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Bearings Market Growth, Growth Demand, Size, Key Drivers, Forecast To 2033
Bearings Market Growth
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According to The Business Research Company's, The bearings market size has grown strongly in recent years. It will grow from $125.89 billion in 2023 to $137.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, expansion of automotive and transportation sectors, increased in demand for energy and power generation, growth in construction and infrastructure development, demand for bearings in heavy machinery and equipment.
The bearings market size is expected to see strong growth in the next few years. It will grow to $193.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to adoption of bearings in renewable energy applications, demand for bearings in medical and healthcare equipment, expansion of industrial automation and robotics, growing investment in aerospace and aviation technologies, market penetration in emerging economies and developing regions. Major trends in the forecast period include technological advancements in bearing materials and design, focus on sustainability and eco-friendly bearings, 3d printing and additive manufacturing of bearings, increasing investment in research and development, shift towards high-speed and high-temperature bearings.
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Market Drivers and Trends:
An increase in demand for electric vehicles is expected to propel the growth of the bearings market going forward. An electric vehicle (EV) is a motor vehicle that is propelled by an electric motor rather than an internal-combustion engine, which generates energy by burning a mixture of gasoline and gases. The high speed of electric motors in EV and HEV powertrains necessitates the use of specialized bearings. For instance, according to the annual global electric vehicle outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids were doubled in 2021 to reach a new record of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total. Therefore, an increase in demand for electric vehicles is expected to boost demand for bearings market during the forecast period.
Technological advancement is a key trend gaining popularity in the bearings market. Manufacturers are focused on the use of customized bearings to fulfill their shifting needs as new technologies and digitalization become more widely adopted. For instance, in September 2021, AB SKF, a Sweden-based bearing manufacturing company launched a new line of spherical roller bearings. These bearings are made especially for slab, billet, and bloom continuous casting operations which are intended to boost uptime, decrease production costs, and lessen environmental effect. The new continuous caster spherical roller bearings are designed to operate exceptionally well in these harsh conditions, as demonstrated by extensive testing in actual steel mill installations .
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Major Key Players of the Market:
Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l., KOYO Corporation of U.S.A., THB Bearings Co. Ltd., Myonic GmbH, SKF Group, LYC Bearing Corporation Limited, NTN Corporation, RKB Europe S.A., NSK Ltd., Brammer plc, NBI Bearings Europe S.A., Rexnord Corporation, Schaeffler Technologies AG & Co. KG, The Timken Company, C&U Group Company Limited, Luoyang LYC Bearing Co. Ltd., Daido Metal Co. Ltd., THK Co. Ltd., GGB Bearing Technology, RBC Bearings Incorporated
Bearings Market 2024 Key Insights:
• The bearings market size is expected to see strong growth in the next few years. It will grow to $193.77 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Surging Electric Vehicle Demand Ignites Growth In The Bearings Market
• Customized Bearings And Technological Advancements Drive Evolution In The Bearings Market
• Asia-Pacific was the largest region in the bearings market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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