Press release
Bearings Market Expected to Expand at 9.4% CAGR, Reaching USD 323.93 billion by 2034
Bearings Market
The global bearings market size was valued at USD 132.15 billion in 2024. It is projected to reach USD 323.93 billion by 2034, growing at a CAGR of 9.4% from 2025 to 2034.
Market Overview
Bearings are an important element of several kinds of machinery and come in several configurations and shapes. They can be explained as machine elements that reinforce only a particular kind of motion in a system that might be under steady or mobile loading. The main motive of a bearing is to prohibit instant metal-to-metal proximity between two elements that are in relative motion.
This prohibition reduces friction, heat creation, and, finally, the wear and tear of components. It also decreases energy intake as sliding motion is restored with low-friction rolling. They also transfer the load of the rotating element to the housing. This load may be axial, radial, or an amalgamation of both. It also regulates the release of motion in predetermined directions.
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Market Dynamics
• Growing Adoption of Electric Vehicles
The adoption of electric vehicles is driving the market. In 2023, electric vehicle sales rose to 14 million units, as registered by the International Energy Agency. The collaborated markets of China, the US, and Europe dominated the growth broadly, with 95% of the aggregate sales proportion. This has led to a rise in the demand for accelerated, low-friction bearings customized to EV needs, such as compact designs and energy efficiency, boosting the bearings market demand.
• Rise in IoT Enabled Smart Bearings
A prominent market trend is the rise of IoT-sanctioned smart bearings. The market analysis reveals a growing preference for these inventive solutions, which offer real-time performance monitoring and predictive maintenance capabilities. Smart bearings decrease functional downtime and maintenance costs by offering a perception of wear and providing insights into wear and tear, aligning with the industry's efforts to enhance productivity.
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Competitive Landscape
The ball bearings market is somewhat fragmented across the global region due to a substantial number of market players. The list of key companies profiled are:
• AB SKF
• C&U Group
• Continental AG
• JTEKT Corporation
• Luoyang Bearing Research Institute Co., Ltd.
• MinebeaMitsumi Inc.
• Nippon Seiko Co. Ltd.
• NSK Ltd.
• NTN Corporation
• RBC Bearings Incorporated
• Rexnord Corporation
• Schaeffler AG
• SKF
• THK Co., Ltd.
• Timken Company
Market Segmentation
Based on type, the ball bearings segment held the largest market share. This is due to its extensive usage in automotive and industrial machinery applications. Additionally, the important part of these bearings in improving productivity and decreasing friction in mechanical systems is driving the segment growth.
By application, the automotive segment accounted for the largest share of owing to it managing both radial and axial loads.
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Geographical Analysis
Regional analysis provides an examination of the key variables, including social, physical, and economic, in a regional context. It helps companies understand the needs and wants of their customers in target markets. Thus, stakeholders can make informed decisions about their products or service offerings. Also, regional analysis assists businesses in identifying regions with high growth potential and where they should focus their efforts. Furthermore, it can help stakeholders understand local conditions to analyze policy related to global change.
The key regions and sub-regions of the Bearings Market covered in the research report are:
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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