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KSA Bearing Market By Type, By Distribution Channel, By End User, By Machine Type, By Group, By Size, Opportunity Analysis and Industry Forecast, 2023 - 2032

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    Report

  • 198 Pages
  • April 2024
  • Region: Saudi Arabia
  • Allied Market Research
  • ID: 5978105
The KSA bearing market size was valued at $127.12 million in 2022 and is projected to reach $191.63 million by 2032, registering a CAGR of 4.3% from 2023 to 2032.

Bearings are mechanical components that allow rotational or linear movement while decreasing friction and supporting weight. They are widely employed in machinery, vehicles, and equipment that require controlled motion because they minimize friction between rotating or sliding pieces, allowing them to work more efficiently.

The growth of the KSA-bearing market is majorly driven by a surge in automobile production and sales, a rise in investment in railways, and an increase in emphasis on renewable power generation. However, fluctuations in raw material prices and high maintenance costs as well as an increase in the trend of vehicle electrification hinder market growth. On the contrary, the development of additive manufacturing technologies & materials to manufacture bearings and the emergence of sensor bearing technology are anticipated to offer remunerative opportunities for the expansion of the KSA bearing market during the forecast period.  

In recent years, increased inclination has been witnessed toward the generation of energy from renewable energy sources. The Saudi Arabian government is heavily investing in the development of renewable energy generation sources. The increasing investment in renewable power generation is due to the increasing demand for electricity. The government is also planning to generate 50% of the country’s electricity from renewable sources by 2030, primarily to tackle environmental concerns. Moreover, the country is strategically planning to diversify its renewable power generation sector and is increasing its investment in wind power, solar power, and saline water conversion projects. The development in such projects is anticipated to positively drive the growth of the KSA-bearing market during the forecast period.  

For instance, on May 22, 2023, NEOM Green Hydrogen Company (NGHC) - a renewable energy power generation company - announced the world’s largest green hydrogen production facility at a total investment value of $8.4 billion. The new facility is located in Oxagon Saudi Arabia, which is involved in producing green hydrogen for the local and international market. The project will be integrated with renewable energy sources such as wind power. Currently, the project is planning to have 250 wind turbines, which can be extended if power demand increases. The project is currently in the development phase and will be fully operational by 2026. Likewise, there are also growing investments in projects such as Yanbu Wind Farm, Waad Al-Shamal Wind Farm, and Al Ghat Wind Farm.  

Furthermore, in August 2023, Saudi Arabia Development Fund (NDF) announced its participation in financing of Shuaiba Project. The project is in partnership with Saudi Aramco, ACWA Power and Badil Company. The partnership will look after the development of one of the largest solar power plants in the world. The plant is valued at $2.2 billion and is located in Makkah Al-Mukarramah region. The power plant is scheduled to be ready by 2025 and is estimated to supply clean energy to more than 450,000 households.  

However, the cost of raw materials acts as the key concern for manufacturers operating in the bearing market. Raw materials on average account for around 60% of bearings manufacturer’s revenue. The raw material price of automotive bearing continuously fluctuates depending on the market economic condition. For instance, due to Russia-Ukraine war, the prices for raw materials especially steel increased significantly.   For instance, in 2021 and 2022, the cost of raw materials such as steel and iron increased significantly. In 2022, Ukraine exported 1.32 million of pig iron, which was 69% less as compared to 2021. The reduction in metal mining resulted in increased price of raw materials globally, thus impacting the KSA bearing market.   

For the purpose of analysis, the KSA bearing market scope covers the segmentation based on type, distribution channel, end user, machine type, group, and size.

Types

  • Ball Bearings
  • Tapered Bearings

Distribution Channels

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket

End Users

  • Automotive
  • Industrial
  • Aerospace
  • Others

Machine Types

  • Ice Vehicles
  • Electric Vehicles
  • Industrial Machinery
  • Aerospace Machinery

Groups

  • Group 1
  • Group 2
  • Group 3

Various Sizes

  • 30-40
  • 41-50
  • 51-60
  • 61-70
  • 70 & Above

The key companies profiled in the KSA-bearing market

  • NSK Ltd.
  • Schaeffler AG
  • NTN Corporation
  • SKF
  • Iljin Bearing
  • RKB Bearing
  • JTEKT Corporation
  • THE TIMKEN COMPANY
  • IKO International
  • RUBIX GROUP.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report Description
1.2. Key Market Segment
1.3. Key benefits for stakeholders
1.4. Research Methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter’s Five Forces Analysis
3.4. Market Dynamics
3.4.1. Drivers
3.4.1.1. Surge in automobile production and sales
3.4.1.2. Rise in investment in railways
3.4.1.3. Increase in focus toward renewable power generation
3.4.2. Restraints
3.4.2.1. Fluctuation in raw material prices and high maintenance cost
3.4.2.2. Increase vehicle electrification
3.4.3. Opportunities
3.4.3.1. Development of additive manufacturing technologies & materials to manufacture bearings
3.4.3.2. Emergence of sensor bearing technology
3.5. Analysis on the usage of ball bearings by manufacturing material
3.6. Analysis of the key bearing manufacture in KSA
3.7. Key bearing manufacturers across globe
3.8. Analysis on the KSA/GCC bearing industry
3.9. Investors Analysis
3.10. KSA & GCC Bearing Market Volume (Units)
3.11. Average Selling Price for Bearings
3.12. KSA Import Analysis for ball bearings
3.13. Key Player Analysis & Market Share (in KSA)
CHAPTER 4: KSA BEARING MARKET, BY TYPE
4.1. Overview
4.2. Ball Bearing
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market analysis, by country
4.3. Tapered Bearing
4.3.1. Key Market trends, growth factors, and opportunities
4.3.2. Market analysis, by country
CHAPTER 5: KSA BEARING MARKET, BY DISTRIBUTION CHANNEL
5.1. Overview
5.2. Original Equipment Manufacturers (OEMs)
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market analysis, by country
5.3. Aftermarket
5.3.1. Key Market trends, growth factors, and opportunities
5.3.2. Market analysis, by country
CHAPTER 6: KSA BEARING MARKET, BY END USER
6.1. Overview
6.2. Automotive
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market analysis, by country
6.3. Industrial
6.3.1. Key Market trends, growth factors, and opportunities
6.3.2. Market analysis, by country
6.4. Aerospace
6.4.1. Key Market trends, growth factors, and opportunities
6.4.2. Market analysis, by country
6.5. Others
6.5.1. Key market trends, growth factors, and opportunities
6.5.2. Market analysis, by country
CHAPTER 7: KSA BEARING MARKET, BY MACHINE TYPE
7.1. Overview
7.2. ICE Vehicles
7.2.1. Key market trends, growth factors, and opportunities
7.2.2. Market analysis, by country
7.3. Electric Vehicles
7.3.1. Key Market trends, growth factors, and opportunities
7.3.2. Market analysis, by country
7.4. Industrial Machinery
7.4.1. Key Market trends, growth factors, and opportunities
7.4.2. Market analysis, by country
7.5. Aerospace Machinery
7.5.1. Key Market trends, growth factors, and opportunities
7.5.2. Market analysis, by country
CHAPTER 8: KSA BEARING MARKET, BY GROUP
8.1. Overview
8.2. Group
8.2.1. Key market trends, growth factors, and opportunities
8.2.2. Market analysis, by country
8.3. Group
8.3.1. Key market trends, growth factors, and opportunities
8.3.2. Market analysis, by country
8.4. Group
8.4.1. Key Market trends, growth factors, and opportunities
8.4.2. Market analysis, by country
CHAPTER 9: KSA BEARING MARKET, BY SIZE
9.1. Overview
9.2. -
9.2.1. Key market trends, growth factors, and opportunities
9.2.2. Market analysis, by country
9.3. -
9.3.1. Key Market trends, growth factors, and opportunities
9.3.2. Market analysis, by country
9.4. -
9.4.1. Key Market trends, growth factors, and opportunities
9.4.2. Market analysis, by country
9.5. -
9.5.1. Key Market trends, growth factors, and opportunities
9.5.2. Market analysis, by country
9.6. & Above
9.6.1. Key Market trends, growth factors, and opportunities
9.6.2. Market analysis, by country
CHAPTER 10: COMPETITIVE LANDSCAPE
10.1. Introduction
10.1.1. Top winning strategies
10.1.2. Top Winning Strategies, By Year, 2021-2023*
10.2. Product Mapping of Top 10 Players
10.3. Competitive Dashboard
10.4. Competitive Heatmap
10.5. Top Player Positioning
CHAPTER 11: COMPANY PROFILES
11.1. IKO International
11.1.1. Company overview
11.1.2. Key executives
11.1.3. Company snapshot
11.1.4. Operating business segments
11.1.5. Product portfolio
11.1.6. Business performance
11.2. ILJIN CO., LTD.
11.2.1. Company overview
11.2.2. Key executives
11.2.3. Company snapshot
11.2.4. Operating business segments
11.2.5. Product portfolio
11.3. JTEKT CORPORATION
11.3.1. Company overview
11.3.2. Key executives
11.3.3. Company snapshot
11.3.4. Operating business segments
11.3.5. Product portfolio
11.3.6. Business performance
11.3.7. Key strategic moves and developments
11.4. NSK LTD.
11.4.1. Company overview
11.4.2. Key executives
11.4.3. Company snapshot
11.4.4. Operating business segments
11.4.5. Product portfolio
11.4.6. Business performance
11.4.7. Key strategic moves and developments
11.5. NTN CORPORATION
11.5.1. Company overview
11.5.2. Key executives
11.5.3. Company snapshot
11.5.4. Operating business segments
11.5.5. Product portfolio
11.5.6. R&D EXPENDITURE
11.5.7. Business performance
11.5.8. Key strategic moves and developments
11.6. RKB BEARING INDUSTRIES
11.6.1. Company overview
11.6.2. Key executives
11.6.3. Company snapshot
11.6.4. Operating business segments
11.6.5. Product portfolio
11.7. RUBIX
11.7.1. Company overview
11.7.2. Key executives
11.7.3. Company snapshot
11.7.4. Operating business segments
11.7.5. Product portfolio
11.7.6. Business performance
11.8. SCHAEFFLER AG
11.8.1. Company overview
11.8.2. Key executives
11.8.3. Company snapshot
11.8.4. Operating business segments
11.8.5. Product portfolio
11.8.6. R&D EXPENDITURE
11.8.7. Business performance
11.8.8. Key strategic moves and developments
11.9. SKF
11.9.1. Company overview
11.9.2. Key executives
11.9.3. Company snapshot
11.9.4. Operating business segments
11.9.5. Product portfolio
11.9.6. R&D EXPENDITURE
11.9.7. Business performance
11.10. THE TIMKEN COMPANY
11.10.1. Company overview
11.10.2. Key executives
11.10.3. Company snapshot
11.10.4. Operating business segments
11.10.5. Product portfolio
11.10.6. Business performance
11.10.7. Key strategic moves and developments

Companies Mentioned

  • IKO International
  • ILJIN Co., Ltd
  • JTEKT Corporation
  • NSK Ltd
  • NTN Corporation
  • RKB Bearing Industries
  • Rubix
  • Schaeffler AG
  • SKF
  • The Timken Company

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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