Bearing Market - Forecasts from 2023 to 2028

The global bearing market was valued at US$87.18 billion in 2021.

A bearing is a component that supports a rotating shaft or other moving parts in machinery and is designed to reduce friction and facilitate smooth movement, minimize wear and tear on the machinery, and enable efficient and reliable operation. Bearings come in different types and configurations, such as ball bearings, roller bearings, and plain bearings, and are made of materials like steel, ceramic, or plastic. Bearing is used in automotive, aerospace, industrial, mining, and construction applications. The increasing use of industrial and manufacturing equipment, growing automobile production, and infrastructure development will boost the demand for bearings.

The increasing automotive production will boost the growth of the global bearing market.

Friction between moving parts can cause wear and tear on the components of an automobile and reduce its efficiency, leading to increased fuel consumption and emissions, and bearings can help to reduce friction and improve overall efficiency. Automobile bearings like passenger cars, trucks, and buses are used in various applications like transmission, engine, wheels and suspension, and steering. Bearings in the engine are used to support the crankshaft, camshaft, and connecting rods, and in transmission, it is used to support the gears and shafts, reducing friction and ensuring smooth shifting. The positive growth of vehicle production and usage will fuel the demand for bearings. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehicles, including trucks and buses, increased by 1.41% from 2021 to 2022. According to the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles increased from 3.06 million in 2020-2021 to 3.65 million in 2021-2022. This demonstrates that bearings hold a great demand in the future.

The surge in construction activities is augmenting the demand for bearings.

Bearings play a critical role in the construction industry by reducing friction between moving parts, supporting heavy loads, and improving efficiency. The construction industry relies heavily on excavators, loaders, cranes, and bulldozers, all requiring bearings to function efficiently. The growth in construction activities boosts the demand for bearings. According to the Association of Equipment Manufacturers (AEM), global construction equipment sales increased by 5% in 2021, following a decline of 16% in 2020. According to the European Association of Heavy Machinery Manufacturers (CECE), the construction equipment market grew by 9% in 2021 due to increased investment in infrastructure and renewable energy projects. According to the World Bank, infrastructure investments are key to the post-COVID economic recovery. In 2020, the World Bank approved over $18 billion in financing for construction projects in various countries, including India, Egypt, and Colombia.

The Asia Pacific region held a significant share in 2021.

The growing economies in the Asia Pacific region, such as China, Japan, and India, are witnessing significant growth in the automotive, construction, and manufacturing industries, parallelly driving the demand for bearings. The Chinese government released a "Development Plan for Heavy-duty Commercial Vehicles (2021-2035)" for the improvement of heavy-duty commercial vehicles, which focuses on improving the efficiency and safety of traditional diesel vehicles. In 2021, the governments of India and Dubai signed a contract to build infrastructure in Jammu and Kashmir, including industrial parks, information technology towers, multifunctional towers, logistical hubs, medical colleges, and specialized hospitals. The Japanese government launched the " Disaster Resilient Infrastructure Development" program in 2019, which includes investments in infrastructure that can withstand earthquakes, floods, and other natural disasters. The increasing concern to reduce emissions in the automotive industry and construction and infrastructure developments need bearings in their operations and developments. These factors all increase the demand for bearings in the Asia Pacific region.

Market Developments:

• August 2022:AKF produced a brand-new hybrid deep groove ball bearing for high-speed applications in the industrial and manufacturing sector.
• February 2022:Schaeffler, a German bearing manufacturer, launched a high-efficiency ball bearing called "TriFinity triple-row wheel bearing, " specially designed for electric vehicles.
• July 2021:Timken, a global manufacturer of bearings and related products, launched the “Timken®Quick-Flex” bearing for construction equipment which offers high torque capacity and easy installation, making them ideal for use in a range of construction applications.

Market Segmentation:

By Type

• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others

By Material

• Steel
• Ceramic
• Plastic

By End-User

• Automotive
• Aerospace
• Industrial
• Mining
• Construction
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Other