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Global Bearings Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Application, Material Type, and Region

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    Report

  • 150 Pages
  • November 2022
  • Region: Global
  • Ken Research Private Limited
  • ID: 5695722
Bearings are parts that assist in the rotation of an object. Bearings support the shaft that rotates inside the machinery. Machines that have the usage of bearings include automobiles, airplanes, electric generators, and others. They are also used in household appliances such as refrigerators, vacuum cleaners, air-conditioners, and others. The bearing supports the rotating shaft of the wheels, gears, turbines, rotors, and various other applications.

According to publisher estimates, the Global Bearings Market - which grew from approximately US$ 55 billion in 2017 to approximately US$ 80 billion in 2022 - is forecasted to grow further into ~US$ 120 billion opportunity by 2028, owing to the continuous upgradation in the product from multiple players, and growing usage of bearings.

New product launches by players and collaboration among the industry is one of the driving factors of the Global Bearing Market. For instance, In June 2022, The Timken Company announced that it is designing and supplying main shaft bearings for GE Renewable Energy Haliade-X, the world’s most powerful offshore wind turbine. Furthermore, In December 2020, The Timken Company acquired the assets of Aurora Bearing Company. Aurora manufactures rod ends and spherical plain bearings, which serve a diverse range of industrial sectors such as aerospace and defense.

Counterfeit products are posing one of the major challenges for the Bearings Market. Leading companies in bearings product manufacturing are more open to this threat. Manufacturing fake products lead to machine damage and injuries. For instance, In October 2019, JTEKT cooperated with World Bearing Association (WBA) and its efforts against counterfeiting globally by developing a new WBA Check App (WBA Bearing Authenticator) to protect its customers and dealers from property damage risk, injuries, and other events.

COVID-19 has slowed down the growth of the Bearings Market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle production globally, were all factors that reduce the use of bearings in the market. According to the International Monetary Fund (IMF), provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries.

Scope of the Report

The Bearings Market is segmented by product type, application, and material type. In addition, the report also covers market size and forecasts for the four regions in the Bearings Markets. The revenue used to size and forecast the market for each segment is US$ billion.

By Product Type

  • Plain Bearing
  • Ball Bearing
  • Roller Bearing
  • Others

By Application

  • Automotive
  • Application Transmission
  • Aerospace & Defense
  • Construction
  • Others

By Material Type

  • Metal
  • Plastic
  • Ceramic

By Geography

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Spain, Italy)
  • Asia Pacific (China, Japan, South Korea, India, Australia)
  • LAMEA (Latin America, Middle East, Africa)

Key Players

  • SKF
  • JTEKT Corporation
  • Regal Rexnord Corporation
  • Schaeffler AG
  • NSK Ltd
  • NTN Corporation
  • The Timken Company
  • MinebeaMitsumi Inc
  • HKT Bearings Ltd
  • Nachi-Fujikoshi Corporation

Key Trends by Market Segment

By Product Type: Rolling bearing segment held the largest market share of the Global Bearings Market in 2021. Rolling bearings are used in multiple industries such as automotive, capital equipment, aerospace, home appliances, and others.

Roller bearing is a type of rolling-element bearing that used a cylinder instead of a ball. Roller bearings are used in all main shaft and auxiliary drive shaft applications to support the pure radical load.

In July 2021, NTN Bearing Corporation announced the latest innovation, the KIZEI spherical roller bearing. Spherical roller bearings are manufactured with metallic shields that protect the bearing from solid contamination such as dust, pebbles, and other debris.

By Application: The automotive segment accounted for the largest market share in 2021, owing to the surging automobile production worldwide.

The increasing demand for vehicles is leading the automotive segment and is forecasted to be the fastest-growing segment in the forecast period.

In September 2022, SKF and NIO, a leading premium smart electric vehicle manufacturer, have strengthen the strategic corporation. As part of the agreement, SKF will be the preferred supplier of ceramic ball bearings.

By Material Type: The metal type segment held the largest market in 2021, owing to its usage in several industries among multiple applications.

Metal type bearing has application in outer rings, inner, rollers, and balls. Steel metal is the common type of material used to produce the load-carrying component in precision balls, roller bearings, and tapered roller bearings.

By Geography: Asia Pacific accounted for the largest market share within the Global Bearings Market in 2021, owing to surging machinery and motor vehicle production.

The increasing demand for aftermarket products for industrial equipment and motor vehicle repair. The surging construction and mining industry requires efficient industrial tools to operate, which further propels the growth of this region.

Presence of leading companies manufacturing bearings products, like JTEKT Corporation, NSK Ltd., NTN Corporation, HKT Bearings Ltd., and others, are expected to further boost the expansion of this market.

Competitive Landscape:

  • The global bearings market is significantly competitive with ~300 players which include globally diversified players, and regional players as well as a majority of country-niche players having their niche in bearings manufacturing for multiple product types and serving different industries
  • Country-niche players constitute the majority share by competitor type. While large global players constitute ~5% of the competition. Some of the major players in the market include SKF, JTEKT Corporation, Regal Rexnord Corporation, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, MinebeaMitsumi Inc., HKT Bearings Ltd., Nachi-Fujikoshi Corporation, and others

Recent Developments Related to Major Players

In September 2022, The Timken Company announced an acquisition of GGB Bearing Technology (GGB), a division of Enpro Industries.

In September 2022, SKF with Swedish steel producer Ovako introduced Spherical Roller Bearing (SRB) with 90% less emission than its standard SRB bearing.

In September 2019, Regal Rexnord announced the release of a new Klamploc adapter lock for seal master-mounted unitized spherical roller bearings (USRB).

Conclusion

The global bearings market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing application of different types of bearing in multiple industries such as power transmission, wind turbine, and others. The growth rate is expected to remain significant during the forecast period.

Though the market is significantly competitive with ~300 participants, the majority of country-niche players constitute the majority by type, while global players hold a minor share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks

Key Topics Covered in the Report

  • Snapshot of the Global Bearings Market
  • Industry Value Chain and Ecosystem Analysis
  • Market size and Segmentation of the Global Bearings Market
  • Historic Growth of the Overall Global Bearings Market and Segments
  • Competition Scenario of the Market and Key Developments of Competitors
  • Porter’s 5 Forces Analysis of the Global Bearings Industry
  • Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
  • COVID-19 Impact on the Overall Global Bearings Market
  • Future Market Forecast and Growth Rates of the Total Global Bearings Market and by Segments
  • Market Size of Application/Material Type Segments with Historical CAGR and Future Forecasts
  • Analysis of the Global Bearings Market
  • Major Production/Supply and Consumption/Demand Hubs in Each Major Region
  • Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
  • Overview of Notable Emerging Competitor Companies within Each Major Continent

Major Players Mentioned in the report

  • SKF
  • JTEKT Corporation
  • Regal Rexnord Corporation
  • Schaeffler AG
  • NSK Ltd
  • NTN Corporation
  • The Timken Company
  • MinebeaMitsumi Inc
  • HKT Bearings Ltd
  • Nachi-Fujikoshi Corporation
  • Liaocheng SAST Bearing Co., Ltd
  • Hangzhou DingTeng Industrial Co., Ltd
  • Rotycan Turbotech Pvt. Ltd
  • CEC Bearings
  • Industria Bearings & Transmissions Ltd

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

  • Bearings Manufacturing Companies
  • Bearings Material Suppliers
  • Potential Investors in Bearings Companies
  • Steel Bearings Producers
  • Ceramic Bearings Producers
  • Bearing Accessories Manufacturers & Suppliers
  • Consulting Companies in the Bearings Market
  • Government And Research Organizations Working in Bearings Industry
  • Investment Banks Targeting Bearings Industry
  • Company Research and Development Institutes
  • Market Research & Consulting Firms
  • Banking and Financial Service Providers
  • Auto Component Manufacturers
  • Government & Regulatory Authorities
  • Testing & Inspection Companies

Time Period Captured in the Report

  • Historical Period: 2017-2021
  • Forecast Period: 2022-2028F

Frequently Asked Questions

  • What is the Study Period of this Market Report?

  • The Global Bearings Market is covered from 2017-2028 in this report, including a forecast for 2022-2028

What is the Future Growth Rate of the Global Bearings Market?

  • The Global Bearings Market is expected to witness a CAGR of ~7% over the next six years

What are the Key Factors Driving the Global Bearings Market?

  • Surging the automotive, manufacturing, and electric component industry is likely to fuel the growth in the bearings market

Which is the Largest Product Segment within the Global Bearings Market?

  • The roller-bearing product type segment held the largest share of the Global Bearings Market in 2021

Who are the Key Players in the Global Bearings Market?

  • SKF, JTEKT Corporation, Regal Rexnord Corporation, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, MinebeaMitsumi Inc., HKT Bearings Ltd., Nachi-Fujikoshi Corporation.


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Table of Contents

1. Executive Summary
1.1 Highlights of Global Bearings Market Historic Growth & Forecast
1.2 Highlights of Market Trends, Challenges, and Competition
1.3 Highlights of Market Revenue Share by Segments
2. Market Overview and Key Trends Impacting Growth
2.1 Global Bearings Market Taxonomy
2.2 Industry Value Chain
2.3 The Ecosystem of Major Entities in the Global Bearings Market
2.4 Government Regulations & Developments
2.5 Key Growth Drivers & Challenges Impacting the Market
2.6 COVID-19 Impact on Global Bearings Market
2.7 Total Global Bearings Market Historic Growth by Segment Type, 2017-2021
2.7.1 By Product Type
2.7.2 By Application
2.7.3 By Material Type
2.7.4 By Major Region
2.8 Total Global Bearings Market Historic Growth & Forecast, 2017-2028
2.9 Key Takeaways
3. Total Global- Market Segmentation by Product Type, Historic Growth, Outlook & Forecasts
3.1 Market Definition - Segmentation by Product Type
3.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Product Type, 2017-2028
3.2.1 Plain Bearing
3.2.2 Ball Bearing
3.2.3 Roller Bearing
3.2.4 Others
3.3 Key Takeaways from Market Segmentation by Product Type
4. Total Global- Market Segmentation by Application, Historic Growth, Outlook & Forecasts
4.1 Market Definition - Segmentation by Application
4.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
4.2.1 Automotive
4.2.2 Power Transmission
4.2.3 Aerospace & Defense
4.2.4 Construction
4.2.5 Others
4.3 Key Takeaways from Market Segmentation by Application
5. Total Global- Market Segmentation by Material Types, Historic Growth, Outlook & Forecasts
5.1 Market Definition - Segmentation by Material Types
5.2 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Material Types, 2017-2028
5.2.1 Metal
5.2.2 Plastic
5.2.3 Ceramic
5.3 Key Takeaways from Market Segmentation by Material Types
6. Industry/Competition Analysis - Competitive Landscape
6.1 Types of Players (Competitors) & Share of Competition
6.2 Porter’s 5 Forces Analysis of Global Bearings Competitors
6.3 Key Developments in the Global Bearings Sector Impacting Market Growth
6.4 Comparison of Leading Competitors within the Global Bearings Market, 2021
6.5 Comparison of Leading Competitors within the Global Bearings Market by Coverage of Product Type, 2021
6.6 Comparison of Leading Competitors within the Global Bearings Market by Coverage of Application, 2021
6.7 Comparison of Leading Competitors within the Global Bearings Market by Coverage of Material Type, 2021
6.8 Comparison of Leading Competitors within the Global Bearings Market by Coverage of Major Regions, 2021
6.9 Key Takeaways from Competitive Landscape
7. Key Competitor Profiles (Company Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors)
7.1 SKF
7.2 JTEKT Corporation
7.3 Regal Rexnord Corporation
7.4 Schaeffler AG
7.5 NSK Ltd.
7.6 NTN Corporation
7.7 The Timken Company
7.8 MinebeaMitsumi Inc.
7.9 HKT Bearings Ltd.
7.10Nachi-Fujikoshi Corporation
8. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts
8.1 Major Countries Comparison of Macroeconomic Factors
8.2 Total Global- Market Revenue Share, Historic Growth, Outlook and Forecasts by Geography, 2017-2028
8.3 Major Region Market Analysis, Historic Growth, Outlook & Forecasts
8.4 North America - Bearings Market Analysis
8.4.1 Major Production and Consumption Hubs in North America
8.4.2 Notable Emerging Bearings Companies in North America
8.4.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Product Type, 2017-2028
8.4.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
8.4.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Material Type, 2017-2028
8.4.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • USA
  • Canada
  • Mexico
8.5 Asia Pacific - Bearings Market Analysis
8.5.1 Major Production and Consumption Hubs in the Asia Pacific
8.5.2 Notable Emerging Bearings Companies in the Asia Pacific
8.5.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Product Type, 2017-2028
8.5.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
8.5.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Material Type, 2017-2028
8.5.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
8.6 Europe - Bearings Market Analysis
8.6.1 Major Production and Consumption Hubs in Europe
8.6.2 Notable Emerging Bearings Companies in Europe
8.6.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Product Type, 2017-2028
8.6.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
8.6.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Material Type, 2017-2028
8.6.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Major Countries, 2017-2028
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
8.7 LAMEA - Bearings Market Analysis
8.7.1 Major Production and Consumption Hubs in LAMEA
8.7.2 Notable Emerging Bearings Companies in LAMEA
8.7.3 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Product Type, 2017-2028
8.7.4 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Application, 2017-2028
8.7.5 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Material Type, 2017-2028
8.7.6 Market Revenue Share, Historic Growth, Outlook, and Forecasts by Sub-Regions, 2017-2028
  • Latin America
  • Middle East
  • Africa
9. Industry Expert’s Opinions/Perspectives
9.1 Notable Statements/Quotes from Industry Experts and C-Level Executives on the Current Status and Future Outlook of the Market
10. Analyst Recommendation
10.1Analyst Recommendations on Identified Major Opportunities and Potential Strategies to Gain from Opportunities
11. Appendix
11.1Research Methodology - Market Size Estimation, Forecast, and Sanity Check Approach
11.2Sample Discussion Guide
  • Disclaimer

Companies Mentioned

A selection of companies mentioned in this report includes:

  • SKF
  • JTEKT Corporation
  • Regal Rexnord Corporation
  • Schaeffler AG
  • NSK Ltd.
  • NTN Corporation
  • The Timken Company
  • MinebeaMitsumi Inc.
  • HKT Bearings Ltd.
  • Nachi-Fujikoshi Corporation
  • Liaocheng SAST Bearing Co., Ltd
  • Hangzhou DingTeng Industrial Co., Ltd.
  • Rotycan Turbotech Pvt. Ltd
  • CEC Bearings
  • Industria Bearings & Transmissions Ltd.