Global bearings market is estimated to reach US$120,054.1 million by 2026, projecting at a CAGR of 5.5% during the forecast period

February 16 16:53 2021
Global bearings market is estimated to reach US$120,054.1 million by 2026, projecting at a CAGR of 5.5% during the forecast period
The “GLOBAL BEARINGS MARKET REPORT” has been added to reportocean.com offering

The global market growth is driven by various factors such as increasing utilization of bearing in motor demand of automotive electrification, government initiatives to drive the manufacturing sector and Increasing demand for bearings in energy-efficient cars.

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Innovation of ceramic bearing are poised to bring in innovation and introduction of technologically advanced bearings are some major key trends leveraged by the market. However, increasing sales of counterfeit products is highly challenging the market growth. Whereas, rising demand for bearings in wind turbines and increasing concern about green vehicles are some lucrative opportunities to grab for high market share.

The contribution of bearing to enhance the performance of automobiles is also immense. Bearing is a vital component (sub-system) to achieve modern automobile’s performance targets. It plays an important role in performance enhancement of all the rotating parts in systems by carrying the load and facilitating transfer of torque. In modern automobile, passenger comfort is key consideration and role of bearing is critical to achieve lower system noise. Several features that are associated with the comfort, safety and fuel-efficiency of a vehicle rely on automotive bearings that adhere to the strict criteria for performance, function and design of the application.

Increasing Demand for Bearings in Energy-Efficient Cars

Market players have started delivering a new bearing solution for environmental micro-hybrid cars. This new magnetic sensor bearing solution is part of Valeo’s StARS (Starter Alternator Reversible System), a micro-hybrid system that provides automakers with opportunities to significantly reduce fuel consumption and CO2 emissions in city driving without any radical changes in the engine architecture. The system, featuring a stop-start function, cuts off the engine when the vehicle stops at a red light or slows down in congested traffic situations and restarts it quickly and silently when the driver releases the brake or engages a gear. It enables a reduction in fuel consumption and CO2 emissions of up to 25 percent in very dense urban traffic, typically during rush hour when there are many starts and stops. The rise of electric and hybrid vehicles has forced innovation in bearings.

Increasing Sales of Counterfeit Products

Low-cost and counterfeit products available in the market is acting as a major challenge for the growth of the global marketplace. Bearing is one of the popular counterfeiting items. Companies such as SKF and NSK among the major categories of companies that are more prone to this threat. Fake bearings are dangerous due to possible design failures that may occur, leading to machine damage and accidental injuries. NSK and SKF websites have presented several examples of counterfeit bearings, which affect the plant’s downtime and risk the lives of employees. As per the report published by International Trademark Association and the International Chamber of Commerce in February, it was estimated that the value of counterfeiting and piracy worldwide could reach $2.3 trillion by 2022. In 2015, the value was $1.7 trillion. Some brands have gone to extreme lengths to halt sales of counterfeit versions of their products.

COVID-19 Impact on Bearings Industry

Global bearings market is expected to witness a slight decline in 2020 i.e. post COVID-19 pandemic. The automotive industry has been significantly affected by the outbreak of COVID-19 virus. The pandemic has severely impacted the global automotive production. The disruption of supply chain activities is also responsible for the slowdown in manufacturing activities, delaying the production of vehicles, which is hindering the growth of the market. Besides, the decrease in the demand for vehicles due to the COVID-19 pandemic is also affecting the growth of the bearings market. Moreover, the fall-off in the purchasing of new equipment in manufacturing industry, backed by decline in the revenue of the end-users, including the chemical industry, automobile industry, has certainly impacted the manufacturing of bearings globally. Though, a substantial growth in the global bearings market can be expected in 2021 and subsequent years, backed by the resurgence of manufacturing activities globally.

Brazil contributes the modest share in the South America Bearings Industry

Global bearings market is estimated to reach US$120,054.1 million by 2026, projecting at a CAGR of 5.5% during the forecast period (2020-2025).

Asia contributes the highest share of around in the global bearings market. China and Japan are the major contributors in the growth of the regional market. India is expected to project the fastest growth rate during the forecast period. The funding for automotive sector will upsurge the market growth in the region. China is one of the major markets, and the sales in the country are expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair.

Brazil contributes the modest share of around 3.2% in the global bearings market, with Argentina bearings market is anticipated to register the fastest growth in the South America bearings market.

Segmentation Overview of the Bearings Industry

By Product

  • Ball Bearings
    • Deep Groove Ball Bearings
    • Self-Aligning Ball Bearings
    • Angular-Contact Ball Bearings
    • Thrust Ball Bearings
  • Roller Bearings
    • Tapered Roller Bearings
    • Spherical Roller Bearings
    • Cylindrical Roller Bearings
    • Needle Roller Bearings
  • 4 more segments

By Size

  • 30 to 40 mm
  • 41 to 50 mm
  • 51 to 60 mm
  • 61 to 70 mm
  • 70 mm & above

By Material

  • Specialty Steel Alloys
  • Plastic
  • Ceramics

By Industry

  • Automotive
    •                OEM
    •                Aftermarket
  • Industrial
    •                Agriculture
    •                Railway
    •                Mining
    •                Aerospace
    •                Machine Tools
    •                Exports
    •                Others

By Industrial

  • OEMs
  • Aftermarket

Regional Segmentation of the Global Bearings Market

  • North America                 
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Western Europe
      • The U.K.
      • Germany
      • France
      • Netherlands
      • Italy
      • Spain
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Ukraine
      • Poland
      • Rest of Eastern Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • South Korea
    • Rest of Asia Pacific
  • South America  
    • Argentina
    • Brazil
    • Rest of South America
  • Middle East
    • UAE
    • Saudi Arabia
    • Qatar
    • Egypt
    • Rest of Middle East
  • Africa                  
    • South Africa
    • Nigeria
    • Rest of Africa

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