Global Bearing Market Outlook, 2027

Global Bearing Market Outlook, 2027

A bearing is a mechanical component that only permits the desired relative motion and lessens friction between moving elements. In their assemblies, bearings generally make use of balls, rollers, rings, fluids, and magnets. Radial and/or axial loads may be applied to bearings during usage. Bearings are essentially used in every sort of machinery or equipment, from automobile components, agricultural gear, and home appliances to aerospace and defence technology. The development of the worldwide bearing business is being further fuelled by expansion in the manufacturing sector, which is being fuelled by high demand from a variety of sectors, including automotive, aerospace, equipment, agricultural, railroad, construction, military, etc. According to their demands and endurance, these various types of bearings are in demand in the market. Some of the bearings are long-lasting and have a considerable load-carrying capability. Because they reduce friction and make work easier, all of these bearings are in high demand on the global market.

According to the report title, Global Bearing Market Outlook, 2027, published by Bonafide research, the market was valued at around USD 95 billion in 2021 and it is anticipated to grow with a CAGR of 6.60% from 2022 to 2027. Bearings come in a wide range of sizes and shapes and are a crucial tri-biological component of many different types of machinery. Ball bearings, roller bearings, plain bearings, magnetic bearings, fluid bearings, disc Harrow bearings, and mounted variants that can employ either plain bearings or rolling element bearings are just a few of the various types of bearings. In order to sustain radial and axial loads and reduce rotational friction, ball bearings include rolling elements with ball and spherical shapes. For larger load-carrying needs, roller bearings employ cylindrical, spherical, and needle rolling components. Since there are no moving components in plain bearings, which function on the sliding friction theory and do not use rolling elements, they are often quieter than anti-friction bearings. According to the study, the market is divided into four categories depending on the kind of product: ball bearings, roller bearings, plain bearings, and others.

The most popular ball bearing is used in machinery and other high-use transportation. It is anticipated that this move would boost sales and market expansion. To attain energy efficiency as a goal Bearings and energy conservation go hand in hand. This component's main goal is to conserve energy by minimising friction, whether it occurs during the rotation of a transmission's shafts or a car's wheel. Additionally, it is anticipated that increased demand from the global automotive industry would spur demand for commercial vehicles. It is projected that the market will have strong growth potential because of technological advancements such as smart bearings, the creation of cutting-edge materials and lubricants, and the integration of sensor units. A developed ball bearing market is highly correlated with the active demand in the state of the capital goods and engineering sectors. However, businesses are now providing integrated products that cut the number of bearings used in an assembled product greatly and lower the total cost of machinery. Additionally, this lengthens the product's shelf life and improves its dependability. Manufacturers have recently increased their R & D spending in order to respond to the growing competition by offering cutting-edge products.

Some factors are causing the market to increase steadily along with consumer demand. Since many regions of the world have seen rapid industrialization, there has been a significant increase in the need for bearings. Existing firms are now more intent on growing their operations by launching international marketing campaigns and establishing operations abroad. Businesses are implementing remarkable business tactics in order to improve and grow their operations. The bearing business has recently profited from several mergers, acquisitions, and corporate alliances.

In the past, the market for bearings has also experienced certain difficulties, which has caused market growth to slow down since the COVID-19. Other factors have also contributed to the decline in market share and value. The primary issue for manufacturers generally continues to be the cost of raw materials. About 60% to 62% of a bearing manufacturer's income comes from raw materials. For businesses, maintaining their competitiveness and ensuring sustainable profits is becoming a genuine issue due to raw material price volatility. Since high quality steel and alloy steel are the main raw materials required to make bearings, the price of bearings is closely connected with the movement of the world steel price. As a result, it is difficult for bearing producers to provide a bearing for a vehicle at a competitive price without sacrificing quality. In order to prevent failure and extend their lifespan, bearings also require routine maintenance, which raises maintenance expenses even further.

Therefore, In order to increase the growth and demand for the bearing market, companies should focus on some points which are important to them and consider in their prospects. R&D and the introduction of new products by significant important businesses are expected to boost the market growth. Infrastructure for wind turbines is being built. The need for high-performance bearings for agricultural machinery is growing. Global industrialization is increasing.

COVID-19 Impact
In order to stop the COVID-19 from spreading, the lockdowns compelled individuals to stay indoors and limited movement. Bearings are commonly used in aircraft and railroad applications since aged fleets must be replaced. Bearings are also often utilized in helicopters and airplanes. However, travel limitations enforced by the government are preventing the sector from expanding. In order to address the rising demand for specialized bearing solutions from various sectors, bearing manufacturers were continuously concentrating on product improvements prior to the COVID-19 pandemic. Following the pandemic, the bearings market is anticipated to be driven by the resumed production activity and the relaxation of travel restrictions.

Major Companies present in the market:
SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Daido Metal Company Limited, Regal Rexnord Corporation, NBI Bearings Europe SA, Harbin Bearing Manufacturing Co., Limited, HKT Bearings Limited, Luoyang LYC Bearing Company Limited, Iljin Bearing, RKB Bearing, Wafangdian Bearing Group Corp, THK Co. Ltd., MinebeaMitsumi, RBC Bearings Incorporated

Considered in this report
• Geography: Global
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Global Bearing market with its value and forecast along with its segments
• Region-wise bearing market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

By product type in the report:
• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.)

By application type in the report:
• Automotive
• Industrial
• Aerospace
• Others (Railway, Agriculture, etc.)

By installation type in the report:
• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:
• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:
• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.