Global bearing market was valued at USD 75.91 billion in 2014, growing at a CAGR of 7.7% from 2014 to 2020. Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings facilitate manufacturers to monitor bearing operations constantly.
The global bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The bearing market is primarily driven by increasing demand from automotive industry. The increase in the global production of motor vehicles has substantially raised the demand for automotive bearings. In addition, rising demand from steel industry, railways and defense and aerospace industry has also contributed to the growth of bearing market globally. The need for energy efficiency in process industries has also augmented the worldwide demand for bearings significantly.
Geographically, Asia Pacific led the bearing market in 2014 and the region is expected to continue its dominance in 2020. The region’s dominance is due to increasing production of motor vehicles in countries such as Japan, South Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to the growth of bearing market. Europe and North America followed Asia Pacific in the global bearing market to collectively account for more than 40% of the global market revenue share.
The bearing market is segmented on the basis of product type into - unmounted ball bearings, plain bearings, roller bearings and others. Among all, unmounted ball bearings were holding the highest market revenue share in 2014 and are expected to remain so during the forecast period. Demand for unmounted ball bearings is attributed to their wide range of applications in motor engines, automotive wheels, railway coaches, hard drives and consumer durables. Unmounted ball bearings segment is closely followed by roller bearings segment.
Based on components, the global bearing market is divided into balls, rollers, cages, rings and others. The application segment of the bearings decides the number and size of these components. In 2013, balls as components held the highest share in the bearing market. Rollers which includes rolling elements such as tapered rollers, cylindrical rollers and needle rollers were the second largest components used in 2013.
The bearing market is further segmented by end use into motor vehicles, aerospace equipment, power transmission equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. Bearing applications in motor vehicles held the highest revenue share in 2013. With the increase in production of motor vehicles across the globe, the demand for automotive bearings has grown substantially. Aerospace equipment is analyzed to be the fastest growing application segment for bearings and is expected to attain a significant growth in the recent future.
Global Bearing Market: Overview
Thanks to the increase in the production of vehicles, the global bearing market is likely to witness a significant rise in its valuation over the next few years. In 2013, the worldwide market stood at US$75.9 bn. Researchers predict that this market will expand at a healthy CAGR of7.70% during the period from 2014 to 2020 and reach a value of US$118.2 bn by 2020.
The growing need for energy-efficient vehicles and the rising demand for bearings in the aerospace and defense sector are expected to drive the global bearing market significantly in the near future. However, the increasing sales of counterfeit products may hamper the growth of this market to some extent over the years to come.
This research report attempts to provide a complete overview of the global bearing market on the basis of its historical and current performance. The key trends, driving forces, restraining factors, opportunities, challenges, and growth prospects of this market have also been analyzed thoroughly in this market study.
Global Bearing Market: Trends and Opportunities
Among products available in the global bearing market, unmounted ball bearings are reporting a strong demand from end users across the world. The trend is likely to remain the same over the forecast period due to the wide-ranging application of unmounted ball bearings in hard drives, motor engines, railway coaches, automotive wheels, and various other consumer durables.
Balls have emerged as the key component required for the production of bearings. The demand for rollers is also anticipated to increase steadily in the coming years.
In 2013, motor vehicles were the leading consumer of bearings, worldwide. Analysts expect the segment to continue to hold the leading position throughout the forecast period. The demand for automotive bearings is likely to rise substantially in the near future with the escalating production of motor vehicles across the world, benefiting the global bearing market considerably.
Global Bearing Market: Geographical Analysis
Geographically, the worldwide bearing market is classified into Asia Pacific, North America, Europe, and the Rest of the World. In 2014, Asia Pacific dominated the overall market and is predicted to remain leading throughout the forecast period. The upsurge in the production of motor vehicles in Asian economies, such as China, South Korea, Japan, and India is likely to fuel the demand for bearings in this region in the coming years.
Apart from this, the growing industrialization in Asia Pacific is also projected to contribute significantly to the growth of the bearing market in this region in the near future. The market for bearings is also expected to gain significant momentum in Europe and North America over the next few years.
Companies Mentioned in the Research Report
C&U Group, The Timken Co., Harbin Bearing Group, Wafangdian Bearing Co. Ltd., SKF Group, NTN Corp., Asahi Seiko Co. Ltd., Brammer PLC, Schaeffler Group, ThyssenKrupp AG, RBC Bearings, Rexnord Corp., JTEKT Corp., NSK Ltd., GGB Bearing Technology, Daido Metal Co. Ltd., and Danaher Corp. are some of the key participants operating in the global bearing market.
Key Segments of Global Bearing Market
By product type
- Unmounted ball bearings
- Plain Bearings
- Roller Bearings
By End User
- Motor vehicles
- Aerospace equipment
- Power transmission equipment
- Construction machinery
- Farm and garden machinery
- Oilfield machinery
- Other machinery
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments