Press release
Expansive Growth of Global Bearings Market: Projected to Reach $148.29bn in 2025 with CAGR of 8.8% Driven by Prominent Trends and Key Players
Bearings Market
An uptrend in industrialization is propelling the significant growth of the global bearings market, estimated to reach $211.5bn by 2029; this unparalleled growth showcases the impact of pivotal trends and key industry players.
What Is The Projected Market Size Of The Global Bearings Market And Its Growth Rate?
• The bearings market size has displayed impressive growth, and it is estimated to expand from $136.29 billion in 2024 to $148.29 billion in 2025, displaying a compound annual growth rate (CAGR) of 8.8%.
• Growth factors contributing to this expansion include increasing industrialization, growth in manufacturing sectors, growing demand in energy and power sectors, and the rise of infrastructure development.
• Projected strong growth is expected in the future, with the market size anticipated to reach $211.5 billion in 2029 at a CAGR of 9.3%.
What Is Driving The Growth In The Bearings Market?
The growth in the bearings market can be significantly attributed to the rising demand for electric vehicles (EVs). Electric vehicles, which are powered by electric motors instead of traditional internal-combustion engines, necessitate the use of specialized bearings due to their high-speed motors. As a case in point, electric bus registrations in Europe showed an increase of 53% in 2023 compared to the previous year. Henceforth, the surge in demand for electric vehicles is anticipated to boost the bearings market moving forward.
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Who Are the Key Players Driving Bearings Market Growth?
Key companies in the bearings market include:
• 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
• 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
What Are The Key Trends In The Bearings Market?
Key trends in the bearings market 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
What Are The Segments Of The Global Bearings Market?
The bearings market includes the following segments:
1) Bearing Type: Unmounted Bearing, Mounted Bearing
2) Material: Metal, Plastic, Ceramics
3) Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive Aftermarket, Other Applications
4) Distribution Channel: Online, Offline
Which Region Leads The Bearings Market?
Asia-Pacific was the largest region in the bearings market in 2024. Moreover, Western Europe is projected to be the fastest-growing region in the coming years. The bearings market report covers several regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Bearings Market Global Market Report?
- Market Size Analysis: Analyze the Bearings Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Bearings Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Bearings Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Bearings Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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