Bearings Market Assessment, By Product Type [Ball Bearings, Roller Bearings, Others], By Application [Automotive, Agriculture, Electrical, Mining and Construction, Railway, Aerospace, Others], By Material [Ceramic, Carbon Steel, Aluminum, Others], By Sale

Bearings Market Assessment, By Product Type [Ball Bearings, Roller Bearings, Others], By Application [Automotive, Agriculture, Electrical, Mining and Construction, Railway, Aerospace, Others], By Material [Ceramic, Carbon Steel, Aluminum, Others], By Sales Channel [Direct, In-direct], By Region, Opportunities and Forecast, 2017-2031F

Global bearings market is projected to witness a CAGR of 7.63% during the forecast period 2024-2031, growing from USD 135.54 billion in 2023 to USD 244.08 billion in 2031. The market thrives at a substantial growth rate due to stringent occupational safety policies and rising awareness of health hazards.

Industrial expansion, along with the latest technological advancements, has evolved the bearings market. Various applications involving several types of bearings, such as ball, roller, and plain bearings, are expected to enable multiple manufacturing techniques and the use of advanced materials. Furthermore, the bearing industry is expected to undergo significant changes. The capabilities of bearings in a variety of applications, redefined by the integration of innovative materials, precise engineering, and creative designs, are expected to increase the market size. The future holds the possibility of small and revolutionary advancements, reshaping the sectors that depend on these essential elements.

Future-oriented bearings with intelligent friction management reduce wear and increase operating life without ongoing maintenance. Advanced materials that improve performance and durability include composites and ceramics. Unmatched personalization is possible with 3D-printed bearings, which enable complex and optimal designs suited for special applications. Self-lubricating bearings cut operating expenses and downtime by eliminating the requirement for ongoing human maintenance. The demands of these applications are met with unparalleled precision, guaranteeing excellent performance. For instance, the shift in the automotive industry from ICE propulsion vehicles to electric vehicles has opened gates for the bearing industry as well.

For instance, in February 2022, Schaeffler Technologies AG & Co. KG launched two new bearings for EVs. The German bearings business introduced two product advancements made especially for electric vehicles as a part of its aim to cater to the EV market. The corporation created a new Bearings business division under its Automotive Technologies division at the beginning of 2022 to increase synergies and shorten development periods for its specialized solutions.

Smart Manufacturing and Intelligent Machinery to Fuel Market Growth

Smart factories are powered by Industry 4.0, formally known as fourth industrial revolution, based on technologies, automated processes, data analysis, and continuous learning. As manufacturing team is responsible for productivity, bearings are crucial to new machinery. It is the commencement of the era of intelligent machinery, and smart bearings are leading the way. Smart bearings with sensors and communication capabilities offer performance data in real time. These gather information on temperature, vibration, load, and other crucial elements that directly affect bearing performance and monitor a variety of parameters in real time. Smart bearings can diagnose issues and anomalies in the machinery, offering comprehensive insights into the underlying causes of problems. In addition, the self-lubricating bearings save maintenance costs while limiting productivity obstruction.

For instance, in March 2022, NSK Europe, the European subsidiary of Japanese bearing manufacturer NSK Ltd., developed deep groove ball bearings with no requirement of external lubrication for use in submersible pumps, managing cryogenic gases such as hydrogen and LNG. Submersible pumps are increasingly using stainless-steel bearings with a self-lubricating fluoroplastic cage as more initiatives support hydrogen as an energy source.

Wide Range of Applications to Fuel the Global Market

The bearings market is driven substantially by the ongoing expansion of automotive manufacturing, especially in countries from Asia-Pacific, such as China, Japan, South Korea, and India. Domestic and international expansion of the automotive industry within these societies is supported by the tremendous road network and consumer prosperity accompanying them. For instance, in April 2023, the luxury car maker Pagani S.P.A. and the Swedish SKF Group, a worldwide bearings manufacturer, partnered to create a low-friction, lightweight bearings for the Pagani Hyper Car.

The defense and aerospace sectors continue growing steadily, creating more demand for bearings. Bearings reduce friction to make machines efficient and environmentally friendly. Fewer substitutes are used in them, but they can become faster and last longer. It has created a requirement for technology that can produce better-performing, long-lasting products. Power transmission equipment ranks among the industrial machinery and equipment currently experiencing rapid growth.

For instance, in October 2023, National Engineering Industries Ltd. (NBC Bearings) entered the aerospace and space-bearing segment. CK Birla Group Company, NBC Bearings, has started working on manufacturing bearings for the aerospace and space sector. The company began manufacturing and sending out samples of the same to potential customers in March 2024.

Higher Consumption to Fuel Ball Bearing Segmental Growth

Based on the product type, ball bearings hold a decent share of the global market. Ball bearings are widely used in a variety of applications across the automotive, industrial machinery, aerospace, and other sectors. Their versatility and ability to handle radial and axial loads make them a preferred choice in many applications. Continuous improvements in ball bearing design, materials, and manufacturing processes have enhanced their performance, durability, and efficiency. It has expanded their use in demanding applications requiring high precision and reliability. Ball bearings help improve energy efficiency and reduce emissions by minimizing friction in machines and equipment. It aligns with the increasing focus on sustainability across industries. Ball-bearing manufacturers can provide customized solutions to meet the specific needs of customers across diverse applications, further boosting their market share.

For instance, in August 2022, The Swedish SKF Group launched a new hybrid deep groove ball bearing for high-speed applications. The novel bearing is intended for use in electric machinery and drives, as well as traction motors used in the rail industry.

In comparison to conventional designs, a revolutionary lightweight cage helps to increase the limiting speed by at least 60%. The polymeric cage aids in lowering friction, which results in quieter operation and permits a higher power density in the application.

Asia-Pacific Dominates the Global Bearings Market Share

Based on region, Asia-Pacific leads the market and is expected to fuel the market during the forecast period. Emerging economies like China and India are fuelling the market growth. Government initiatives, such as India's Make in India program, encourage automotive component manufacturing, including bearings, within the region, further boosting the market. One of the largest markets is China, where sales are predicted to soar in the coming years due to the nation's fast-growing manufacturing and automotive sectors, as well as a robust aftermarket for industrial equipment and auto maintenance. The growing road networks and rising consumer affluence in countries such as China are driving increased vehicle sales and usage, which in turn increases the demand for automotive bearings. Furthermore, it is predicted that India's mining and construction equipment industry will support market expansion through the forecast period.

For instance, in September 2023, National Engineering Industries Ltd. (NBC Bearings) developed specialized low-noise bearings to lower NVH levels for EV applications, such as motor and wheel hubs in electric two- and three-wheelers. Clientele includes Mahindra Last Mile Mobility, Altigreen, Ather Energy, and others.

Future Market Scenario (2024 – 2031F)

Embedded sensors, real-time monitoring, and active condition monitoring are expected to transform industrial equipment management, including bearings.

Focus on friction reduction, usage of advanced materials, and design are likely to propel the market expansion.

The expanding end-user applications and industrial automation are anticipated to add value to the market growth.

Key Players Landscape and Outlook

Key participants in the global bearings market are focusing on using advanced materials, such as ceramic and carbon steel, along with designing the bearings with a future-ready approach.Alongside, strategic partnerships, collaboration, acquisitions, and product launches are used as the major elements of the market’s strategic landscape.

In November 2023, The Timken Company finalized the purchase of Engineered Solutions Group, known as Innovative Mechanical Solutions or iMECH. Focused on manufacturing radial bearings, specialty coatings, thrust bearings, and various parts designed for the energy sector, iMECH employs approximately 70 experts.