Bearings Market Revenue & Companies - (JTEKT North America, NSK, NTN Bearing, The Timken Company, SKF Group, Schaeffler)

Bearings Market will observe a steady growth over the foreseeable timeframe. It is estimated to grow at a CAGR of 7.6% and surpass USD 140 billion by 2022. Rising demand for automobiles and spare part components will boost the global bearings market share over the forecast timeline. Various technological developments in lubrication, weight reduction, seal technologies will present huge opportunities for the industry participants. Growing penetration of commercial vehicles across the globe will drive demand over the coming years. Increasing requirement for high performance, light weight automobiles, to enhance energy efficiency and curtail friction-based energy loss is contributing towards the demand for efficient products.

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Ball bearings market is the leading revenue generator and is estimated to foresee a growth of 7.5% from 2015 to 2022. This growth can be attributed to their ability to decrease friction and their capability to spin effortlessly. Growing investments in railway and aerospace sector is anticipated to drive the segment growth. Furthermore, growing demand for fuel efficient passenger vehicles across Asia Pacific will stimulate the bearings market over the forecast timeframe.

Bearings Market by application

• Agriculture
• Electrical
• Automotive
• Mining & Construction
• Railway & Aerospace

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The railway & aerospace applications are projected to exhibit rapid growth over the next few years. Rising number of travelers using public transportation is predicted to be the key growth factor. High demand for precision components used in aircraft engines will positively impact the ball bearings market size. Increasing investments to improve the railway and aerospace infrastructure motivated by the increasing rail and air traffic are forecast to present attractive growth opportunities to industry participants.

The mining & construction applications are expected to observe growing bearings market share. The long service life in harsh operating conditions to maximize uptime and reduce maintenance costs for enhanced productivity at the mining sites is the chief driver.

Automotive sector holds the highest revenue generator segment and will continue to dominate over the forecast timeline. This can be attributed to rising demand for technologically advanced solutions in the vehicles. Furthermore, popular trends such as development of application specific solutions is expected to drive the bearings market growth.

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Asia Pacific will grow at over 8% CAGR from 2015 to 2022 due to substantial demand across various sectors such as electronics, automotive, and industrial equipment. Government norms and initiatives are favoring the industry growth. For instance, Chinese government is encouraging their manufacturers of mechanical and electronic bearings to expand domestically.

The players involved in the global bearings market include Minebea Co. Ltd., Daido Metal Co., Timken, NTN Corp., Schaeffler Group, Brammer PLC, SKF, NSK Global, JTEKT. New product development, and high profile raids in order to minimize loss due to counterfeit products are the major competitive strategies adopted by the industry participants.

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