Bearings Market Size to Reach USD 287.2 Billion By 2032 CAGR: 9.4%. Report By DataHorizzon Research
DataHorizzon Research
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DataHorizzon Research
According to DataHorizzon Research, The bearings market was valued at USD 117.8 Billion in 2022 and is anticipated to reach USD 287.2 Billion by 2032 with a CAGR of 9.4%.
Fort Collins, Colorado, Sept. 24, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Bearings Market Size, Growth, Share, Statistics Report, By Type (Ball Bearings, Roller Bearings, Plain Bearings, Others), By Application, By Region Forecasts, 2023-2032."
According to DataHorizzon Research, The bearings market was valued at USD 117.8 Billion in 2022 and is anticipated to reach USD 287.2 Billion by 2032 with a CAGR of 9.4%. The global report on the bearings market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and discusses the market opportunities at length.
The demand for electric vehicles is increasing globally, translating into rising demand for EV components. The bearings used in EVs have high rotational speed and are expected to withstand high centrifugal force and generate minimum heat. These prerequisites can only be fulfilled by specialized bearings. For instance, in August 2022, SKF developed a new deep groove ball bearing with a polymeric cage for high-speed applications. The polymeric cage reduces friction, resulting in noiseless operations and enabling applications with larger power densities.
Bearings have extensive applications in the railway industry. For example, the bearings used in railway gearboxes significantly reduce the shocks and vibrations caused by the wheels running on tracks and the traction motor used to rotate wheels in trains. Furthermore, recent developments in bearing technology, such as smart bearings, provide information about various parameters and offer insight into real-time bearing health. This condition monitoring impacts operating costs and train safety, enhancing overall rail operation. Therefore, these factors contribute significantly to the bearings market growth.
Innovative bearings based on IIoT with integrated sensors has been gaining traction recently. These bearings have conditional monitoring that helps self-diagnose imminent faults and failures and prevents any abnormal condition that damages the bearing. Their application includes heavy industrial equipment where monitoring the bearing conditions can improve mechanical efficiency. The increasing application of smart bearings presents an opportunity for manufacturers to expand their product offerings and cater to industry growth.
The global bearings market has been segmented into type, application, and region. Roller-bearing is leading in the industry owing to its feasibility and popularity in heavy machines such as wind turbines, mining equipment, and rolling mills. In terms of application, the automotive sector is dominant and continues to retain a leading position. Innovative vehicle design with improved aerodynamics and low vibration features enables volumes of demand for the ball bearings.
Asia Pacific is the leading region for the bearings market and is projected to account for a significant share in the upcoming years. The presence of large automotive hubs and effective distribution channels are most likely to encourage regional market development. On the other hand, Europe is a fast-growing market attributed to technological advancements.
The global bearings market size is anticipated to value at a CAGR of 9.4% by 2032.
The growing demand in the automotive industry significantly drives the bearings market growth. With the advancements in the automotive industry, bearings have become an essential vehicle component.
Roller-bearing is the leading segment and is growing widely due to its high-end uses in heavy machinery, aerospace, and sea vessels.
Automotive accounted for a significant market share and is projected to remain dominant in the forecast period.
Asia Pacific is the leading region for the bearings market and accounts for a high market share in the upcoming years. The major growth highlights are the wide presence of manufacturing hubs and significant demand from the automobile industry.
Some of the prominent players in the bearings market report include NSK Ltd., SKF Corporation, Luoyang Huigong Bearing Technology Co., Ltd., NBI Bearings Europe, myonic GmbH, LYC Bearing Corporation, NTN Corporation, RBC Bearings Inc., Rexnord, Corporation, RHP Bearings, Schaeffler Group, and The Timken Company.
Key Developments in the Industry:
In 2023, Enduro Bearings collaborated with Lusty Industries (Australia-based), and PRV (New Zealand) with a multi-year distribution agreement. With this collaboration, Enduro bearings plans to increase its premium product portfolio.
In 2023, NBC bearings developed low-noise bearings for electric vehicle applications. This development caters to EV applications from Last Mile Mobility, Altigreen, and Ather Energy.
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