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Bearing Market Size, Share & Trends Analysis Report By Product, By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), By Region, And Segment Forecasts 2022 - 2030
Nov,18,2022

The global bearing market size was valued at USD 106.96 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 9.1% from 2022 to 2030. Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. This factor is projected to drive the market in near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life. Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.

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Manufacturers constantly work on improving product designs to increase performance and energy efficiency. They use a special material for raceways, cages, and rolling elements as well as redesigned raceway profiles. Furthermore, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for manufacturers. Integration of electro-mechanical features directly into the bearings helps in performance improvement and reductions in size and cost.

Rising demand for high-performance bearings has resulted in manufacturers integrating advanced sensor units in their products. The sensor units assist in the digital monitoring of axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity of the product. Additionally, the advent of the Agricultural Internet of Things (IoT) has encouraged the adoption and constant monitoring of connected equipment and machinery. This trend has also influenced the market positively.

A few key suppliers have started providing smart bearings, whose conditions can be constantly monitored to predict faults before they occur. The adoption of these products is still in the nascent stage. Several other major manufacturers are likely to offer in their portfolios in near future. As it is easy to predict the faults in smart bearings before they occur, they add considerable value by reducing the cost of unexpected downtime, which is projected to surge the espousal of these products during the forecast period.

The coronavirus pandemic has had a significant impact on the market with many manufacturing companies facing adverse effects of lockdown situations in major economies such as China, and Japan, among several others. The automotive industry, which is the largest consumer of bearing among all the other industries, witnessed a substantial reduction in vehicle production primarily owing to supply chain disruptions and restrictions on the movement of people. However, the conditions improved in the later quarters of 2020 with gradual upliftment of restrictions and subsequent increases in production activities. Moreover, the rollout of the coronavirus vaccine across the globe is further anticipated to strengthen the market growth over the forecast period.

Product Insights

Based on product, the bearings market is segmented into ball, roller, plain bearing, and others. The roller bearings segment accounted for the largest revenue share of more than 45.04% in 2021. The segment is also estimated to continue its supremacy and emerge as the fastest-growing segment in the coming years. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact product demand.

The report also covers the ball and other bearings. Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent. They can also be used with thrust and radial loadings, ascribed to which, these products are increasingly being used in both four and two-wheeled automobiles. Hence the segment is anticipated to witness healthy growth over the forecast period.

Plain bearings, also known as sleeve bearings, are the most preliminary type of bearings with no rolling components. They are used for sliding, oscillating, rotating, and reciprocating motions. In sliding applications, they are used as bearing strips, slide bearings, and wear plates. Due to greater contact area and conformability, plain bearings offer greater resistance to high shock loads and load capacity as compared to roller bearings. Such benefits offered over their counterparts make plain bearing a preferred option in applications where greater resistance to damage from oscillatory movements is requisite. The demand for plain bearings is expected to register a steady growth rate over the forecast period.

Report Coverage & Deliverables

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he railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2030. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems. Demand from the railway segment is also anticipated to rise on account of accelerated railway construction in developing countries. Further, surging demand for small single-aisle aircraft and helicopters from emerging economies is anticipated further drive the growth of the segment.

Regional Insights

Asia Pacific dominated the market and accounted for a revenue share of 40.05% in 2021. The region is also anticipated to witness the fastest growth in terms of revenue, accounting for over USD 98.68 billion by 2030. China is one of the major markets, and sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Moreover, the robust construction and mining equipment market in India is estimated to facilitate market growth through 2030.