Bearings Market Size By Product (Roller Bearings [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Im

Bearings Market Size By Product (Roller Bearings [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032

Global Bearings Market is poised to witness substantial growth between 2023 and 2032. The increasing availability of e-vehicles for mobility, given the rising awareness around global warming and climate change has raised the demand for bearings. For instance, Europe in 2022, recorded a 17.8% increase in the number of EV registrations, reaching to 1,729,000 in 2021.

In addition, the key providers in the market are also seeking to gain a better foothold by expanding their existing portfolios and units, while adhering to the pressing needs of the time.

Citing an instance, in 2022, SKF announced an investment of USD 120 million in China, India, and Southeast Asia. A major chunk of the capital would be used in modernizing and expanding its factory in China to enhance its competitiveness for medium- and large-size bearings. Meanwhile, the remaining amount would be invested in improving the production capabilities, accelerating regionalization, and strengthening the supply chain network in Southeast Asia and India.

Overall, the global bearings market has been segmented in terms of product, application, and region.

In the context of the product, the market is likely to be defined by the other bearings segment. This segment is anticipated to grow at more than 7.5% CAGR through 2032, owing to product innovations and developments across various industries such as electrical applications and automotive industries.

On the basis of application, the agriculture segment is expected to grow significantly within the next ten years. The growth can be credited to the increasing usage of machinery and equipment in agriculture, such as tractors, backhoes, harvesters, tillers, planters, cultivators, and mowers. For instance, a report revealed that India has witnessed an absolute paradigmatic shift from human and draught power to mechanized farm power between 1951 and 2014. While 1951 mechanized farm power contributed only 3% in 1951, it rose to 88% during 2013-14.

In the regional context, the North America bearing market will grow at 8% CAGR between 2023-2032. The regional market growth will be mainly driven by the increasing mining and construction industries in countries such as the United States and Canada. According to reliable studies, between 2018 and 2023, the mining industry in the USA has grown by 3.9% on average. In addition, the aerospace industry is also rapidly increasing in this region, which will also fuel the demand for bearings, since bearings are used in engines, landing gears, and various aerostructure applications.