Press release
Top Market Shifts Transforming the Bearings Market Landscape: Key Insights
Bearings Market
What Is the Expected CAGR for the Bearings Market Through 2025?
In the past few years, the bearings market has experienced substantial expansion. The market value, which was at $136.29 billion in 2024, is projected to rise to $148.29 billion in 2025, representing a compound annual growth rate (CAGR) of 8.8%. This growth during the historical period is due to several factors such as increased industrialization and manufacturing, the expansion of the automotive and transportation industries, an increased demand for energy and power generation, developments in construction and infrastructure, and the demand for bearings in heavy machinery and equipment.
What's the Projected Size of the Global Bearings Market by 2029?
It is anticipated that the bearings market will experience significant growth in the forthcoming years, with expectations to reach $211.5 billion in 2029, showcasing a compound annual growth rate (CAGR) of 9.3%. The impending growth during the forecast period is ascribed to the adoption of bearings in renewable energy applications, increased demand in the medical and healthcare sector, the advancement of industrial automation and robotics, growing investments in the aerospace and aviation sectors, and broader market penetration in developing regions and emerging economies. Remarkable trends predicted for the forecast period include progress in bearing materials and design, emphasis on sustainability and eco-friendly bearings, the rise of 3D printing and additive manufacturing in the production of bearings, amped-up investment in research and development, and a trend towards high-speed and high-temperature bearings.
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Top Growth Drivers in the Bearings Industry: What's Accelerating the Market?
A rise in the popularity of electric vehicles is predicted to catalyze advancements in the bearings market. An electric vehicle (EV) utilizes an electric motor for propulsion instead of relying on an internal combustion engine, which produces energy by incinerating gasoline and other gases. Electric motors in EVs and HEVs operate at high speed, necessitating the employment of exclusive bearings. Sustainable Bus, an Italian media organization dedicated to environmental sustainability and cleaner transport solutions, has reported that there was a 53% upsurge in the registration of electric buses in Europe in 2023 compared to the preceding year. Hence, the escalating demands for electric vehicles are likely to stimulate the bearings market during the anticipated time frame.
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What Trends Will Shape the Bearings Market Through 2029 and Beyond?
The rise in technological progress is a leading trend gaining traction in the bearings market. Producers are keen on employing customized bearings to cater to their evolving requirements as the adoption of novel technologies and digitalization expands. For example, SKF, a bearing manufacturer based in Sweden, introduced a spherical roller bearing in November 2023. These bearings are specifically designed for the food and beverage sector. By decreasing contamination hazards and cutting down maintenance requirements, they provide an extended lifespan, up to thrice as long as open bearings, all while adhering to industry norms.
What Are the Main Segments in the Bearings Market?
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 Top Companies are Driving Growth in the Bearings Market?
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
Which Regions Will Dominate the Bearings Market Through 2029?
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.
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