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Bearings Market Share

Report ID: GMI111
Published Date: Nov 2024
Report Format: PDF

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Bearings Market Companies

Global Bearings Company Market Share Analysis (2023)

The bearings industry is characterized by fragmentation, with numerous regional and global players employing diverse strategies to capture market share. Together these companies hold a market share of 40%-45% of the total market. Prominent strategies include mergers and acquisitions aimed at expanding product portfolios and enhancing global reach, as evidenced by SKF's acquisition of Kaydon Corporation. Companies are also making substantial investments in research and development to introduce advanced materials and technologies, thereby improving durability and efficiency. To penetrate emerging markets, firms are adopting geographical expansion, partnerships, and collaborations.

Bearings Market Share

Major players operating in the bearings industry are:

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

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The global market for bearings was reached USD 43 billion in 2023 and is estimated to grow at a 4.8% CAGR from 2024 to 2032, driven by industrial automation and modernization.

The ball bearings segment was worth over USD 21 billion in 2023 and is expected to grow at a 5% CAGR from 2024 to 2032, due to the global transition to electric vehicles (EVs).

The automotive segment accounted for over 35.7% of the market share in 2023 and is projected to grow at a 5.3% CAGR up to 2032, propelled by increased vehicle production and the shift to electric and autonomous vehicles.

The U.S. captured about 77% share of the bearings market in 2023 and is expected to grow at a 4.6% CAGR from 2024 to 2032, supported by its highly developed automotive industry.

Key players in the bearings industry include Brammer, C&U Group, Daido Metal, Harbin Bearing Manufacturing, HKT Bearings, JTEKT, Luoyang LYC Bearing, Minebea, NBI Bearings Europe, NSK, NTN, RBC Bearings, Rexnord, Schaeffler Group, SKF, and The Timken Company.