Bearings Global Market Report 2024

Bearings are crucial machine components that consist of rolling elements designed to minimize friction, carry loads, and guide the movement and position of various machine parts. They are widely utilized across diverse industries to reduce friction between moving elements and support relative motion.

The main types of bearings are categorized as unmounted and mounted bearings. Unmounted bearings are those with cylindrical elements typically pressed onto a shaft or featuring a tapered bore for mounting on a drive shaft with an adapter sleeve. They come in a variety of types and styles to suit different applications. Bearings are manufactured using materials such as metal, plastic, and ceramics. Bearings find applications across various industries, including automotive, agriculture, electrical, mining and construction, railway and aerospace, automotive aftermarket, and others. These products are distributed through both online and offline distribution channels.

The bearings market research report is one of a series of new reports that provides bearings market statistics, including bearings industry global market size, regional shares, competitors with a bearings market share, detailed bearings market segments, market trends, and opportunities, and any further data you may need to thrive in the bearings industry. This bearings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bearings market size has grown strongly in recent years. It will grow from $125.89 billion in 2023 to $137.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed during the historical period in the bearings market can be attributed to several factors. These include the industrialization and growth of manufacturing, the expansion of the automotive and transportation sectors, increased demand for energy and power generation, growth in construction and infrastructure development, and the demand for bearings in heavy machinery and equipment. These factors collectively contributed to the expansion and development of the bearings market during the specified historical timeframe.

The bearings market size is expected to see strong growth in the next few years. It will grow to $193.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The anticipated growth in the forecast period for the bearings market can be attributed to various factors. These include the increased adoption of bearings in renewable energy applications, the growing demand for bearings in medical and healthcare equipment, the expansion of industrial automation and robotics, a rise in investment in aerospace and aviation technologies, and market penetration in emerging economies and developing regions. Notable trends expected during this period include technological advancements in bearing materials and design, a focus on sustainability and eco-friendly bearings, the utilization of 3D printing and additive manufacturing for bearings, increasing investment in research and development, and a shift towards high-speed and high-temperature bearings. These trends signify significant considerations in the bearings market as it adapts to changing technological landscapes and sustainability goals.

The surge in demand for electric vehicles (EVs) is poised to be a driving force behind the growth of the bearings market. Electric vehicles, propelled by electric motors rather than traditional internal-combustion engines, necessitate specialized bearings due to the high speeds involved in EV and hybrid electric vehicle (HEV) powertrains. The International Energy Agency (IEA) reported in its annual global electric vehicle outlook for 2022 that the sales of electric cars, including fully electric and plug-in hybrids, doubled in 2021, reaching a record 6.6 million. China alone contributed significantly to this growth, with electric car sales nearly tripling to 3.3 million in 2021, representing about half of the global total. Consequently, the increasing demand for electric vehicles is anticipated to drive the bearings market's growth during the forecast period.

The burgeoning automotive industry is expected to play a pivotal role in propelling the bearings market forward. Embracing design, development, manufacturing, marketing, and sales of motor vehicles, the automotive industry leverages bearings to enhance efficiency, durability, safety, and comfort while mitigating noise, vibration, and maintenance costs. According to the European Automobile Manufacturers Association, global motor vehicle production reached 85.4 million units in 2022, reflecting a notable 5.7% increase from 2021. Moreover, the automobile sector achieved approximately 78 million unit sales in 2022, marking a substantial 10% increase, as reported by Brand Finance plc. Hence, the surging automotive industry acts as a catalyst for the bearings market's growth.

Technological advancement stands out as a prominent trend shaping the bearings market. Manufacturers are increasingly focusing on the application of customized bearings to meet evolving needs as new technologies and digitalization become more widespread. In September 2021, AB SKF, a Sweden-based bearing manufacturing company, introduced a new line of spherical roller bearings designed specifically for slab, billet, and bloom continuous casting operations. These specialized bearings aim to enhance uptime, reduce production costs, and minimize environmental impact in harsh steel mill conditions. Rigorous testing in actual steel mill installations has demonstrated the superior performance of these new continuous caster spherical roller bearings, showcasing the industry's commitment to technological innovation in bearings manufacturing.

Prominent companies in the bearings market are strategically focusing on the development of innovative products, exemplified by the introduction of a lineup of bearings. This innovative lineup stands out for featuring a bioplastic cage, signifying that the cages, also known as retainers, utilized within the bearings are crafted from biodegradable or bioplastic materials. NSK Ltd., a leading Japanese company specializing in bearing manufacturing, automotive components, and precision machinery, pioneered this advancement by launching the world's first lineup of bearings with a bioplastic cage in December 2021. Bearings equipped with bioplastic cages contribute to sustainability objectives and play a role in lessening the environmental impact across various industries. Notably, these bioplastic cage bearings find applications in the automotive sector, including wheel hubs, transmission systems, and engines. By incorporating such bearings, weight reduction in vehicles is achieved, thereby enhancing fuel efficiency and decreasing emissions.

In a strategic move in October 2021, Regal Beloit Corporation, a prominent US-based manufacturer of electric motors and power transmission components, entered into a partnership with Rexnord Pmc LLC. This collaboration aimed to position the businesses as trailblazers in the future of electric motors, systems development, and power transmission. As a result of this partnership, a broader array of digital solutions was introduced, designed to elevate clients' productivity and efficiency in the realm of power transmission. Rexnord Pmc LLC, the partner in this venture, is a distinguished US-based bearings manufacturing company, contributing to the collaborative efforts towards innovation and future advancements in the field.

Major companies operating in the bearings market include Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l., KOYO Corporation of U.S.A., THB Bearings Co. Ltd., Myonic GmbH, SKF Group, LYC Bearing Corporation Limited, NTN Corporation, RKB Europe S.A., NSK Ltd., Brammer PLC, NBI Bearings Europe S.A., Rexnord Corporation, Schaeffler Technologies AG & Co. KG, The Timken Company, C&U Group Company Limited, Luoyang LYC Bearing Co. Ltd., Daido Metal Co. Ltd., THK Co. Ltd., GGB Bearing Technology, RBC Bearings Incorporated

Asia-Pacific was the largest region in the bearings market in 2023. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bearings market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the bearings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The bearings market consists of sales of bearing unmounted bearings, such as steel ball bearings, and stainless-steel ball bearings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.