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Global Bearing Market Research Report, 2027

Global Bearing Market Research Report, 2027

Actual Market Research 28-06-2022 160 Pages Figures : 98 Tables : 30 Region : Global Category : Manufacturing & Industry Machinery, Parts & Equipment

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1. SKF Corporation

2. NTN Corporation

3. NSK Limited

4. JTEKT Corporation

5. The Timken Company

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Bearing is a mechanical element that drives relative motion to only the desired motion and reduces friction between moving parts. Bearings primarily use balls, rollers, rings, fluids and magnet in their assemblies. Bearings may undergo in end use that have radial loads and/or axial loads.Bearings are basically employed in each type of machinery or equipment, ranging from automotive parts, agriculture equipment and household appliances to aerospace and defense equipment.Growth in the manufacturing sector due to strong demand from multiple industries such asautomotive, aerospace, machinery, agriculture, railway, construction, defense, etc. is further spurring the growth of global bearing industry. Notably, with the surge in adoption of new technologies and digitalization, manufacturing firms are focusing on the utilization of customized bearings to meet their evolving needs. So much so that with rising in demand for specialized bearing solutions that meet various industrial specific requirements such as the growing electric vehicle sector will additionally boost the market of bearing globally. According to the report title, “Global Bearing Market Research Report, 2027”, publish by Actual Market research, the market was value at around USD 95 Billion in 2021 and it is anticipated to grow with the CAGR of 6.60% from 2022 to 2027.Bearings are a pivotal tribological element of many types of machinery and exist in a variety of forms and shapes.There are several different types of bearings, including ballbearings, roller bearings, plain bearings, magnetic bearing, fluid bearing, disc Harrow bearing as well as mounted versions that may use either rolling element bearings or plain bearings. Ball bearing consists of rolling element in a ball and spherical shape and it helps in reducing rotational friction and supporting radial and axial loads.Roller bearings use cylindrical, spherical and needle rolling elements for heavier load carrying requirements.Plain bearings operate on the principle of sliding friction and employ no rolling elements and they are generally quieter than anti-friction bearings as they have no moving parts. According to the report, based on product type, market is segmented into ball bearing, roller bearing, plain bearing and others. The ball bearing segment is leading the market with more than 45% of value market share. The growth of bearing market is mainly seen in the industrial market, but also in the automotive and aerospace market. The global market growth is partly a recovery from the large decline in 2020, when it was heavily impacted by the pandemic. According to the report, based on application type, market is segmented into automotive, industrial, aerospace and others. The industrial segment is leading the market with more than 40% of value market share.Around the globe, the electrification of passenger and commercial vehicle is picking up momentum. As part of their commitments to the Paris agreement on climate change, a growing number of countries and various manufacturing firms are set to phase out the production of new combustion engine vehicles over the next two decades. This also means that the global automotive industry faces its most significant transformation ever.Based on installation type, market is segmented into unmounted bearing and mounted bearing. Mounted bearing have a bearing installed in a housing to ease installation and provide additional support for the bearing. Based on distribution channel, market is segmented into original equipment manufacturers (OEMs) and aftermarket. Based on material type, market is segmented into metal, stainless steel, chrome steel, carbon steel, brass and others. The chrome steel material is widely used in manufacturing of the bearing and it is leading the market with more than 45% of value market share. There are various factors which are likely to drive the market of bearing in forecast period across the globe are, electrification, digitalization, regionalization, Focus on technology and increasing concern over counterfeit products.Electrification is a strong trend in many industrial sectors, especially in the automotive sector. Electric vehicles can bring many benefits to people, environment and societies, for example, energy security, urban air quality, greenhouse gas reductions and noise mitigation.Further, digitalization is affecting all parts of the value chain, from design and manufacturing and assembling to purchasing and maintenance. Given the goal of improving performance, this trend of digitalization is putting immense pressure on various bearing manufacturing firms. However, not all segments of the industry are equally modernized, and most firms are slow to adopt the new technologies thus hampering the growth of the global bearings market.With technology penetrating all aspects of our life, the bearing industry is not left behind. The industry is upping its game to meet the evolving technological requirements of customers. For example, to keep pace with the changing norms around lowering CO2 emissions and greater fuel efficiency, the automotive components industry is adopting the latest technologies to meet the evolving needs. According to the report, based on region, the bearing market is segmented into five major regions i.e. North America, Europe, Asia-Pacific, South America and Middle East & Africa. The Asia-pacific region is dominating the market with more than 40% value market share. Based on country, china is leader in bearing market.The growth of bearing market is mainly driven by countries like china, japan and India in the asia-pacific region.These countries are single most important market for electrical (China) and two-wheelers (India, Japan, Indonesia) segments, as well as for deep groove ball bearings demand and having the highest global bearing demand for light vehicles, trucks, railway, lift and escalators. In global bearing market various industries and regions have been impacted by the effects related to the spread of COVID-19. The COVID-19 situation had severely impacted bearing and automotive production and sales. Further, the supply chain disruptions also negatively affected the global bearings market. However, many countries across the globe have expanded their production and sales significantly from end of 2020 year. Considering this factor, a substantial growth is expected in the global bearing market in forecast year. Major Companies present in the market: SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Daido Metal Company Limited, Regal Rexnord Corporation, NBI Bearings Europe SA., Harbin Bearing Manufacturing Co., Limited, HKT Bearings Limited, Luoyang LYC Bearing Company Limited, Iljin Bearing, RKB Bearing, Wafangdian Bearing Group Corp, THK Co. Ltd., Danaher, MinebeaMitsumi, RBC Bearings Incorporated Considered in this report • Geography: Global • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Global Bearing market with its value and forecast along with its segments • Region-wise bearing market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Russia) • Asia-Pacific (China, Japan, India, Australia, South Korea) • South America (Brazil, Argentina, Colombia) • Middle-East & Africa (UAE, Saudi Arabia, South Africa) Byproduct 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 installationtype in the report: • Unmounted Bearing • Mounted Bearing By distribution channel in the report: • Original equipment manufacturers (OEMs) • Aftermarket By material type in the report: • Metal • Stainless Steel • Chrome Steel • Carbon Steel • Brass • Others (Plastic, Ceramic, etc.) 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.

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