Press release
Key Trend Reshaping the Bearings Market in 2025: Customized Bearings And Technological Advancements Drive Evolution In The Bearings Market
Bearings Market Share
The bearings market is likely to experience growth driven by the rising need for electric vehicles. Electric Vehicles (EVs), powered by electric motors instead of traditional gas and gasoline internal-combustion engines, require the use of specialized bearings due to the high speeds of their electric motors in EV and Hybrid Electric Vehicle powertrains. Citing data from Sustainable Bus, a media entity from Italy dedicated to clean buses and sustainability, there was a 53% jump in the registrations of electric buses in Europe in 2023 when compared to the numbers from 2022. Thus, the growing preference for electric vehicles is poised to stimulate the bearings market in the predicted timeline.
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How will the growth rate of the bearings market shape industry trends by 2034?
The bearings market has seen a substantial surge in size over the recent past. The market, valued at $136.29 billion in 2024, is projected to reach $148.29 billion in 2025, showcasing a compound annual growth rate (CAGR) of 8.8%. This impressive growth during the historical period can be credited to the upswing in industrialization and manufacturing, the broadening of the automotive and transportation sectors, heightened demand for energy and power generation, a surge in construction and infrastructure development, and an elevated need for bearings in heavy machinery and equipment.
Anticipations are high for a robust expansion in the bearings market in the ensuing years, where it is predicted to attain a value of $211.5 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.3%. This prospective elevation within the forecasted period can be tied to factors such as the incorporation of bearings in renewable energy sectors, increasing demand within the medical and healthcare apparatus, rising engagement in industrial automation and robotics, substantial investments within aerospace and aviation technology, and market infestation into emerging economies and evolving regions. Additionally, prominent trends to be seen within this period include progression in bearing materials and design technologies, a modified focus on sustainable and environment-friendly bearings, the introduction of 3D printed and additively manufactured bearings, escalating investments in research and development ventures, and a shift towards bearings that can sustain high-speed and high-temperature conditions.
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What trends are poised to drive the future success of the bearings market?
The rising trend of technological progression is becoming increasingly prevalent in the bearings market. To meet their evolving needs fueled by the broad adoption of new technologies and digitalization, producers are honing in on customized bearings. In an illustration from November 2023, spherical roller bearings were launched by SKF, a leading bearing manufacturer based in Sweden. Intentionally designed for the food and beverage sector, these bearings promise an extended lifespan, up to triple of that of an open bearing, by significantly mitigating the threat of contamination and cutting back on maintenance requirements, all the while adhering to industry norms.
Which primary segments of the bearings market are driving growth and industry transformations?
The bearings market covered in this report is segmented -
1) By Bearing Type: Unmounted Bearing, Mounted Bearing
2) By Material: Metal, Plastic, Ceramics
3) By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive After market, Other Applications
4) By Distribution Channel: Online, Offline
Subsegments:
1) By Unmounted Bearing: Ball Bearings, Roller Bearings, Plain Bearings
2) By Mounted Bearing: Pillow Block Bearings, Flange Block Bearings, Hanger Bearings
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Which geographical regions are pioneering growth in the bearings market?
Asia-Pacific was the largest region in the bearings market in 2024. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bearings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the bearings market landscape?
Major companies operating 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
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What Is Covered In The Bearings Global Market Report?
•Market Size Forecast: Examine the bearings market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the bearings market for a structured understanding.
•Key Players Overview: Analyze major players in the bearings market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bearings market.
•Segment Contributions: Evaluate how different segments drive overall growth in the bearings market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bearings market.
•Industry Challenges: Identify potential risks and obstacles affecting the bearings market.
•Competitive Landscape: Review strategic developments in the bearings market, including expansions, agreements, and new product launches.
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