December 12, 2023 04:00 ET | Source: SPHERICAL INSIGHTS LLP SPHERICAL INSIGHTS LLP
New York, United States, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Global Bearings Market Size is to Grow from USD 106.68 Billion in 2022 to USD 261.90 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.5% during the forecast period. 22320cc/W33
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Bearings are essential mechanical components used in a wide range of applications to facilitate relative motion between two parts while reducing friction and supporting loads. They come in various types, including ball bearings, roller bearings, and plain bearings, each designed to accommodate different load capacities and motion requirements. Ball bearings consist of rolling elements (balls) housed in an inner and outer race, enabling smooth rotation and low friction in applications like automotive wheels and electric motors. Roller bearings, on the other hand, use cylindrical or tapered rollers for enhanced load-carrying capabilities, making them suitable for heavy machinery and conveyor systems. Plain bearings, also known as bushings or sleeve bearings, provide low-friction support in sliding or rotational movements, commonly found in machinery parts like crankshafts and hinges. Bearings play a vital role in the efficiency, durability, and reliability of countless mechanical systems across industries.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Bearings Market Size, Share, and COVID-19 Impact Analysis, By Product (Ball Bearings, Roller Bearings, Plain Bearings, and Others), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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In 2022, the roller bearings segment accounted for around 44.2% market share On the basis of the product, the global bearings market is segmented into ball bearings, roller bearings, plain bearings, and others. The roller bearings segment's dominance in the market can be attributed to its versatility and ability to handle a wide range of applications. Roller bearings, which include cylindrical, tapered, and spherical variants, excel at supporting heavy radial and axial loads, making them vital components in industries like construction, mining, and manufacturing. Their durability and high load-carrying capacity make them ideal for demanding conditions, contributing to their widespread use. Moreover, advancements in roller bearing design and materials have further expanded their application scope. As industries continue to rely on heavy machinery, the roller bearings segment maintains its position as a revenue leader in the bearings market.
The automotive segment held the largest market with more than 47.5% revenue share in 2022 Based on the application, the global bearings market is segmented into automotive, agriculture, electrical, mining & construction, railway & aerospace, automotive aftermarket, and others. The dominance of the automotive segment in the bearings market can be attributed to its sheer scale and continuous demand for various types of bearings. Bearings are essential components in vehicles, serving critical functions in engines, transmissions, wheels, and various other systems. With the global automotive industry witnessing consistent Growth, including the development of electric and autonomous vehicles, the demand for specialized bearings designed to meet stringent performance and efficiency requirements remains high. Furthermore, automotive manufacturers increasingly emphasize reliability and durability, driving the need for advanced bearings. Consequently, the automotive sector's substantial market share reflects its pivotal role in driving the bearings industry forward.
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Europe is predicted to Grow at a significant CAGR of around 9.7% over the projected period
Based on region, Europe's bearings market is poised for favorable Growth in the forecast period due to the region's emphasis on sustainability and stringent regulations are driving demand for high-efficiency bearings, especially in the automotive and industrial sectors, aligning with the global push for greener technologies. The ongoing advancements in manufacturing processes and materials are enabling European manufacturers to produce innovative, high-quality bearings, enhancing their competitive edge.
Asia Pacific's dominance in the bearings market is attributed to robust industrialization, driven by countries like China and India, has led to substantial demand for bearings in manufacturing, automotive, and infrastructure development. Additionally, the burgeoning automotive industry, rapid urbanization, and increased construction activities have further boosted the market. Lower production costs, skilled labor availability, and a strong manufacturing base also make Asia Pacific an attractive hub for bearing production.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global bearings market include Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, The Timken Company and Others.
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Market Segment This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global bearings market based on the below-mentioned segments:
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