Bearing Market (Product: Ball Bearing, Roller Bearing, Plain Bearing, and Others; Material: Plastic, Ceramic, and Metal; Type: Unmounted Bearing and Mounted Bearing; Component: Balls, Rollers, Cages, Rings, and Others; Application: Automotive, Construction, Aerospace, Power Transmission, Oil & Gas, Agriculture, and Others; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Advent of Industry 4.0 to Accelerate Innovations in Bearing Market
Different types of bearings are extensively used across a host of industrial sectors, including construction, automotive, power transmission, and oil & gas. The last couple of decades have witnessed consistent advancements in technology and innovations across the bearing market wherein considerable effort has been made to improve the performance and bearing life. Due to exponential surge in the demand for durable and high-performing bearings that can operate at higher speeds, handle heavy loads and more, the bearing market is expected to grow at a steady pace during the forecast period. Several key players operating in the bearings market landscape are increasingly focusing on testing and development of their products to establish a strong brand presence and market share.
Manufacturers operating in the bearing market are increasingly inclined toward the manufacturing of novel patented products to fulfil the growing demand for optimized materials and designs. The Industry 4.0 trend is another major factor that is projected to boost the demand for bearings during the forecast period, as factory and industrial automation gains momentum. Market players are increasingly focusing on improving the internal designs of their products while simultaneously optimizing the other features such as cage design, among others. Consistent advancements in the bearing technology, particularly, for high-speed applications is another factor that is projected to boost market growth.
At the back of these factors, along with the widening applications of bearings across an array of industrial sectors, the global bearing market is expected to attain a market value of ~US$ 206 Bn by the end of 2030.
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High Demand from Automotive Sector to Boost Market Growth
The automotive components industry around the world, mainly in the Asia Pacific region has grown at a rapid pace over the past couple of decades. Consistent improvements in production techniques, along with the soaring demand from the automotive sector are some of the major drivers that have played a key role in influencing the growth of the bearing market during the assessment period. This trend is expected to continue in the upcoming years. At present, players operating in the bearing market are increasingly focusing on rolling out bearings that fulfil the consumer demand for high efficiency, reduction of unplanned downtime, and improved productivity.
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The bearing market is witnessing continual waves of technological advancements and innovations. In addition, market players operating in the automotive components industry are also increasingly aligning their operations with the evolving regulatory landscape. The growing interest in electric vehicles is another window of opportunity that has opened up for participants operating in the bearing market due to which, innovations are expected to gain considerable momentum. In addition, several market players are increasingly focusing on developing wear-resistant bearings that have a considerably high load capacity. The growing demand for smooth motion across the automotive sector over the past few years is a major trend that is expected to influence the pace of innovations across the bearing market.
Innovations on Rise Due to Stringent Environmental Guidelines
At present, key players operating across the bearing market are roping in consistent efforts to integrate new technologies to improve the quality of their bearings. At present, market players are exploring the potential of different materials, including ceramic, stainless steel, graphite, and more to improve flexibility in terms of production. In addition, the growing demand for lightweight bearings from an array of industrial sectors such as automotive, aerospace, oil & gas, among others, has compelled market players to introspect on the raw materials in use. The soaring demand for high-performance bearings have led to the integration of cutting-edge sensor units into the bearings and as technology continues to evolve, a number of ‘smart bearings’ are expected to hit the market that are likely to find applications in the defense and the aerospace sector.
Demand to Dip amid COVID-19 Pandemic
The global bearing market was on course to witness an impressive year-on-year growth in 2020. However, as the COVID-19 pandemic situation continues to intensify around the world, the market is expected to tread through uncertain times, particularly in 2020. Due to the fast-paced transmission of the novel coronavirus, several nations around the world imposed stringent lockdown measures to curb the transmission of the virus. The shutdown of the industrial sector in China in the first quarter of 2020 is projected to have a strong impact on the growth of the global bearing market. In addition, the dwindling demand for bearings from various end-use industries amid the ongoing COVID-19 pandemic is likely to hinder the growth prospects of the market in 2020.
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The global bearing market is expected to grow at a healthy CAGR of ~7% during the forecast period. The market growth can be primarily attributed to a host of factors, including high demand from the automotive sector, growing demand for lightweight automotive components, evolving regulatory landscape, widening applications in different end-use industries, and advancements in bearing technology. Market players should focus on increasing their market share by improving their production prowess and collaborating with other companies operating in the bearing market landscape.
Bearing Market: Overview
- Bearing is a product which is used as a machine element. It has the ability to constrain relative motion to only the desired motion.
- Bearings are also used to reduce friction between moving parts
- Asia Pacific is the dominant and fastest growing bearing market. Europe accounted for second largest position at the global level. The U.S. had major market share in the North America region.
- Companies are working on development of supply chain to deliver bearings quickly.
Bearing Market: Market Trends
- Globally, the sales of electric vehicles have increased tremendously. Almost every car manufacturer now has an electric car being sold, from the BMW i3 to the Nissan Leaf. This surge in electric cars on the roads has led to increased research and innovation required by these major manufacturers.
- Bearing manufacturer SKF has been investing in the development of its bearings in order to keep up with the ever-increasing demand for new and better bearings. For instance, the company has developed a range of ball bearings that increases the mileage that an electric or hybrid car can travel. These are their energy efficient SKF e-Drive bearing that work by decreasing the levels of friction and heat, which allows the car to move more efficiently and improves the power density, to extend the battery life.
Bearing Market: Drivers, Opportunities, and Restraints
- The growing production of vehicles globally is directly influencing the growth in demand for bearings used in automotive parts. According to data released by the International Organization of Motor Vehicle Manufacturers (OICA), global production of passenger vehicles stood at 69 million units in 2018, registering a growth of 2.2% as compared to the previous year.
- Bearings used in various machinery need to be monitored continuously in order to ensure efficiency, reliability, consistency, and cost effectiveness of the operations. Upcoming technologies such as smart bearings will help manufacturers monitor bearing operations constantly. This factor is expected to create new opportunity in the bearing market.
- Currently, counterfeit bearings are showing up in the marketplace in large volumes. Some unscrupulous companies are mislabeling inferior-quality counterfeit bearings as brands from reputed bearing companies. It is often hard to tell the difference between genuine and counterfeit bearings.
Bearing Market: Key Segments
- The global bearing market has been segmented based on product, material, type, component, application, distribution channel, and region
- Based on product, the global bearing market has been classified into ball bearing, roller bearing, plain bearing, and others
- In terms of material, the global bearing market has been divided into plastic, ceramic, and metal
- Based on type, the global bearing market has been classified into unmounted bearing and mounted bearing
- Based on component, the global bearing market has been classified into balls, rollers, cages, rings, and others
- In terms of application, the global bearing market has been classified into automotive, construction, aerospace, power transmission, oil & gas, agriculture, and others
- In terms of distribution channel, the global bearing market has been divided into offline and online
- Based on region, the global bearing market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of Middle East & Africa), and South America (Brazil and Rest of South America)
Bearing Market: Competition Landscape
- Competition in the global bearing market is very high. Large number of small- and large-scale players are present in the market. Companies are opting for various strategies to increase their market share including mergers & acquisitions, and product innovation and development.
- Key players operating in the bearing market are
- NSK Ltd
- Schaeffler AG
- JTEKT Corporation
- The Timken Company
- MinebeaMitsumi Inc.
- NTN Bearing Corporation
- RBC Bearings Incorporated
- Rexnord Corporation
Bearing Market – Scope of the Report
A new study on the global bearing market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including the drivers, market trends, and challenges, as well as the structure of the global bearing market. TMR’s study offers valuable information about the global bearing market to illustrate how the market would grow during the forecast period 2019–2027.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global bearing market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the global bearing market. This helps readers understand principal factors to foresee growth in the global bearing market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global bearing market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Bearing Market Study
- What are the key factors influencing the bearing market in each region?
- What will be the CAGR of the global bearing market between 2017 and 2027?
- What is the future scope and changing trends in technologies in the global bearing market?
- Which factors will impede the growth of the global bearing market during the forecast period?
- Which are the leading companies in the global bearing market?
Research Methodology – Bearing Market
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global bearing market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global bearing market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the bearing market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from bearing industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global bearing market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global bearing market more reliable and accurate.
Bearing Market – Segmentation
TMR’s study on the global bearing market includes information categorized into four sections - product, type, component, application, and region. Changing industry trends and other crucial market dynamics associated with these sections of the bearing market have been discussed in detail.
Middle East & Africa