The worldwide demand for bearings is expected to grow at a CAGR of 7% between 2022 and 2032, reaching US$ 270 Billion. As of 2021, sales were valued at US$ 130 Billion, and are projected to increase at a Y-o-Y valuation of 7.7% in 2022, reaching US$ 140 Billion.Fact.MR expects the worldwide bearings business will expand at a healthy rate in light of the aforementioned trends. According to the analysis, the market is expected to grow at a healthy 7% CAGR from 2022 to 2032, nearly doubling in size.
The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and a far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Bearing Market both at worldwide and provincial levels.
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Market Players: –
- HKT Bearings Ltd.
- Minebea Mitsumi Inc.
- Nachi Fujikoshi Corp.
- Igus Corporation
- JTEKT Corporation
- NSK Ltd.
- Timken Company Ltd.
- Wafangdian Bearing Group Co. Ltd.
- NTN Corporation
- Schaeffler Technologies AG & Co.
- SKF Inc.
Key partners in Market including industry players, policymakers, and financial backers in different nations have been persistently realigning their systems and ways to deal with carry out them to take advantage of new open doors. Numerous lately have updated their procedures to stay coordinated in the setting of overall disturbances brought about by the COVID-19 pandemic.
Key Segments Covered in the Bearing Industry Report
- By Product
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Other Bearings
- By Bearing Type
- Unmounted Bearing
- Mounted Bearing
- By Component
- Bearing Balls
- Bearing Rollers
- Bearing Cages
- Bearing Rings
- Other Bearing Components
- By Application
- Automotive Bearings
- Construction Bearings
- Aerospace Bearings
- Power Transmission Bearings
- Oil & Gas Bearings
- Agriculture Bearings
- Other Applications
What Do You Get in a Fact.MR Study?
- Factors affecting the overall development of the global Bearing Market
- Factor that might restrain the growth of the global market in the coming years of the forecast period.
- What is present competitive scenario of the global Bearing Market and its intricate details concerning potential business prospects of leading market players
- Pricing strategies of several different market players in the global Bearing Market
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
Competitive Landscape
Manufacturers in the bearing industry are more motivated to produce unique patented goods in order to meet the growing demand for optimum materials and designs.Another key reason that is expected to enhance bearing demand throughout the forecast period is the Industry 4.0 movement, which is gaining traction in manufacturing and industrial automation. Market participants are progressively working on refining their goods’ interior designs while also maximizing other elements such as cage design, among others.
Consistent developments in bearing technology, particularly for high-speed applications, are expected to drive market expansion. Leading bearing manufacturers are aiming to exploit important growth tactics, which include introducing new product lines, creating strategic alliances with current manufacturers, acquiring rivals, and obtaining collaborations with major organizations.
- For instance, NTN Corporation has launched mass production and distribution of the “ULTAGE Tapered Roller Bearing for Vehicle Application” beginning October 2020, which is designed for automotive gearboxes and differentials.
- NSK Ltd. produced a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can function at over 1.8 million dmN*1 in April 2021. It is the world’s quickest grease-lubricated deep groove ball bearing for automotive applications.