Revival of the construction industry post economic slowdown is one of the major factors driving the global bearings market. Increased industrial production and agricultural mechanization coupled with the growing demand from aerospace and automotive sectors is also influencing the market demand. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 7.3% during the forecast period 2016 – 2023. However, issues such as lack of product differentiation resulting in price wars and profit crunching pose moderate challenge to the market growth. The global bearings market is expected to expand at a CAGR of 7.3% from 2016 to 2023, exceeding US$ 141.3 Bn by 2022.
This report analyzes the global bearings market in terms of product types, end-use application, and geography. On the basis of product types, the market is segmented into plain bearings, ball bearings, and roller bearings among others. Similarly, on the basis of end-use application, the market for bearings is further classified into industrial heavy machinery (construction and mining, and agriculture), automotive, electrical and electronics, and aerospace among others. The geographical distribution of the global bearings market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled “Global Bearings Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global bearings market.
USP and Key Offerings
The report titled “Global Bearings Market- Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” offers strategic insights into the global Bearings market along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on applications, product types, and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading bearings manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global Bearings market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.
In terms of revenue, ball bearings dominated the global bearings market in the base year of 2015. The segment accounted for over 39% of the global bearings market revenue in the same year. Ball bearings are further classified into thrust ball bearings, angular contact ball bearings, radial deep grove ball bearings, self-aligning ball bearings and wheel hub ball bearing units. Ball bearings have comparatively smaller surface contact, which, in turn helps to minimize friction to a large extent. In addition, their ability to rotate evenly and exhibit continual raceway makes them a preferred choice to be used with radial and thrust loading. On the other hand, roller bearings are presumed to witness strong growth during the forecast period 2016 – 2023 on account of growing use across heavy load applications. Plain bearing and jewel bearings are also expected to exhibit steady growth over the forecast period.
As of 2015, the global bearings market was led by the industrial heavy machinery (construction and mining, agriculture) segment in terms of revenue. The segment accounted for over 30% of the global bearings market revenue in the same year and is expected to exhibit steady growth during the forecast period led by the revival of the construction industry post economic recovery. In addition, growing farm mechanization, especially in emerging agrarian economies has favored the market demand. The automotive was the second largest end-user market, which accounts for around one-fourth of the global market revenue. The market for automotive bearings is expected to be driven by growing demand and production of off-highway and two-wheeler vehicles. Other segments including aerospace and transportation (ex- railway) are all set to witness robust growth over the forecast period 2016 – 2023.
In the base year of 2015, Asia Pacific was the largest bearings market in terms of both revenue and volume. The region accounted for over 39% of the global bearings market revenue in the same year and is expected to exhibit strong growth led by demand from China. China is currently the largest producer and consumer of bearings in Asia Pacific followed by India. The trend shall prolong and the region is poised to retain its leading position throughout the forecast period 2016 – 2023. The demand for bearings in the region is also attributed to the flourishing construction and industrial sectors. Developed markets including North America and Europe witnessed lackluster growth in recent years due to economic slowdown. However, with markets showing economic stability, the industrial and construction sector in these regions is poised to regain its original growth levels, offering the necessary traction to the market growth.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Bearings market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
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Region Segment (2020–2030; US$ Million)
Global Impact of Covid-19 Segment (2020-2021; US$ Million )
Key questions answered in this report