As per the report published by Nova one advisor, the global Bearing Market size is projected to reach USD 243.09 Billion by 2030, at a CAGR of 7.9% during the forecast period, 2022-2030

A bearing is a machine component that constrains relative motion and reduces friction between moving parts of a machine. Ball bearings, roller bearings, spherical bearings, and sleeve bearings are the different bearing types, used in automotive, construction, and aerospace applications. Bearings used in diverse machinery need to be monitored continuously to ensure the efficiency, reliability, and consistency of operations. Upcoming technologies, such as smart bearings, are likely to help manufacturers monitor bearing operations constantly. The opportunity for the bearing market to expand is influenced by an increase in the demand for bearings from the automobile industry. The various types of bearings used in automobiles include automotive mounted bearings, and air bearings, which comprise car hub unit bearings, truck hub units, belt tensioner units, water pump spindles, clutch release bearings, propeller shaft support bearings, propeller shaft centering bearings, suspension bearings, and free wheel clutches. Growth in demand for specialized bearing solutions that meet different industry-specific requirements is projected to boost the market during the forecast period.

The Global Bearing Market Size accounted for USD 121.35 Billion in 2021 and is estimated to achieve a market size of USD 243.09 Billion by 2030 growing at a CAGR of 7.9% from 2022 to 2030.

Request Free Sample of This Report@ https://www.novaoneadvisor.com/report/sample/5446

Product Insights

Based on product, the bearings market is segmented into ball, roller, plain bearing, and others. The roller bearings segment accounted for the largest revenue share of more than 46.01% in 2021. The segment is also estimated to continue its supremacy and emerge as the fastest-growing segment in the coming years. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact product demand.

The report also covers the ball and other bearings. Ball bearings have a smaller surface contact, and therefore, help to reduce friction to a great extent. They can also be used with thrust and radial loadings, ascribed to which, these products are increasingly being used in both four and two-wheeled automobiles. Hence the segment is anticipated to witness healthy growth over the forecast period.

Plain bearings, also known as sleeve bearings, are the most preliminary type of bearings with no rolling components. They are used for sliding, oscillating, rotating, and reciprocating motions. In sliding applications, they are used as bearing strips, slide bearings, and wear plates. Due to greater contact area and conformability, plain bearings offer greater resistance to high shock loads and load capacity as compared to roller bearings. Such benefits offered over their counterparts make plain bearing a preferred option in applications where greater resistance to damage from oscillatory movements is requisite. The demand for plain bearings is expected to register a steady growth rate over the forecast period.

Application Insights

In 2021, the automotive segment dominated the market and accounted for 50.1% of the market share. The high share of this segment can be attributed to high automotive production, globally. Also, the demand for vehicles with technologically advanced solutions is escalating, thus, leading to rise in vehicle manufacturing that necessitates instrumented products. The growth in demand for highly advanced vehicles and the subsequent increase in the capabilities of the vehicles has escalated the demand for bearing in the automotive industry. Additionally, the automotive aftermarket segment is also anticipated to boost at a subsequently higher CAGR over the forecast period, thereby further bolstering the demand for bearings.

The railway and aerospace segment is anticipated to emerge as the fastest-growing segment by 2030. This growth can be attributed to growing interest in travel activities, the growing need to renew aging fleets owing to stringent environmental legislation, and fuel price pressure coupled with the availability of improved ways to assist global and local transportation systems. Demand from the railway segment is also anticipated to rise on account of accelerated railway construction in developing countries. Further, surging demand for small single-aisle aircraft and helicopters from emerging economies is anticipated further drive the growth of the segment.

Material Insights

Global bearing market report analyses different material segments including ceramic, plastic, and metal. The 52100 chrome steel is frequently utilized material to manufacture the load carrying components in tapered roller bearings, roller bearings and precision bearings. It also finds application in outer rings, inner, rollers and balls.

Type Insights

Different kinds of bearings employed in automobiles are truck hub units, car hub unit bearings, belt tensioner units, propeller shaft centering bearings, clutch release bearings, water pump spindles, propeller shaft support bearings, free wheel clutches and suspension bearings.

Distribution Channel Insights

Global bearing market is segmented on the basis of distribution channel into online and offline channels. North America has emerged as major bearing markets due to escalating online sales at a greater rate. Bulk online sellers are third party e-Commerce firms those offers discounts on bearings. Intensifying number of e-Commerce participants plus speedy product delivery feature is further supporting sales over the online channel.

Regional Insights

Asia Pacific dominated the market and accounted for a revenue share of 41.01% in 2021. The region is also anticipated to witness the fastest growth in terms of revenue, accounting for over USD 98.70 billion by 2030. China is one of the major markets, and sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Moreover, the robust construction and mining equipment market in India is estimated to facilitate market growth through 2030.

In Europe, the market is anticipated to witness favorable growth during the forecast period, owing to sustainable economic growth and increased investment. Furthermore, in the mature markets of the U.S., Western Europe, and Japan, the demand is driven by the rebounding production of motor vehicles and a healthy fixed investment environment. Increased sales of high-value bearings, such as large-diameter, custom-built used in heavy machinery, and wind turbines are also expected to drive the market in North America. In the Middle East and Africa, the rapid development of city infrastructures is positively influencing overall growth.

Some of the noteworthy companies in the bearing market include:

• SKF


• The Timken Company


• Rexnord Corporation


• MinebeaMitsumi Inc.


• NSK Ltd


• Schaeffler AG


• RBC Bearings Incorporated


• JTEKT Corporation


• NTN Bearing Corporation


• Danaher

Segments Covered in the Report

This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product, material, application, type, component, distribution channel, and regionas follows:

Market Segmentation

By Product Type

• Plain Bearing


• Ball Bearing
  
  
  
  • Four-point Contact
  
  
  • Self-aligning
  
  
  • Deep Groove
  
  
  • Angular Contact
  
  
  • Others
  
  
  
  


• Roller Bearing


• Others

By Type

• Mounted Bearing


• Unmounted Bearing

By Material Type

• Metal
  
  
  
  • Stainless Steel
  
  
  • Chrome Steel
  
  
  • Carbon Steel
  
  
  • Brass
  
  
  • Others
  
  
  
  


• Plastic


• Ceramic

By Distribution Channel Type

• Offline


• Online

By Component Type

• Cages


• Balls


• Rollers


• Rings


• Others

By Application Type

• Construction


• Aerospace


• Automotive


• Power Transmission


• Oil & Gas

By Region

• North America


• Europe


• Asia Pacific


• Latin America


• Middle East & Africa

Full Report is Ready | For Purchase Inquiry@ https://www.novaoneadvisor.com/report/checkout/5446

You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333