- The defence and aerospace industries use bearings extensively, which is expected to support expansion of the global bearing market.
- Increasing adoption of ball bearings amongst manufacturers of heavy vehicle and light vehicles are expected to drive the segment
WILMINGTON, Del., Oct. 26, 2022 /PRNewswire/ -- In 2021, the value of the global bearing market stood at US$ 123.6 Bn. The global market is anticipated to expand at 6.1% CAGR during the forecast period, from 2022 to 2031. It is anticipated that by 2031, the global bearing market will touch value of US$ 216.7 Bn. Due to technological improvements in various types of bearings, widespread usage across several end-use businesses, changing regulatory environment, and rising usage of lightweight automotive parts, the global bearing market is predicted to expand during the forecast period.
Numerous businesses, including agriculture, automotive, aerospace, oil & gas, power transmission, construction, and others, use bearings significantly. In order to grow their revenue share in the market, bearing manufacturers are offering lightweight, high-capacity bearings. Additionally, the utilization of bearings in various automotive parts is being directly influenced by the rise in vehicle manufacturing across the globe. Leading companies in the bearing market are concentrating their R&D efforts on technical advancements, product breakthroughs, and new material and quality options to diversify their sources of income.
A rise in demand for bearing from the automotive sector is expected to bolster growth of the global bearing market. Air bearings and automotive mounted bearings are a few of the several types of bearings found in automobiles. The growth opportunity for bearing is anticipated to grow as demand for specialty bearing solutions catering to various industry-specific criteria increases.
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Key Findings of Market Report
- In 2021, the ball bearing category accounted for a significant portion of the global bearing market in terms of products. It is anticipated that it will continue to dominate the market throughout the anticipated timespan. Ball bearings are preferred by producers of light and heavy vehicles, which is expected to propel the category during the forecast timeline.
- Several nations are ramping up their defence infrastructure, which is anticipated to raise demand for bearings. For various mission-critical applications in aircraft equipment, specialized bearings like linear bearings and thrust bearings are essential. This factor is expected to drive future of bearing market in the years to come.
- Sensors embedded into smart bearings collect information about their environment, including speed, vibration, load, direction, temperature, levels of debris, and many other parameters. An automated system that monitors the particular bearing action receives the information that smart bearings collect. Magnetic bearings and smart bearings, which are intended to let manufacturers continually monitor bearing operations, are estimated to be key technology for the future of bearings. Innovations are expected to come up as key marketing strategy for bearing manufacturers.
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Global Bearing Market: Growth Drivers
- Depending on application type, in 2021, the automotive industry accounted for a sizable portion of the global bearing market. This is brought on by rising demand for bearings for use in various automobile parts. Rising vehicle manufacturing all around the world is directly driving up use of bearings in automotive components.
Global Bearing Market: Key Competitors
- RBC Bearings Incorporated
- The Timken Company
- NTN Bearing Corporation
- Schaeffler AG
- Rexnord Corporation
- JTEKT Corporation
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Global Bearing Market: Segmentation
Product
- Ball Bearing
Roller Bearing
- Plain Bearing
- Others
Material
- Plastic
- Ceramic
- Metal
Type
- Unmounted Bearing
- Mounted Bearing
Component
- Balls
- Rollers
- Cages
- Rings
- Others
Application
- Automotive
- Construction
- Aerospace
- Power Transmission
- Oil & Gas
- Agriculture
- Others
Distribution Channel
- Online
- Offline
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