The global bearings market was valued at USD 118.23 billion in 2020 and is expected to grow at a CAGR of 8.6% during the forecast period. Bearings are components used for carrying a load while in contact with or moving relative to another part. Bearings enable movement between a stationary and mobile part of a machine to reduce friction and wear and tear of the machine.

The different types of the product include ball, roller, ball thrust, roller thrust, and tapered roller thrust bearings. Ball bearings are the most common and used in a wide range of applications. The product bears both radial and thrust loads and is usually used in applications with a relatively small load. Roller ones find applications in conveyer belt rollers for bearing heavy radial loads. In these types of products, the primary roller is a cylinder to distribute the load over a larger area and handle higher weight.

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The increasing demand for automation and heavy machinery in manufacturing industries primarily drives the demand growth during the forecast period. There has been a rising demand for the product from the automotive industry owing to the growing implementation of lightweight bearings for automobiles, which supports the growth of this market worldwide. Availability of customized and application-specific products in the market further enables end-users to increase efficiency and enhanced overall productivity.

Additionally, market players are developing sensor-equipped bearings to meet the growing consumer demands, increasing popularity of the product from the renewable energy sector, and growing applications of the product in wind turbines has increased the adoption of the product which, is also expected to influence the market positively over the coming years.

The increasing demand for energy-efficient vehicles and the growing adoption of advanced technologies to maximize the efficiency of bearings in diverse industries accelerate market growth. Emerging economies and technological advancements are factors expected to provide numerous growth opportunities over the forecast period.

Bearings Market Report Scope

The market is primarily segmented on the basis of type, end-use, and region.

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Insight by Type

Based on the type, the market is segmented into ball, roller, and others. Ball segment dominated the global market in 2020. These types of products use balls to maintain the separation between the moving parts of the bearing. Ball bearings are used in numerous applications to reduce rotational friction and support radial and axial loads. The factors contributing to the high demand for the segment include their ability to be used with thrust and radial loads and increasing demand in both four-wheeler and two-wheeler vehicles.

Insight by End-Use

The end-users include automotive, electrical and electronics, construction, mining, aerospace, and others. The automotive segment is expected to account for the highest share in the global bearings market throughout the forecast period. The increasing demand for motor vehicles and the integration of advanced technologies to enhance driving experiences drive the market's growth in this segment.

Geographic Overview

The industry is segmented across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, the UK, France, Italy, and the Rest of Europe. The Asia Pacific is bifurcated into China, India, Japan, and the Rest of Asia Pacific.

The Asia Pacific accounted for the highest share in the global industry in 2020, owing to the significant use of the product in the region's manufacturing sector. The rising demand from the automotive, construction, and mining industries is expected to fuel the industry growth in the region during the forecast period.

Competitive Landscape

The leading players in the bearings market include Schaeffler Group, Harbin Bearing Manufacturing Co., Ltd., NSK Global, The Timken Company, Rexnord Corporation, JTEKT Corporation, Brammer PLC, Federal Moghul Holding Corporation, NTN Corporation, and NKE AUSTRIA GmbH, among others.

These leading players in the industry are introducing new innovative products to cater to the growing consumer demands. The global players are entering new markets in developing regions to expand their customer base and strengthen their industry presence.