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Bearing Market To See Record Break Revenue $ 195 Billion By 2027

The global bearing market is projected to grow at a CAGR of nearly 6.85% between 2020 and 2027 and is projected to surpass USD 195 billion by 2027. The report provides the overall revenue of the global bearing market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

Bearings are mechanical assemblies comprises of rolling elements and typically outer and inner races that can beutilized for linear shaft or rotating applications. There are multiple kinds of bearings available in the market such as roller bearings, linear bearings, ball bearings along with mounted versions which are used in plain bearings or rolling element bearing. Ball bearings have sphere-shaped rolling elements employed for lower load applications. On the on other hand, roller bearings utilize cylindrical rolling elements for heavier load carrying works. Bearings diminish friction permitting smooth acceleration in automobiles, accurate microscopes, quiet running ceiling fans, and operative dental drills. Developments in anti-friction bearings have played an important role in the improved mobility of society in the last century.

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Growth Factors

Rising production of vehicles is directly prompting the sale for bearings employed in automotive sector. As per data presented by the International Organization of Motor Vehicle Manufacturers (OICA), passenger vehicles production on the global level was around 69 million units in 2018, recording a growth of 2.2% than earlier year. Bearings find application in machinery that required to be supervised continuously to safeguard consistency, competence, reliability, and cost efficacy of the operations. Forthcoming technologies including smart bearings may assist firms tocontinuously supervise bearing operations. These drivers are projected to offer alluring opportunities the global bearing marketplace.

Proliferating demand for high-performance bearings has caused in companies to incorporate enhanced sensor units in their products ranges. These sensor units aid in digital monitoring of deceleration, rotation speed, axial movement, acceleration, and load carrying capability of the product. Moreover, the arrival of Industrial Internet of Things (IIoT) has stimulated implementation and continual monitoring of connected machinery and equipment. Such trends are also expected to support the growth of global bearing market during years to come.

Report Highlights

Regional Snapshots

Asia Pacific dominated the global bearing market in 2019 and anticipated to mirror this dominance throughout the forecast period. Stimulating demand from various end user sectors along with stress-free government regulations for establishing of small & medium engineering units is anticipated to lift the growth of the market in this region.

Europe appeared as second biggest market for bearings on account of presence of huge number of automotive manufacturers in the region. Europe is estimated to reveal huge growth because of the existence of large automobile production facilities and noteworthy demand for high-performance machines from power, construction, and aviation in the region. North America is also expected to exhibit substantial growth during years to come on account of promising government initiatives for the safety of passengers and vehicles. Likewise, steady economy, escalation in demand for bearings from numerous industry verticals including power, aerospace & defense and cutting-edge technology are together projected to lift growth of the market in North America in near future.

Key Players & Strategies

Companies are continually strives to improve product designs to upsurge the energy effectiveness and performance. They utilize superior material for cages, raceways, and rolling elements plus redesigned raceway profiles. Additionally, technological progressions in lubrication and seal technologies and application of lightweight materials in high-performance products are promptingvastvisions for the firms. Incorporation of electro-mechanical features straight into the bearings aids in cutbacks in size and cost and improvement in the performance.

Bearing manufacturer SKF is greatly spending in the development of its bearings to keep up with the constantly growing requirement for novel and better bearings. For example, it has designed a variety of ball bearings that surges the mileage that hybrid or electric car can travel. This energy effective SKF e-Drive bearing work by diminishing the levels of heat andfriction andpermits car to travel more competently and advances the power density in order to prolong the battery life.

Some of the noteworthy companies in the bearing market include:

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:

By Product Type

By Type

By Material Type

By Distribution Channel Type

By Component Type

By Application Type

By Regional Type

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