Germany Bearing Market Research Report, 2027

The German bearing market is the largest market in Europe, which may not come as a surprise as the country is known for its engineering expertise and production. Some of the largest bearing manufacturing companies in the world was founded here. The upkeep of the bearing market is crucial to other industries as many of the machineries and equipment which are produced use bearings to facilitate some or other function. The core function of a bearing is to provide controlled movement of specific parts, which are mostly axial or radial in nature. These different functions are fulfilled by developing different types of bearings, which are plain bearings, ball bearings, roller bearings, and other bearings like fluid bearings and magnetic bearings. The bearing market in Germany is considered to be dominating in terms of revenue compared to other European countries and is said to be mature. According to the research report titled "Germany Bearing Market Research Report, 2027" published by Actual Market Research, the German bearing market is expected to grow at a CAGR of 3.91% till the year 2021, after which it is expected to grow at an even higher growth rate, indicating progress. The biggest segment in this market is occupied by ball bearings, which is a type of bearing which uses a rolling mechanism in its function. This is the largest segment in the industry due to the fact that these types of bearings are used widely in many different mechanisms, from simple axles to complex timing machines. Secondly, the bearing products are manufactured for many different sectors of industry, which are segmented into automotive, industrial, aerospace, and other segments, which consist of sectors like railways, agriculture, and advanced medical equipment. Most of the bearings produced in this country are for application in the industrial segment. This segment is the largest segment in the market with an expected growth rate of around 4%. In the future Most of these bearings are produced to be used in machineries which are pumps, compressors, electric motors, wind and hydroelectric power generation facilities etc. From the above statement, it can also be deduced that the majority of the bearings produced are distributed through OEMs, which is the majority of the market distribution channel, with the other being aftermarket distribution. The reason for this is that Germany is one of the biggest manufacturers of cars and also big in terms of manufacturing power. These industries therefore demand major quantities of different bearing products, attracting manufacturers in the country to devise OEM distribution for better market share and profit. This distribution of bearings needs to fulfil different specific functions, like plain bearings are needed for the process of housing activities; ball bearings are needed for axles and gear boxes of cars; roller bearings are used for machines which carry out heavy loading and operations. Then come the other need for specialised ball bearings, which consists of magnetic and fluid bearings as per the needs. The market in this country is driven by the fact that the automotive industry is shifting towards electric vehicles and some major manufacturers are looking to completely abandon combustible engines by the end of 2025. This gives rise to an intense demand for bearings, which are used in the motors of these vehicles. Along with this, the country is looking to shift towards renewable energy like wind turbines and hydroelectricity, both of which technology consists of bearings. The market in this segment is also facing obstacles in recent times. With the country in times of economic stress, the demand for bearings is declining in many of the different sectors. Along with this, the automotive industry is also slumping due to the silicone chip shortage, which has resulted in declining order values from this sector. The market also saw a decline in growth because of the uncertainty in the European Union and its changing economic policies. The impact of COVID-19 on the market The bearing market in the country was affected by the trends of every other industry, which started from issues in the supply chain, along with inconsistencies in production and instability of human resources. Specifically, the market saw a decline in trade among partner countries like China, France, and Italy. Although the opening of economies with a greater gap between supply and demand can prove to be a boon if the right strategies are implemented. Considered in this report Geography: Germany Historic year: 2016 Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report Germany Bearing market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation By Product type in the report: Ball Bearing Roller Bearing Plain Bearing Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By Application type in the report: Automotive Industrial Aerospace Others (Railway, Agriculture, etc.) By Distribution channel in the report: Original equipment manufacturers (OEMs) Aftermarket The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.