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2020

Bearing Market

Bearing Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Size, Distribution Channel, Machine Type, End Use and Group : Global Opportunity Analysis and Industry Forecast, 2020-2027

AT : Automotive systems and accessories

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Author's: Abhay Singh| Akshay Jadhav | Lalit Janardhan Katare
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Bearing Market Statistics - 2027

The global bearing market was valued at $107.46 billion in 2019, and is projected to reach $143.53 billion by 2027, registering a CAGR of 6.1%.        

Bearing is a type of machine element that is used to support relative motion and helps to reduce friction that is caused between moving parts. Bearing finds its applications in various industries such as automobile, wind turbines, construction & mining machinery, agricultural equipment, machine tools, and others. It is used in automobile to ensure smooth running of cars, electric vehicles (EVs), and other type of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks. The global bearing market is gaining more importance owing to rising utilization of bearing products in various end-use industries, rolling mills, and electric vehicles. Technological developments have improved the overall efficiency of the bearing products in the automobile sector and have enhanced the shelf life of products. For instance, NSK has developed gearbox bearing that offers low maintenance and enhanced reliability in railway engines.

Bearing-Market-2020-2027

The global bearing market has been supplemented by factors such as rise in utilization of bearing in railways, electric vehicles, & rolling mills followed by increase in utilization of bearing in motor, demand for automotive electrification, and demand of bearing in continuously variable transmission (CVT) has enhanced the demand for the bearing market. However, bearing damages that are caused in electric vehicles, increasing vehicle electrification and fluctuating raw material prices as well as high maintenance cost hamper the growth of the global bearing market. Moreover, rise in concern about green vehicles and constant development in the automobile industry, emergence of sensor bearing units and increase in development of additive manufacturing technologies & materials to manufacture bearing are the factors that provide lucrative opportunities, thereby leading to the growth of the global bearing market.

Bearing Market
By Type
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Tapered Bearing is projected as the most lucrative segments

The global bearing market is segmented into type, size, distribution channel, machine type, end use, group and region. Based on type, the market has been segmented into ball bearing and tapered bearing. Based on size, the global bearing market has been categorized into 30 to 40, 41 to 50, 51 to 60, 61 to 70 and 70 & above. Original equipment manufacturers (OEMs) and aftermarket are the different distribution channels that are considered in the global bearing market. Internal combustion engines (ICE) vehicles, electric vehicles, industrial machinery and aerospace machinery are the different types of machines considered in the global market. Depending on end use, the global bearing market has been categorized into automotive, industrial and aerospace. Depending on the group, the global bearing market has been categorized into group 1, group 2 and group 3. ICE vehicles are considered in group 1, electric vehicles are considered in group 2 and the combination of industrial and aerospace machinery is considered in group 3. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Bearing Market
By Size
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51 to 60 size is projected as the most lucrative segments

The key players operating in the global bearing market include NSK Ltd., Schaeffler AG, NTN Corporation, SKF, Iljin Bearing, RKB Bearing, JTEKT Corporation, Timken, Wafangdian Bearing Co., Ltd. and THK Co. Ltd.

Rising utilization of bearing in railway, electric vehicles, and rolling mills

Railway industry is emphasizing on reduction of cost and enhancing more on increasing the life of rails. Bearings are used in railway gearbox to dampen the shocks and vibrations that are caused due to force generated by traction motor and wheels running on tracks. Thus, severe operating conditions increase the engine maintenance and down time. Recent developments in bearings have fueled the demand for bearing in the railway industry. For example, tapered roller bearings are used to support pinion shafts that require regular adjustments and expert maintenance has been developed that reduces maintenance cost and enhances cage strength. 

Bearing Market
By Distribution Channel
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OEMs is projected as the most lucrative segments

In addition, rising public awareness and rising demand for electric vehicles have increased the utilization of bearing in EVs. Bearings are developed in order to overcome lean lubrication conditions and smaller size of bearing has improved the overall efficiency of the gearbox, which in turn increases drive range of EVs. Rolling bears are widely used in rolling mills that are designed to sustain tough working conditions. Thus, bearings that are used in rolling mills possess an ability to sustain flaking mechanism, high load capacity, and enhanced shelf life of rolling mills.

Bearing Market
By Machine Type
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Electric vehicles is projected as the most lucrative segments

Rising utilization of bearing in motor, demand for automotive electrification, and demand for bearing in continuously variable transmission (CVT)

Rising demand among people about environmental pollution has forced industries to reduce CO2 and harmful gas emissions from motors in industries. Motors that are used to operate pumps and compressors require more electricity; thus, high developed bearings are utilized in motors that reduce the mechanical loss during operations. Moreover, use of low torque bearings in CVTs in order to enhance reliability and fuel efficiency of vehicles have increased the utilization of bearing that offers enhanced ball strength and solid lubricating film. 

Bearing Market
By End Use
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Automotive is projected as the most lucrative segments

Fluctuating raw material prices and high maintenance cost

The cost of raw materials remains the top overall concern for manufacturers. Raw material accounts for around 60-62% of a bearing manufacturer’s revenue. The raw material price of the automotive bearing continuously fluctuates as per the market economic condition. Such price volatility of raw materials is becoming a real challenge for companies to remain competitive and assure sustainable margins. Since, high grade steel and alloy steel are the primary raw materials used for manufacturing bearing, bearing price is highly correlated with the global steel price movement. Thus, fluctuation of raw material price creates challenges for the bearing manufacturers to manufacture a bearing for vehicle in comparative price and the quality. In addition, bearing needs regular maintenance to avoid failure and prolong their lifespan, which further increases maintenance costs. Therefore, the factors such as fluctuating raw material prices and regular maintenance cost are expected to hinder the growth of the automotive bearing market.

Bearing Market
By Group
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Group 2 is projected as the most lucrative segments

Rising concern about green vehicles and constant development in the automobile industry

Rising public awareness about environmental pollution and enhanced demand from consumers for fuel-efficient vehicles has led to development of EVs including fuel cell and battery EVs. Bearings that are used in EVs offer improved efficiency, operability, and shelf life owing to constant product development. Thus, product development along with rise in the sales of EVs is predicted to offer new opportunity in the global bearing market. 

Bearing Market
By Region
2027
Asia-pacific 
North America
Europe
LAMEA

Asia Pacific would exhibit the highest CAGR of 7.0% during 2020-2027.

COVID-19 Impact Analysis

  • COVID-19 outbreak impacted the automotive industry significantly, which in turn resulted in substantial decline in the automobile sales, shortage of raw material, and others.
  • Various companies operating in the automotive industry are stepping up by reconfiguring their supply chain, production, and services for delivery of critical medical supplies.
  • The global sales of light vehicles have dropped down by around 20% (Y-o-Y) from 6.3 million in February 2019 to 5.07 million in February 2020.
  • China, which is the first country to be hit by the virus, experienced a sharp drop in sales, which was around 80% in February followed by South Korea, Japan, Western Europe, and others.

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global bearing market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall bearing market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global bearing market with a detailed impact analysis.
  • The current bearing market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Bearing Market Report Highlights

Aspects Details
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By Type
  • BALL BEARING
  • TAPERED BEARING
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By Distribution Channel
  • Original equipment manufacturers (OEMs)
  • Aftermarket
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By Machine Type
  • ICE Vehicles
  • Electric Vehicles
  • Industrial Machinery
  • Aerospace Machinery
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By End User
  • Automotive
  • Industrial
  • Aerospace
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By Size
  • 30 to 40
  • 41 to 50
  • 51 to 60
  • 61 to 70
  • 70 & above
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By Group
  • Group 1
  • Group 2
  • Group 3
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, South Korea, Rest of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

NSK Ltd., SKF, Iljin Bearing, Timken, THK Co. Ltd., RKB Bearing, NTN Corporation,, Wafangdian Bearing Co.Ltd., JTEKT Corporation, Schaeffler AG

Analyst Review

Bearing involve a ball with an external and internal frictionless metal surface to support smooth movement of bearings. Various types of bearing include ball bearing, roller bearing, and plain bearing. The ball inside the bearing handles the load, which, in turn, causes rotation of the bearing. The bearing demand is increased in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction.

The global bearing market is analyzed on the basis of its prospect and future growth rate. The report highlights numerous factors that influence the growth of the global bearing market, which include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market.

The global bearing market has been supplemented by factors such as rising utilization of bearing in railway, electric vehicles, & rolling mills followed by rising utilization of bearing in motor, demand of automotive electrification, and demand for bearing in continuous variable transmission (CVT) has enhanced the demand for the bearing market.

However, bearing damages that are caused in electric vehicles, increasing vehicle electrification and fluctuating raw material prices and high maintenance cost hampers the growth of the global bearing market. Moreover, rising concern about green vehicles and constant development of automobile industry, emergence of sensor bearing units and increasing development of additive manufacturing technologies & materials to manufacture bearing are the factors that provide numerous opportunities, thereby leading to the growth of the global bearing market.

Among the analyzed regions, Asia Pacific is the highest revenue contributor, followed by Europe, North America and LAMEA. On the basis of forecast analysis, Asia Pacific is expected to maintain its lead during the forecast period, owing to increase in production and sales of vehicles and establishment of different industries across Asia Pacific as compared to other regions.

Author Name(s) : Abhay Singh| Akshay Jadhav | Lalit Janardhan Katare
Frequently Asked Questions?

COVID-19 outbreak impacted the automotive industry significantly, which in turn resulted in substantial decline in the automobile sales, shortage of raw material, and others. Automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, and others. Various companies operating in the automotive industry are reconfiguring their supply chain, production, and services for delivery of critical medical supplies

The market size of the global bearing market is projected to reach $143.53 billion by 2027 registering a CAGR of 6.1% from 2020 to 2027.

The report sample/ company profile section for bearings market report can be obtained on demand from the website.

NSK Ltd. has developed a new ultra-high-speed bearing ideal for electric vehicles, including battery electric, hybrid, and other new energy vehicles. The new bearing enables electric motors to operate at higher speeds, improving fuel economy, increasing maximum vehicle range, and contributing to enhanced user comfort

The leading players operating in the global bearing market include NSK Ltd., Schaeffler AG, NTN Corporation, SKF, Iljin Bearing, RKB Bearing, JTEKT Corporation, Timken, Wafangdian Bearing Co., Ltd. and THK Co. Ltd.

The company profile section for global bearings market report can be obtained on demand from the website.

The key development trends in bearing includes product launch, product development and innovations carried out by different companies towards introducing strong bearing.

The companies profiled in the report along with the, automotive component manufacurers, components and architecture manufactureres for vehicle, EV manufacturers and aftermarket solution providers service providers of automotive bearings industry.

The key growth strategies adopted by the global bearings players includes innovations, merger, product launch, investent, joint venture, partnership and business developments with the increased R&D expenditure

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Bearing Market

Global Opportunity Analysis and Industry Forecast, 2020-2027