According to a new Fact.MR report, the worldwide bearing market is expected to grow at a CAGR of 7% between 2022 and 2032. According to the report, the sector is predicted to reach US$ 270 Billion by the end of the projection year. Extensive applicability in the construction and automotive industries is projected to support market demand significantly.
According to the analysis, the market grew at a CAGR of 6% between 2015 and 2021, reaching an anticipated worth of US$ 130 billion. Advances in seal and lubrication technologies, as well as the use of lightweight materials in high-performance products, are offering enormous potential for bearing producers.
The sale of automotive bearings is directly proportionate to the rise in vehicle manufacturing. Global passenger car manufacturing reached 69.3 million units in 2018, up 2.25% from the previous year, according to figures from the International Organization of Motor Car Manufacturers (OICA). Similarly, the introduction of smart sensor-based technologies, such as SKF’s InsightTM integrated wireless technology, is causing significant advancements in the worldwide bearings business.
Key Takeaways from the Market Study
- Ball bearing sales are expected to grow at a CAGR of 5% until 2032.
- Mounted bearings are expected to gain a sales share of 45% throughout the projection period.
- Automotive bearings led the market by application in 2020, accounting for about half of worldwide demand.
- The United States is an appealing market, accounting for nearly two out of every five bearing sales.
- Germany to register a value CAGR worth 7% across the 2022-2032 period of assessment
- China to exhibit a market value worth US$ 95 Billion by the end of the forecast period
“With the introduction of smart technology, bearing manufacturers are integrating advanced IoT solutions to monitor performance, a trend that will fuel many industry advancements and product launches.” says a Fact.MR analyst.
HKT Bearings Ltd., Minebea Mitsumi Inc., Nachi Fujikoshi Corp., Igus Corporation, JTEKT Corporation, NSK Ltd., Timken Company Ltd., Wafangdian Bearing Group Co. Ltd., NTN Corporation, Schaeffler Technologies AG & Co., and SKF Inc. are among the key bearing manufacturers featured by Fact.MR. Product launches, capacity expansion, and acquisitions are all important expansion methods.
- NTN Corporation has launched mass manufacturing and distribution of the “ULTAGE Tapered Roller Bearing for Vehicle Application,” which is designed for automotive gearboxes and differentials, since October 2020.
- NSK Ltd. produced a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can operate at over 1.8 million dmN*1 in April 2021. It is the world’s fastest grease-lubricated deep groove ball bearing for automotive applications.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global bearing market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (ball bearing, roller bearing, plain bearing and other bearings), bearing type (unmounted bearing and mounted bearing), component (bearing balls, bearing rollers, bearing cages, bearing rings and other bearing components), and application (automotive bearings, construction bearings, aerospace bearings, power transmission bearings, oil & gas bearings, agriculture bearings and other applications) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.