Global Bearings Market is forecasted to grow further into ~US$ 120 billion opportunity by 2028 – Ken Research
What is the Size of Global BEARING INDUSTRY?
Global Bearing market is growing at a CAGR of ~% in 2017-2022P and is expected to reach ~USD Bn by 2028F.
The Bearing Market is largely driven by 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 defense sector.
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.
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GLOBAL BEARING MARKET BY PRODUCT TYPE
The Global Bearing market is segmented by Product type into Plain Bearing, Ball Bearing, Roller Bearing and Others.
Rolling bearing segment held the largest market share of the Global Bearings Market in 2022P. 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.
GLOBAL BEARING MARKET BY APPLICATION TYPE
The Global Bearing Market is segmented by Application into Automotive, Application Transmission, Aerospace & Defense, Construction and Others.
The automotive segment accounted for the largest market share in 2022P, 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.
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GLOBAL BEARING MARKET BY GEOGRAPHY
The Global Bearing market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
Asia Pacific accounted for the largest market share within the Global Bearings Market in 2022P, 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.
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