Bearings Market

Bearings Market Size

The bearings market was valued at USD 54.45 billion in 2023. The market is expected to reach USD 115.7 billion by 2032, growing at a CAGR of 8.9% from 2024 to 2032, driven by rising automotive sales and production. Bearings are used in the automobile sector in parts like engines, wheels, steering mechanisms, etc.

Also, the growth of the EVs market is complementing the growth of the new bearings’ market because specialty bearings are needed in electric vehicles to enable high power, advanced braking, and high performance propulsion systems. These bearings are used to increase the effectiveness of electric vehicles. The rising penetration of e-vehicles in developing countries is also driving the expansion of the bearings market.

As per the International Energy Agency, in 2022, more than 10% of vehicles sold in the world were electric. The Electric Vehicle Association is active in promoting numerous programs to increase the use of electric vehicles across North Americas.

A significant challenge is the fluctuating prices of raw materials such as steel, alloy steel, ceramics specialty materials like bronze and babbitt. The fluctuations in prices of these materials directly impacts the production costs of bearings. This presents a challenge for manufacturers to generate a profit and maintain stable pricing factors for consumers and industries. Meeting the needs of various industries through product innovation is also a growth barrier for industry players.

Bearings Market Trends

The reasons for a strategic shift in the bearings industry in the recent past can be attributed to the continuous advancement in industrial technology. With increased efforts put towards designing highly efficient machinery with sustainable technologies and bearing systems, the industry has slowly but surely been evolving to adopting advanced bearing technologies. While the automotive and aerospace sectors were the earliest adopters of modern day technology, the need for high performance durable equipment is now in demand across the renewable energy sector and in manufacturing industries as well. High precision and performance capabilities is a recent phenomenon which fundamentally stems from increased competition in the bearings market.

Industries strive to achieve high standards in productivity and reliability which is often the case in the automotive and aerospace industry. This has led to increased dependency on precision bearings capable of supporting higher loads, speeds, and even greater temperatures. Furthermore, innovation in material science has fostered a demand for specialized bearings such as ceramic and hybrid bearings that greatly outperform their traditional steel counterparts.

Bearings Market Analysis

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Based on product type, the market is segmented into ball bearings, roller bearings and other bearings. The ball bearings segment was worth around USD 24.6 billion in 2023 and is expected to reach around USD 54.7 billion by 2032.

• The segment dominance is attributed to its high versatility of handling loads in a wide range of applications.
  
• Ball bearings offer low friction and high-speed mechanism, which is essential for various industries such as electric, agriculture, mining &construction as well as automotive. Ball bearings are preferred due to their durability, which further reduces their maintenance and frequent replacement costs.
  

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Based on end use, the bearings market is bifurcated into automotive, agriculture, electrical, mining & construction, railway& aerospace, automotive aftermarket and others. As of 2023, the automotive segment dominated the market share of 40.2%. This can be attributed to the use cases of bearings in the automotive space, including for wheel hubs, engines, transmission, electric motors and steering systems.

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The U.S. is home to a broad range of industries that rely heavily on bearings, including automotive, aerospace, manufacturing, and machinery production. With ongoing advancements in industrial automation, there is a growing demand for high-performance bearings to support the increased use of robotics, conveyor systems, and automated manufacturing lines. Bearings are critical components in machines that need to operate with minimal friction and maximum reliability. As manufacturers adopt more automated processes to improve efficiency and reduce labor costs, the demand for durable, high-quality bearings continues to rise.

Country Level Analysis

North America: In terms of country, the U.S. is dominating the bearings market, generating a revenue of around USD 7.65 billion in 2023 which is expected to reach around USD 16.1 billion by 2032. The dominance is attributed to the demand for bearings in automotive, mining and construction and electrical industries. Manufacturers are constantly innovating new innovations in bearings materials and in lubrication technologies, further contributing to the bearing market growth.

Europe: The UK leads the European market with an overall share of around 21.3% in 2023; market revenue is expected to reach around USD 5 billion by 2032. This is attributed to the presence of a strong aerospace and defense military base where bearings play a crucial role in manufacturing applications in aircraft engines, landing gears and turbo fans.

Asia pacific: China is leading with an overall market share of around 22.5% in the Asia Pacific market and is expected to reach USD 15 billion by 2032. China, renowned as a global manufacturing hub, experiences significant demand for bearings across various industrial applications. The rapid expansion and growth of the automotive industry in China further propel the overall bearing market growth in the region.

Bearings Market Share

• The top 7 companies in the home improvement market include Brammer, C&U Group Company, Daido Metal Company, Harbin Bearing Manufacturing, HKT Bearings, JTEKT Corporation, Luoyang LYC Bearing Company and they collectively held a share of 19% in the market.
  
• With the Rubix Group, Brammer is one of the leading distributors in Europe of industrial MRO products that include bearings. While Brammer does not manufacture bearings, it does participate in the market by reselling the products of other well known manufacturers. The company serves the automotive, industrial, and commercial markets with an expansive range of products that include bearing solutions. Brammer’s strong position in the European market is supported by its broad distribution network which spans across automotive, manufacturing, food and beverage, and energy sectors. By focusing on adding value through high quality MRO products and solutions, Brammer possesses a prominent market share within the European distribution of bearings. The company’s competitive edge in the bearings market is maintained by its ability to offer value added services of inventory control, maintenance, repair, and other technical assistance. As the industries become more automated and as they adopt predictive maintenance, the distribution of advanced bearing solution will allow Brammer to strengthen its position in the dynamic Brammer market.
  
• C&U Group Company is one of the leading manufacturers and suppliers of bearings across world. C&U Group, which is based in China, holds a great percentage of market share in the bearings business in Asia and is now trying to capture other continents. The company manufactures and supplies numerous types of bearings for the automotive, aerospace, heavy machinery, and renewable energy industries. Due to its capacious production capabilities, C&U Group is recognized as one of the most significant bearing providers across the globe. The company is famous for having modern inventions and producing high-technology high-performance bearings for emerging sectors such as electric vehicles (EVs), wind energy, and automation. C&U Group’s market gambit is facilitated by its R&D investments enabling the firm to deliver developed specialized bearing solutions corresponding to the ever-changing demands of its clientele. Consistent with its strong foothold in Asia, C&U Group has been gradually increasing its operational activities in Europe and North America, which has further strengthened its standing in the international bearings market. C&U Group stands ready as growing industries focus on performance, efficiency, and sustainability, alongside C&U Group's innovation and high production capabilities ensuring its position as a key player in the bearings industry for decades to come.
  
• Daido Metal Company is a Japan-based firm that focuses on manufacturing high-end bearings and other tribological components. While Daido Metal is famous for its bearng manufacturing for the automotive as well as industrial industries, the company has captured a significantly larger market portion in the last few years with the aid of it’s sophisticated technology and accurate manufacturing capabilities. Daido Metal’s precision bearings are employed in many rigorous applications, such as automotive engines, turbines, and robotics, where high performance and reliability is a must. The company’s share in the bearings market is quite notable in the automobile industry where it provides precision bearings for both internal combustion engine (ICE) and electric vehicle (EV) brands. Through the stringent focus on quality control measures, new technology development, and vigorous research and development effort, Daido Metal has been able to frontline in the bearngs industry, especially for high-power and highly specialized applications.
  

Bearings Market Share

Major players operating in the bearings industry include:

• Brammer
• C&U Group Company
• Daido Metal Company
• Harbin Bearing Manufacturing
• HKT Bearings
• JTEKT Corporation
• Luoyang LYC Bearing Company
• Minebea Company
• NBI Bearings
• NSK Global
• NTN Corporation
• RBC Bearings
• Rexnord Corporation
• Schaeffler Group
• SKF
  

The key players operating in the market are SKF, NSK ltd, Schaeffer Ag, Timken, NTN corporation and JTEKT Corporation holding a market share of 20 % in 2023. These players focus on strategic partnerships and introduction of new bearings for market expansion. They heavily invest in research to introduce pumps integrated with innovative technology and garner maximum revenue in the market.

Bearings Industry News

• In February 2024, NTN Corporation supplied bearings for turbo pumps of engines in the H3 launch vehicle. These turbo pumps bearings give high speed rotational performances under a cryogenic environment.
  
• In October 2023, SKF India expanded its ecosystem with the launch of open platform to accelerate innovation and delivering sustainable, customer oriented solutions.
  
• In September 2023, Schaeffler expanded its range of rotary table bearings. These new radial rotary bearings are rigid and have high load carrying capacity.
  
• In august 2023, RCB Bearings Incorporated announced the acquisition of Specline Inc.
  

The bearings market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, by product Type

• Ball Bearings
• Roller Bearings
• Other Bearings

Market, by End use

• Automotive
• Agriculture
• Electrical
• Mining & construction
• Railway & Aerospace
• Automotive aftermarket
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA