Surging Electric Vehicle Demand Ignites Growth In The Bearings Market: Transformative Forces Shaping the Bearings Market Landscape in 2025

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What Will the Bearings Industry Market Size Be by 2025?
In recent times, there has been a significant increase in the bearings market size. Projected to rise from $136.29 billion in 2024 to $145.74 billion in 2025, it records a compound annual growth rate (CAGR) of 6.9%. The escalation observed in the past period is linked to industrialization coupled with manufacturing growth, the swelling of the automotive and transportation sectors, surging demand for energy and power generation, development in construction and infrastructure, and the need for bearings in heavy machinery and equipment.

What's the Long-Term Growth Forecast for the Bearings Market Size Through 2029?
The bearings market is anticipated to experience significant growth in the upcoming years, with an estimated value of $203.79 billion in 2029 and a compound annual growth rate (CAGR) of 8.7%. The surge during the forecast period is credited to the utilization of bearings in renewable energy uses, rising demand for bearings in medical and health equipment, the growth of industrial automation and robotics, increasing investment in aerospace and aviation technology, and market expansion in emerging economies and growing regions. Key trends during the forecast period encompass technological upgrades in bearing materials and designs, emphasis on sustainable and environmentally friendly bearings, the use of 3D printing and additive manufacturing in bearing production, an increase in investment for research and development, and a shift towards high-speed and high-temperature bearings.

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What Are the Key Growth Drivers Fueling the Bearings Market Expansion?
The expected surge in electric vehicle demand is anticipated to drive the advancement of the bearings market. Electric vehicles (EVs), unlike traditionally powered vehicles that utilize internal combustion engines and burn a blend of gasoline and gases to generate energy, rely on an electric motor for propulsion. The quick speed of electric motors in EV and HEV powertrains necessitates the deployment of specific bearings. Sustainable Bus, an Italy-based media organization concentrating on clean buses and sustainability, reported a 53% increment in the registration of electric buses in Europe in 2023 relative to 2022. Consequently, the projected increase in demand for electric vehicles is likely to stimulate the bearings market throughout the forecast period.

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Which Fast-Growing Trends Are Poised to Disrupt the Bearings Market?
The rise in technology adoption is becoming a significant trend in the bearings market. Producers are tailoring their bearings to meet the evolving requirements of their clients as modern technologies and digitalization continue to expand. For instance, SKF, a bearing manufacturer based in Sweden, introduced a specially designed spherical roller bearing in November 2023. These bearings, designed particularly for the food and beverage industry, offer a service life that is up to three times longer than that of open bearings. They minimize the risk of contamination and reduce the need for maintenance, all while adhering to industry regulations.

How Is the Bearings Market Segmented?
The bearingsmarket 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 Aftermarket, 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 Companies Are Leading the Charge in Bearings Market Innovation?
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 Are Leading the Global Bearings Market in Revenue?
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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