Industry Statistics
Bearings Market size surpassed USD 50 billion in 2022 and is projected to witness 8.5% CAGR from 2023 to 2032.
Escalating vehicle sales across emerging economies, such as China, India, and South Korea, will support the demand for bearings in the automotive sector. Rising urbanization and improving standard of living are expected to advocate the demand for new/pre-owned vehicles globally. According to the federal transport authority KBA, a total of 2.65 million vehicles were registered in Europe's largest economy in 2022, indicating a 1.1% increase from the previous year.
The need for proper maintenance of bearing in long-run operations could impact bearings market. Correct installation and application of bearings are essential to extend their lifespan. The adoption of new and efficient business models and the pressing need to address the negative impressions of climate change and environmental degradation would decline the demand for fossil-fuel-powered industrial equipment. The introduction of automation and electrification will however create new business prospects for equipment manufacturers, favoring product penetration.
Increasing use of roller bearings in the mining and construction sector
Roller bearings industry is set to observe 8.5% growth between 2023 and 2032. Roller bearings are increasingly used in mining and construction as well as in railway and aerospace applications. These bearings can carry heavy loads and are preferred for their high mechanical efficiency, simple installation, repair and interchangeability. They also support high precision and exhibit long service life.
The introduction of supportive government initiatives to expand the manufacturing sector woud complement the roller bearings industry expansion. Take for instance, in December 2022, China's Customs Tariff Commission of the State Council, announced the implementation of provisonal import tax for 1,020 commodities starting from January 1, 2023. These tariff reductions would be applicable to machinery items such as e-ink screens, lithium niobate, and roller bearings for wind turbines.
The bearings market from the automotive application to be worth over USD 45billion by 2032. The use of bearings in the automotive sector is expanding rapidly.which can be linked to rising vehicle sales and increased demand for severalautomotive moving parts like bearings. Rising urbanization and availability ofvehicle financing facilities would boost vehicle sales by end of 2032consequently driving product penetration.
Increasing construction activity to favor market progression
The industry revenue from the mining & construction application is estimated toaccount for USD 15 billion by 2032. A surge in construction and mining activitieshas driven the need for equipment like excavators, dozers, dump trucks, loaders,backhoes,graders, pavers, vibratory compactors, cranes, forklifts, etc. Thesemachineries are rigged with bearings with the high load-carrying capability toimprove fatigue life. The launch of cutting-edge bearing products for mining andconstruction equipment should intensify segment growth.
Expanding automotive sector to fuel Asia Pacific industry
Asia Pacific bearings market is estimated to attain 9% gains through 2032. Theautomotive industry across APAC countries like China and India has perceivedmomentous growth in the past few years. To meet growing consumer demandmany automotive manufacturers are expanding their production capacity. Theeasy availability of raw materials, cost-effective labor and the presence of severalindustry participants are some of the factors that will augment the regionaldemand for automotive bearing by 2032.
Strategic expansion activities to drive global industry development
Some of the leading companies in the bearing market include C&U Group Company Limited, Brammer PLC, Daido Metal Company Limited, HKT Bearings Ltd, Harbin Bearing Manufacturing Co, Ltd,JTEKT Corporation, Minebea Company Limited, Luoyang LYC Bearing Company Limited, NBI Bearings Europe.NTN Corporation, NSK Global, RBC Bearings Inc, Schaeffler Group, the Timken Company, Rexnord Corporation, and SKF. Companies are launching cutting-edge technologies to enhance the monitoring and maintenance of bearing products.
lmpact of the COVlD-19 pandemic on market trends
The COVID-19 pandemic had a negative influence on the global automotivesector. The outbreak heavily disrupted supply chain players leading to a shortageof important automotive moving parts and components. Closure ofmanufacturing plants, trade restrictions, and limited supplies are some of theother factors that impacted the automotive sector as well as the bearings marketduring the pandemic. However, robust demand for electric vehicles andexpanding passenger vehicle sales post pandemic would generate new growthavenues for the market over the forecast period.