overcome poor lubrication conditions and the smaller bearing size has improved overall transmission efficiency, which in turn increases EV range. Bearings are often used in rolling mills designed for severe working conditions. Therefore, the bearings used in rolling mills have the ability to support the rolling mill mechanism, high load capacity and longer lifespan of the rolling mill.

Increased use of bearings in engines, demand for vehicle electrification, and demand for bearings in continuously variable transmissions (CVT)

People's growing demand for pollution has forced industry to reduce CO2 and pollutant emissions from industry engines. Motors to operate pumps and compressors require more electricity; Therefore, advanced bearings are used in engines that reduce mechanical loss during operation. Additionally, the use of low-torque bearings in CVTs to improve vehicle reliability and fuel efficiency has increased the use of bearings that offer greater ball resistance and a heavy lubricating film.

Fluctuating raw material prices and high maintenance costs

Raw material costs continue to be the overall top concern for manufacturers. Raw materials account for around 60-62% of a bearing manufacturer's turnover. The price of raw materials for automotive bearings constantly fluctuates based on economic market conditions. This volatility in commodity prices is becoming a real challenge for companies to remain competitive and ensure sustainable margins. As stainless steel and alloy steel are the main raw materials for bearing production, the bearing price is highly correlated with the global steel price trend. Fluctuations in raw material prices therefore present bearing manufacturers with the challenge of producing vehicle bearings of comparable price and quality. Furthermore, bearings require regular maintenance to prevent failure and extend their service life, further increasing maintenance costs. Therefore, factors such as fluctuating raw material prices and regular maintenance costs are expected to hinder the growth of the automotive bearing market.

The growing concern for environmentally friendly vehicles and the constant evolution of the automotive industry

Increased public awareness of pollution and increased consumer demand for fuel-efficient vehicles have led to the development of electric vehicles, including fuel cell and battery electric vehicles. Bearings used in electric vehicles offer increased efficiency, operability and service life through constant product development. Therefore, product development along with increased sales of electric vehicles is expected to provide new opportunities in the global bearing market.

COVID-19 impact analysis

• The COVID-19 outbreak has had a significant impact on the automotive industry, which in turn has led to a significant drop in car sales, shortages of raw materials and others.
• Several companies involved in the automotive industry are stepping up to reconfigure their supply chain, manufacturing and services for the delivery of critical medical supplies.
• Global light vehicle sales declined by around 20% (yoy), from 6.3 million in February 2019 to 5.07 million in February 2020.
• China, the first country hit by the virus, saw a sharp drop in sales, falling about 80% in February, followed by South Korea, Japan, Western Europe and others.

Key benefits for stakeholders

• This study presents an analytical overview of the global analysis of the Bearings market, along with current trends and future estimates to present the next investment pockets.
• Overall bearing market opportunities are determined by understanding profitable trends to gain a stronger foundation.
• The report provides information about the key drivers, restraints and opportunities of the global Bearings market with detailed impact analysis.
• Current Bearing Market is analyzed quantitatively from 2019 to 2027 to compare financial competition.
• Porter's Five Forces Analysis illustrates the power of buyers and suppliers in the industry.

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