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Bearings Market Size

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

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Bearings Market Size

The global bearings market was valued at USD 43 billion in 2023 and is estimated to grow at a CAGR of 4.8% during 2024 to 2032, driven by Industrial automation and modernization. These advancements involve integrating cutting-edge technologies and machinery to enhance operational efficiency and precision across various sectors. Bearings, crucial to rotating machinery, are experiencing increased demand due to their essential role in these modernized systems. For example, industrial robots, which perform tasks such as welding and assembly, rely on bearings for precise joint movement.

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The expanding automotive production sector is significantly propelling the growth of the global bearings market. Bearings are crucial in automobiles, ensuring smooth rotation, minimizing friction, and enhancing the efficiency of moving parts. As the automotive industry grows, it drives demand for a wide range of bearings, from traditional applications to those required in modern electric and hybrid vehicles. Emerging markets such as China, India, and Southeast Asia are experiencing increased passenger vehicle demand due to rising middle-class populations.

Concurrently, the expanding e-commerce and logistics sectors are boosting demand for commercial vehicles, thereby increasing the need for bearings across all categories. As automotive production accelerates in these developing regions, bearings manufacturers are scaling operations to meet localized demand, creating new growth opportunities.

Bearings Market Report Attributes
Report Attribute	Details
Base Year:	2023
Bearings Market Size in 2023:	USD 43 Billion
Forecast Period:	2024-2032
Forecast Period 2024-2032 CAGR:	4.8%
2032 Value Projection:	USD 65.6 Billion
Historical Data for:	2021-2023
No. of Pages:	230
Tables, Charts & Figures:	397
Segments covered:	By Type, End-User Industry, Region
Growth Drivers:	Industrial automation and modernization Growth in the automotive sector Technological advancements in bearing materials and designs
Pitfalls & Challenges:	Fluctuating raw material prices and price sensitivity High costs associated with advanced bearings

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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.