Bearing Market Analysis: Growth, Size, Share & Future Trends (2024-2029)
The report covers a comprehensive analysis segmented by Type (Ball Bearing, Tapered Bearing, Thrust Bearing, Bush Bearing, Roller Bearing, Magnetic Bearing, Cylindrical Roller Bearing, Needle Roller Bearing), By Material (Chrome Steel, Stainless Steel, Ceramics, Plastics, Hybrid Materials), By End User (Automotive, Industrial Machinery, Aerospace, Others), By Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Bearing Market Snapshot
Bearing Market Overview
The global bearing market is estimated to be at $116.27 Bn in 2024 and is anticipated to reach $167.08 Bn in 2029. The global bearing market is registering a CAGR of 7.52% during the forecast period 2024-2029.
Bearings are utilized in a wide array of equipment and machinery, spanning from automotive components, agricultural machinery, and household appliances to defense and aerospace systems. This widespread application is anticipated to be a significant driver of market growth in the foreseeable future. The growth of the bearing market is driven by the demand for high-performance bearings with lower maintenance, higher efficiency, and longer service life. Specialized solutions tailored to industry-specific needs, such as high-capacity bearings for wind turbines, are also fueling market growth. Technological advancements in seal and lubrication technologies, lightweight materials, and electro-mechanical features are creating opportunities for manufacturers.
The rise of the Agricultural Internet of Things (IoT) and the integration of sensor units for digital monitoring are further influencing the market. The bearings industry has been profoundly affected by the COVID-19 pandemic, leading to disruptions in global supply chains and shifts in consumer demand. During this period, the industry encountered a mix of challenges as various sectors such as automotive, aerospace, and industrial machinery, experienced decreased demand due to production cuts and limitations on the movement of goods and individuals. However, due to the rising popularity of e-commerce during the pandemic, the logistics and material handling systems sector saw increased demand for bearings, which helped maintain production continuity.
​​​Bearing Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Type, Material, Application |
| Geographies | North America, South America, Asia Pacific, Europe, the Middle East, Africa |
| Key Vendors |
SKF Group, Schaeffler Group, NSK Ltd., NTN Corp., JTEKT Corp.  |
Key Geographies of Bearing Market, 2023
Porter’s 5 Forces Analysis of Bearing Market
Bearing Market Trends
Technological advancements, such as Industry 4.0, automation, and the Internet of Things (IoT), are also driving the adoption of sophisticated machinery and equipment. Mechanical bearings play an essential role in ensuring precision, efficiency, and minimized downtime in modern systems. The growing trend of automation and the adoption of advanced machinery and equipment in various industries are further fueling the demand for bearings. The market experienced a steep decline in sales in some segments due to factors such as the COVID-19 outbreak impacting the automotive industry. The growth of bearing market includes the increasing use of bearings in various industries such as automotive, railways, electric vehicles and continuously variable transmission (CVT).
The market is witnessing significant advancements such as the development of ultra-high-speed bearings, enabling applications in high-speed machinery and equipment. These bearings offer improved performance and efficiency, making them a valuable addition to the industry. These bearings are designed to support extreme conditions, such as high temperatures above 150-330 degrees centigrade, providing a cost-efficient and reliable solution for high-speed rotating machinery. Technological advancements, including the emergence of sensor bearing units and additive manufacturing technologies, are further propelling the market forward. Additionally, the industry is focusing on product launches, innovation and strategic partnerships to drive growth. Regions such as Asia Pacific are expected to dominate the market with the strong presence of key players such as NSK Limited, Schaeffler AG, NTN Corp, and SKF, which are growing innovation and market expansion.
Bearing Market Driving Factors
The global bearing market is experiencing significant growth driven by various factors, including the increasing demand from the automotive industry, industrial machinery, and the aerospace industry. The growing need for high-performance bearings with lower maintenance requirements and higher efficiency is also driving the market. The automotive industry is a major contributor to the market’s growth, with increasing vehicle sales and production driving the demand for bearings. The industrial machine sector also significantly impacts the market, as bearings are essential for the smooth functioning of various machinery and equipment. The market is witnessing an increase in demand due to the increasing requirement of bearings in industries such as agriculture, electrical, construction and mining.
Investments in advanced bearings technologies are expected to further boost market growth. The aerospace sector is a significant contributor to the market’s growth, with the expanding commercial aviation sector and the focus on reducing fuel consumption and emissions driving the demand for high-performance bearings. The market is expected to continue growing, with investments in advanced bearing technologies and the development of electric and hybrid aircraft further boosting market growth. The Asia Pacific region is expected to lead the market, with increasing air passenger traffic, rising disposable incomes, and significant investments in the aviation industry driving growth in the region.
Bearing Market Challenges
The global bearing market deals with changing prices of materials and costly maintenance, while issues like poor lubrication and overloading can lead to bearing failures. The market also faces challenges such as supply chain disruptions, which have impacted market players with complex supply chains, leading to production delays and uncertainties. These disruptions can hinder the timely delivery of bearings, impacting manufacturing processes and overall market performance.
Additionally, the market is grappling with the availability of counterfeit bearings, which is a significant challenge that impacts various industries dependent on these critical components. Counterfeit bearings affect manufacturers by undermining brand reputation and pose a safety risk to consumers due to potential quality and performance issues. To combat this threat, bearing manufacturers have implemented measures such as developing anti-counterfeit technology, conducting audits throughout the supply chain, and raising awareness of the dangers of counterfeit bearings.
Bearing Market – Key Industry News
- In March 2024, Vesconite Bearings, a manufacturer of low-friction and wear-resistant components, is currently trialing custom-made bearings and wear pads on a BEISS tyre stripper machine within the tractor-tyre-changing industry.
- In March 2024, DuPont de Nemours, Inc. (DD) and Menatek Defense Technologies partnered to work together on NAZ Bearings, an innovative self-lubricating bearing that eliminates the need for maintenance. This collaboration aims to introduce a new type of bearing technology that offers enhanced performance and convenience.
- In April 2021, JTEKT Corp., a manufacturer of bearing and associated parts and equipment, improved the muddy water resistance of ball bearings for agricultural machinery by adapting automotive seal technology. This innovation enhances the durability and performance of bearings in challenging agricultural environments.
Bearing Market Competitive Landscape
The participants in the global bearing industry are always developing their strategies to preserve a competitive advantage. Companies primarily use acquisitions, R&D, partnerships, and technological launches. Several important entities in the bearing market include SKF Group, Schaeffler Group, NSK Ltd., NTN Corp, JTEKT Corp, and others.
These companies use various strategies such as product development, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances to maintain their market presence and competitiveness. Companies generally focus on innovation, research, and development to produce economic, highly efficient, and low-maintenance bearings, meeting the increasing demand for advanced solutions in various industries like automotive, energy, and manufacturing. Geographically, the market is dominated by the Asia-Pacific region due to the fast-growing machinery and automobile manufacturing industries. In fact, the roller-bearing product type segment holds the largest share, while the automotive sector dominates the market due to high automotive production.
Bearing Market Company Share Analysis, 2023(%)
Bearing Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Bearing Market (2018 – 2022) |
| 2.2. Global Bearing Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Bearing Market by Type |
| 3.1.1. Ball bearing |
| 3.1.2. Tapered Bearing |
| 3.1.3. Thrust Bearing |
| 3.1.4. Bush Bearing |
| 3.1.5. Roller Bearing |
| 3.1.6. Magnetic Bearing |
| 3.1.7. Cylindrical Roller Bearing |
| 3.1.8. Needle Roller Bearing |
| 3.2. Global Bearing Market by Material |
| 3.2.1. Chrome Steel |
| 3.2.2. Stainless Steel |
| 3.2.3. Ceramics |
| 3.2.4. Plastics |
| 3.2.5. Hybrid Materials |
| 3.3. Global Bearing Market by Application |
| 3.3.1. Shafting in Workshops |
| 3.3.2. Spindles of a Machine tool |
| 3.3.3. The Crankshaft of Engines |
| 3.3.4. The Axles of Automobiles |
| 3.3.5. Light Thrust and Radial Load |
| 3.3.6. Heavy Radial Load |
| 3.3.7. Large Thrust Load |
| 3.3.8. Others |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Bearing Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. SKF Group |
| 9.2. Schaeffler Group |
| 9.3. NSK Ltd. |
| 9.4. NTN Corporation |
| 9.5. JTEKT Corporation |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Bearing Market – Frequently Asked Questions (FAQs)
What is the current size of the global bearing market?
The market size for the global bearing market in 2024 is $116.27 Bn.
Who are the major vendors in the global bearing market?
The major vendors in the global bearing market are SKF Group, Schaeffler Group, NSK Ltd., NTN Corp., JTEKT Corp.
Which segments are covered under the global bearing market segments analysis?
This report offers in-depth insights into each type, material, end user.