Global Bearing Market Size study & Forecast, by Product (Ball Bearings, Roller Bearings, Plain Bearings, Others), by Application (Automotive, Agriculture, Mining & Construction, Others) and Regional Analysis, 2022-2029

Global Bearing Market Size study & Forecast, by Product (Ball Bearings, Roller Bearings, Plain Bearings, Others), by Application (Automotive, Agriculture, Mining & Construction, Others) and Regional Analysis, 2022-2029

Global Bearing Market is valued at approximately USD 106.96 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 9.1% over the forecast period 2022-2029. A bearing is a machine element that is primarily adopted to constrain relative motion and decreases friction between moving parts. Bearing is highly used in industries including automotive, agriculture, mining & construction, and others. The market growth is majorly driven by the growing application of high-capacity bearings in wind turbines, coupled with the surging demand in railway, aerospace, and other applications.

The bearings are gaining high traction in energy-efficient and electric vehicles, which is further fueling the market demand across the globe. According to Statista, in 2020, 2.9 million hybrid electric vehicles are expected to be produced globally. Additionally, it is anticipated that by 2025, the figure is likely to reach 5.4 million hybrid electric vehicles. Therefore, the increasing production of hybrid electric vehicles is propelling the demand for bearing to support the relative motion and lessen friction among moving parts. Furthermore, the rising integration of electro-mechanical features into bearings for medical applications, as well as increasing industrialization is offering growth prospects for market development in the forecasting years. However, the availability of counterfeit products and fluctuation in the prices of raw materials prices are hindering market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Bearing Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the development of the robust construction and mining equipment sector, along with the presence of leading market players. Whereas, Europe is expected to grow at the highest CAGR during the forecast period. Factors such as increased investment in the production of motor vehicles, as well as rising sales of high-value bearings are burgeoning the market growth in the forecasting years.

Major market players included in this report are:
Brammer PLC
Harbin Bearing Manufacturing Co., Ltd.
HKT Bearings Ltd.
JTEKT Corporation
NBI Bearings Europe
NSK Global
NTN Corporation
RBC Bearings Inc.
Rexnord Corporation
RHP Bearings
Recent Developments in the Market:
 In June 2021, JTEKT Corporation announced that the company developed its ball bearings with high muddy water-resistance seals for agricultural machinery. This development supports machinery to operate in harsh working environments.
 In September 2020, NTN Corporation declared the expansion of manufacturing and delivery of deep groove ball bearings that are primarily designed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).

Global Bearing Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Product, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.

The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Ball Bearings
Roller Bearings
Plain Bearings
Others
By Application:
Automotive
Agriculture
Mining & Construction
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World



Companies Mentioned

Brammer PLC
Harbin Bearing Manufacturing Co., Ltd.
HKT Bearings Ltd.
JTEKT Corporation
NBI Bearings Europe
NSK Global
NTN Corporation
RBC Bearings Inc.
Rexnord Corporation
RHP Bearings

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