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Bearings Market Trends

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

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Bearings Market Trends

The automotive industry remains a significant consumer of bearings, with applications spanning engines, transmissions, and wheel assemblies. The increasing adoption of electric vehicles (EVs) has further amplified this demand, as EVs necessitate specialized bearings to optimize efficiency and performance. In 2023, electric vehicle sales surged by 18%, reaching 14 million units, highlighting the escalating need for advanced bearing solutions in this sector.

Manufacturers are heavily investing in research and development to create bearings with extended service life, enhanced efficiency, and reduced maintenance requirements. Innovations include the utilization of lightweight materials, advanced lubrication technologies, and the integration of sensor units for digital monitoring. These advancements address industry-specific requirements, thereby improving performance across various applications.

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.