Bearings Market size to increase by USD 13.02 billion during 2022-2027; Strong demand for high-quality bearings to drive the growth - Technavio
NEW YORK, Jan. 16, 2024 /PRNewswire/ -- The bearings market size is expected to grow by USD 13.02 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 2.97% during the forecast period. The market is segmented by Product (Anti-friction bearings, Magnetic bearings, and Other bearings), End-user (Automotive industry, Heavy industry, ARS industry, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). The strong demand for high-quality bearings drives market growth. The growth in developing economies demands efficient machinery. High-quality bearings, reducing friction, facilitate energy-efficient and eco-friendly operations. Manufacturers are under competitive pressure, driving the adoption of advanced bearings to cut costs and enhance efficiency. This shift is replacing older bearings and meeting demands for low fuel consumption, reduced emissions, and heightened safety standards, further fueling the demand for customized bearings. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the bearings market: AB SKF, ASAHI SEIKO Co. Ltd., Bharat Forge Ltd., C and U Americas, HKT BEARINGS Ltd., JTEKT Corp., Luoyang JCB Bearing Technology Co. Ltd., LYC Bearing Corp., MinebeaMitsumi Inc., myonic GmbH, NACHI FUJIKOSHI Corp., NBI Bearings Europe SA, NSK Ltd., RBC Bearings Inc., Regal Rexnord Corp., Schaeffler AG, THB Bearings Co. Ltd., The Timken Co., Wafangdian Guangyang Bearing Group Co. Ltd., and NTN Corp.
- Bearings Market is fragmented in nature.
- Market to observe 2.56% YOY growth in 2023.
Market Dynamics:
Trend
- The increasing adoption of electric vehicles is an emerging market trend.
- Electric vehicle adoption, driven by emission regulations, compels hydraulic equipment innovation. US electric car sales surged 45% from June 2021 to 2022.
- Automakers craft new, multi-featured EVs, prompting eco-friendly tech development. Specific bearing needs arise for high-powered electric motors; notable vendors like SKF offer efficient ball bearings for EVs.
- As EV adoption rises, expect increased R&D investments in specialized bearings, driving market growth.
Challenge
- The increasing popularity of counterfeit products and used bearings challenges market growth.
- Counterfeit bearings flood the market, resembling originals and causing factory breakdowns, tarnishing manufacturers' reputations.
- Additionally, high-priced bearings drive interest in used ones, affecting new bearing sales and revenue.
- Their availability on online platforms at significantly lower prices may impede market growth in the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
Keg Segments:
The anti-friction bearings segment will be significant during the forecast period. Anti-friction bearings, crucial in reducing mechanical friction in industrial equipment, are witnessing increased demand across multiple industries. From automotive to wind power, their usage spans varied applications like turbines and defense machinery. Although costlier due to intricate design, these bearings are favored for their high durability and efficiency, categorized into ball and roller types. Get a glance at the market contribution of the segments, Request a FREE Sample
The Bearings market encompasses a diverse range, including Ball Bearings, Roller Bearings, Precision Bearings, Automotive Bearings, Industrial Bearings, and Aerospace Bearings. These high-performance components span various types, such as Ceramic Bearings, Steel Bearings, Tapered Bearings, Spherical Bearings, Needle Bearings, and Thrust Bearings. With a focus on quality, innovations in Bearing Design and Bearing Testing ensure optimal Load Capacity, Friction Management, and Wear Resistance. Beyond functionality, bearings contribute to efficient Rotary and Linear Motion, supported by Lubrication Systems. The industry also emphasizes aspects like Condition Monitoring, Environmental Impact, and Supply Chain Management, providing comprehensive Aftermarket Services.
The India - Bearings Market size is estimated to grow at a CAGR of 3.18% between 2022 and 2027. The market size is forecast to increase by USD 809.42 million.
The intelligent pump and control systems market size is forecast to increase by USD 764.6 million, at a CAGR of 7.8% between 2023 and 2028.
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-users
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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