USD 121.3 billion
Bearings Market Size, Share, and Growth Analysis
Bearings Market By Product Type (Plain Bearing, Ball Bearing), By Type (Mounted Bearing, Unmounted Bearing), By Material (Metal, Plastic), By Distribution Channel, By Size, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20I2292 |
Region:
Global |
Published Date: December, 2024
Pages:
197
|Tables:
95
|Figures:
71
Format -
Bearings Market Insights
Bearings Market size was valued at USD 121.3 billion in 2023 and is poised to grow from USD 132.94 billion in 2024 to USD 276.79 billion by 2032, growing at a CAGR of 9.6% during the forecast period (2025-2032).
Bearings are used in practically all types of machinery or equipment, whether it is defense and aerospace equipment, domestic appliances, farm equipment, or vehicle parts. It is for this reason that the bearings market growth is expected to be spurred ahead in the future. There is a rising need for bearings, bearing longer service lives, more efficiency, and less maintenance, etc. In addition, the market is anticipated to increase with the raising demand for specialty bearing solutions that serve specific needs and challenges of a given industry. For instance, it is predicted that the increasing application of high-capacity products in wind turbines will raise the demand. The products are applied by the wind turbines for increasing turbine performance and reliability, raising energy output, and using less lubrication. Manufacturers are adding advanced sensor units to the product due to the increased demand for high-performance bearings. The sensor units monitor axial movement, deceleration, acceleration, rotation speed, and load-bearing capability digitally. The use of connected machinery and equipment and continuous monitoring of them is also encouraged through the introduction of the Agricultural Internet of Things (IoT). Furthermore, this trend has favored the bearings industry. In addition, the use of lightweight materials in high-performance products and advancements in seal and lubrication technologies are creating massive opportunities for producers.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Roller Bearings
Fastest Growth
Ball Bearings
Growth Rate
9.6% CAGR
Global Bearings Market ($ Bn)
Country Share for Asia-Pacific (%)
To get more reports on the above market click here to Buy The Report
Bearings Market Segments Analysis
Global Bearings Market is segmented by Product Type, Type, Material, Distribution Channel, Size, Application and region. Based on Product Type, the market is segmented into Plain Bearing, Ball Bearing, Roller Bearing and Others. Based on Type, the market is segmented into Mounted Bearing and Unmounted Bearing. Based on Material, the market is segmented into Metal, Plastic and Ceramic. Based on Distribution Channel, the market is segmented into OEM and After market. Based on Size, the market is segmented into 30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above. Based on Application, the market is segmented into Electrical, Construction, Aerospace, Automotive, Power Transmission and Oil & Gas. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Product
Based on the 2023 bearings market analysis, the roller bearings category had the highest share, accounting for over 45% of revenue share and is anticipated to further rise at the fastest pace during the next years. Besides supporting both axial and radial loads, and also reducing rotational friction, roller bearings are more efficient than ball bearings while dealing with restricted axial loads as well as big radial loads. Roller bearings find extensive applications in various industries such as capital equipment, automobiles, appliances, and aircraft due to their ability to work under critical load conditions. The applications of roller bearings are expected to increase as the demand for rugged and efficient machinery increases.
However, ball bearings are ideal for high-performance applications since they may minimize friction better compared to anything else because of their low surface contact. Currently, they are increasingly being used in automotive applications of four-wheelers and two-wheelers due to their versatility in sustaining both radial and thrust loadings. Their growing applications in wheels, engines, and other essential vehicle parts owe to their ability to resist a wide range of motion with fewer wear and tear rates. The ball bearings segment is expected to increase steadily as the industrial and automotive sectors continue to grow more, spurred by the ongoing demand for high performing, reasonably priced products.
Analysis By Application
As per the bearings market forecast, the automotive segment dominated the industry with a market share of 49.0% in 2023. The reason is that automotive is a segment whose global production volume is very high. Besides, there is a growing need for automobiles with technologically advanced solutions, which is driving the increasing production of vehicles requiring instrumented goods. The increase in the demand for highly sophisticated automobiles has the indirect effect of increasing the demand for bearings in the automotive sector, consequently resulting in improvement in the capability of vehicles. The growth rate in the automotive after-sales industry is also expected to support the increase in demand for bearings slightly throughout the forecast period.
Nonetheless, due to several significant reasons, the railway & aerospace industries are expected to grow at the fastest pace in the forecast period. The desire to replace old fleets, stringent environmental regulations, as well as escalating fuel costs will all drive demand for sustainable and efficient transportation modes. In addition, the pressure to develop high-performance bearings will be accentuated further by improvements in domestic and international transport infrastructure. The railway segment will surge considerably because of the rapid railway development in developing countries, particularly in Asia and Africa. Advanced bearing solutions will be needed as the aviation industry expands due to rising demand for small single-aisle aircraft and helicopters, especially in developing countries.
Global Bearings Market By Product
To get detailed analysis on other segments, Request For Free Sample Report
Bearings Market Regional Insights
Asia-Pacific led the bearings industry in 2023, with a 40.0% revenue share, and is expected to rise at a significantly higher rate through 2031, reaching well over USD 98.20 billion. As it has a strong aftermarket for industrial equipment and vehicle repair services, sales for bearings are expected to grow in China, which is one of the largest markets for bearings. The market will also grow because of the rapid development of machinery and automobiles in China. The market of the region is predicted to continue to expand primarily due to the developing mining and construction equipment sector in India, which will ensure a steady demand for bearings until 2031.
In the European market, over the forecast period, growth will be steady due to ongoing economic prosperity and rising investments in a number of industries such as industrial, automotive, and aerospace. The region's recovery in the automobile industry combined with generally favorable fixed investment circumstances, such as government subsidies for renewable energy and infrastructure projects, are expected to significantly boost the market demand for bearings. In addition, increasing industrial production, improvements in technology, and the pace of shift to more automation and electric vehicles across developed economies, such as in the US, Western Europe, and Japan, would create a demand for more efficient bearings. The trend would further support the requirement for more complex and customized bearing solutions in various industries.
Global Bearings Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Bearings Market Dynamics
Drivers
Increasing Automation in Industry
- High-performance bearings are necessary more than ever today with the increasing adoption of automation technology by industry. There is a need for bearings in the automation of robots and machinery of an automated line as it relates to manufacturing because accuracy, reliability, and less friction are required. This development is particularly evident in the consumer electronics, logistics, and automobile manufacturing industries and has created a steady demand for bearings with high load and speed capacities.
Growth in the Automobile Industry
- The growth of the automobile industry, especially in EVs, is driving this bearings market. All electric motors, gears, and wheels of vehicles require bearings. With the trend of EVs on the rise, specialized bearings designed to meet the specific requirements of electric drivetrains, as well as light-weighted components, are in more demand, thus fueling market expansion.
Restraints
Higher Costs of Raw Materials
- Production costs are significantly influenced by raw material prices, most specifically steel, and high-tech ceramics used in bearings. Price volatility in these materials, which stems from problems within the supply chain and market fluctuations, poses a problem to producers, thus affecting their overall competitiveness of bearing costs, especially within price-sensitive sectors.
Problems with Replacing and Maintaining
- Over time, bearings get worn out especially in heavy machinery. Nevertheless, it is costly and logistically challenging to change or even repair bearings in complex machinery or remote areas. In some industries such as mining or the offshore oil and gas, where maintenance costs and downtime are critical factors, this can limit the possibility of expansion.
Request Free Customization of this report to help us to meet your business objectives.
Bearings Market Competitive Landscape
Major participants in the highly competitive bearings industry involve companies such as SKF, Schaeffler, Timken, and NSK, which have a wide range of products and the capacity to produce across the world. These businesses have been focusing on new technologies, emerging markets, and unique bearing solutions in sectors such as energy, aerospace, and automobiles. To increase their market presence and develop innovative bearing technologies, these companies frequently utilize strategic alliances, mergers, and acquisitions.
Top Players in Bearings Market
- SKF (Sweden)
- NSK Ltd. (Japan)
- Schaeffler AG (Germany)
- Timken Company (USA)
- JTEKT Corporation (Japan)
- NTN Corporation (Japan)
- MinebeaMitsumi Inc. (Japan)
- RBC Bearings Incorporated (USA)
- Federal-Mogul LLC (USA)
- C&U Group Ltd. (China)
- ZWZ Bearing Group Co., Ltd. (China)
- LYC Bearing Corporation (China)
- Tsubaki Nakashima Co., Ltd. (Japan)
- AST Bearings LLC (USA)
- Nachi-Fujikoshi Corp. (Japan)
- GGB Bearing Technology (USA)
- IKO Nippon Thompson Co., Ltd. (Japan)
- Boston Gear (USA)
- Rexnord Corporation (USA)
- Aurora Bearing Company (USA)
Recent Developments
- August 2023: Specline, Inc., a company dedicated to specialized precision bearings and components in the commercial and defense aerospace markets, was acquired by RBC Bearing Incorporated.
- November 2022: To expand its product offerings geographically across diverse regions and industries, The Timken Company announced that it will acquire GGB Bearings.
- August 2022: SKF launched a new hybrid deep groove ball bearing designed for high-speed applications including traction motors and railroads.
Bearings Key Market Trends
- Transition to Ceramic and Hybrid Bearings: Due to their improved performance in high-speed and high-temperature settings, hybrid and ceramic bearings are now increasingly being used in the bearings industry. Such bearings are capable of meeting the demands arising in automotive applications, aerospace applications, and renewable energy applications as they show a longer life, low friction, and durability than conventional steel bearings.
- Smart Bearing Developments: Smart bearings with inbuilt sensors for real-time monitoring are now on the rise as the demand for Industry 4.0 Solutions is on the rise as well. In condition monitoring, predictive maintenance, and performance optimization, these bearings point toward higher operational efficiency, as there is reduced time, and machinery lifespan increases.
Bearings Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, major factors that have been playing a driving role in the growth of bearings in the market are industrial automation, breakthroughs in technology, and increasing demand from aerospace and automotive industries. Expensive raw materials and complex maintenance are considered some of the barriers for growth in specific locations. The two other significant bearing market trends are the move toward ceramic and hybrid bearings, and the emergence of smart bearings with sensors for predictive maintenance. As competition increases and as business focuses on innovation and international growth, the market would be dynamic and competitive. At the end, the future direction of the bearings market would continue to be influenced by sector-specific needs and continued technical developments.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 121.3 billion |
| Market size value in 2032 | USD 276.79 billion |
| Growth Rate | 9.6% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bearings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bearings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bearings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bearings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bearings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bearings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
