Bearings Market size to cross $116 Bn by 2032

Bearings Market size is anticipated exceed USD 116 billion by 2032, according to the recent research report by Global Market Insights Inc.
 

Concerns over the impacts of climate change and global warming have elevated the demand for electric vehicles in recent years. Factors like low operating costs, favorable government subsidies, cost-effective maintenance and awareness regarding the harmful impacts of emissions on the environment have driven the demand for EVs.
 

According to estimates, the global sales of electric vehicles grew by 65% in 2022. Such a scenario will push the requirement for automotive bearings that are used in various e-vehicle systems. The component helps reduce friction and enables smooth rotation between moving parts. The aim to develop more energy-efficient and high-performance EVs would bolster product penetration by 2032.
 

Innovation in ball bearing designs

The ball bearings market is expected to exhibit over 9% CAGR between 2023 and 2032. Extensive application across industrial equipment and machinery would complement product demand. Ball bearing is one of the most common types of bearings that enables the motion and positioning of moving machine parts while lowering friction. These components are preferred for their low maintenance costs, straightforward design and good durability.
 

Growing component use in electric vehicles is expected to fuel the development of new ball-bearing variants. For instance, in February 2022, German bearing manufacturer Schaeffler unveiled two products, namely TriFinity, a triple-row wheel bearing, and high-efficiency ball bearing with a centrifugal disc, that are specifically designed for electric vehicles. The company claims that innovative bearing solutions would play a major role in developing clean mobility solutions by making powertrains more efficient.
 

Browse key industry insights spread across 300 pages with 100 market data tables & 11 figures & charts from the report, “Bearings Market Size by Product (Roller Bearings [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bearings-market-report
 

Growing usage of bearings in the wind energy sector

The bearings market from the electrical application segment is estimated to amass USD 4.5 billion by 2032. Bearings have gained significant application in electrical machinery, such as vibrator motors, electric motors, traction motors for rail vehicles as well as generators for wind and hydro turbines. These bearings operate with low noise and exhibit high durability, which is expected to drive their application in the wind energy sector during the forecast period.
 

Efforts to reduce dependency on fossil fuels for energy generation will ramp up the construction of wind farms worldwide. Take for instance, in January 2023, China announced that it is building the world’s largest commercial floating offshore wind farm off the coast of Hainan. The wind power project, which has a capacity of 1GW, will generate around 11 times more power than the largest floating wind farm that is currently located in Norway. Large-scale construction of wind farms would call for the maintenance and replacement of components like bearings in wind turbine systems.
 

Stringent automotive guidelines to fuel Europe bearings market development

Europe market is poised to attain 8.5% gains through 2032. Robust demand for passenger and light commercial vehicles across Western European nations like Germany, France, and the UK would complement industry expansion. The region is home to some of the leading automotive manufacturers like Volkswagen, Audi, BMW, Ferrari, Porsche, Bentley, and Volvo. These firms are utilizing high-performance automotive components to minimize friction and smoothen the rotation of numerous moving parts. Commendable innovations in the automotive aftermarket, bearings sector and a shift towards online purchases of auto parts due to affordable prices might broaden the regional growth prospects.
 

Implementation of strategic business initiatives by bearing manufacturers

Some of the leading firms in the bearings market include C&U Group Company Limited, Brammer PLC, Luoyang LYC Bearing firm Limited, Daido Metal firm Limited, Harbin Bearing Ltd, HKT Bearings Ltd., JTEKT Corporation, Minebea Company Limited, NBI Bearings Europe, NTN Corporation, NSK Global, RBC Bearings Inc., Schaeffler Group, the Timken Company, Rexnord Corporation, and SKF. These competitors are focusing on developing high-performance bearing products to meet end-user requirements.