Mounted Bearing Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Mounted Bearing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The mounted bearing market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to industrialization, expansion of heavy industries, increasing investments, increasing machinery loads and speeds, and growing demand for specialized bearings.

The mounted bearing market size is expected to see strong growth in the next few years. It will grow to $2.00 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rising population, increasing use of automation and robotics, growing emphasis on environmentally friendly and sustainable practices, and rise of electric vehicles and globalization of manufacturing . Major trends in the forecast period include advanced materials and coatings, smart and connected bearings, electrification of transportation, automation and robotics and demand for application-specific solutions.

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Market Drivers and Trends:

The rising demand for electric vehicles is expected to propel the growth of the mounted bearing market going forward. Electric vehicles (EVs) refer to automobiles powered partially or entirely by electricity stored in batteries. The adoption of electric vehicles is driven by their environmental benefits and lower operating costs, making them a compelling choice for consumers and businesses. Mounted bearings are essential in electric vehicles, supporting critical functions such as motor operation, drivetrain efficiency, wheel rotation, and overall vehicle performance. For instance, in April 2024, according to the Global EV Outlook 2023 report published by the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales rose by 3.5 million in 2023 compared to 2022, marking a 35% increase year-on-year. Therefore, the rising demand for electric vehicles is driving the growth of the mounted bearing market.

Major companies operating in the mounted bearing market focus on developing innovative products, such as spherical roller bearings, to enhance performance and meet the increasing demand for high-precision, durable bearings in various industries. Spherical roller bearings refer to a type of roller bearing that can accommodate both radial and axial loads and are specifically designed to handle heavy loads and misalignments. For instance, in September 2021, AB SKF, a Sweden-based bearing and seal manufacturing company, launched a new spherical roller bearing designed explicitly for continuous steel casting operations. These bearings are engineered to withstand extreme conditions in steel manufacturing, such as high temperatures, high static loads, and contamination from scale, dust, and water. These new bearings help address the operational challenges of extreme conditions in steel manufacturing, which can result in costly unplanned equipment downtime, and represent the company's ongoing effort to drive innovation.

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Major Key Players of the Market:

JTEKT Corporation, SKF AB, NSK Ltd., Rexnord Corporation, Regal Beloit Corporation, The Timken Company, Wafangdian Bearing Group Corporation, Rexnord Industries LLC, Altra Industrial Motion Corp., Baldor Electric Company, Peer Bearing Company, Kaman Industrial Technologies Corporation, NRB Industrial Bearings Limited, Aurora Bearing Company, IKO International Inc., Mageba SA, Cli*max Metal Products Company, Scheerer Bearing Corporation, ISB Industries, Dalton Bearing Service Inc., IPTCI Bearings, Moline Bearing Company, Hudson Bearings, FYH Bearing Units USA Inc., Cixing Group Co. Ltd

Mounted Bearing Market 2024 Key Insights:

• The mounted bearing market size is expected to see strong growth in the next few years. It will grow to $2.00 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Electric Vehicle Surge Fuels Growth In The Mounted Bearing Market
• Innovative Spherical Roller Bearings Enhance Performance in Extreme Conditions
• North America was the largest region in the mounted bearing market in 2023

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