The global bearings market was valued at USD 97.3 billion in 2017 and is anticipated to grow at a CAGR of 8% during the forecast period.
Bearings are components used for carrying a load while in contact with or moving relative to another part. Bearings are used to 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 bearings include ball bearings, roller bearings, ball thrust bearings, roller thrust bearings and tapered roller thrust bearings among others. Ball bearings are the most common bearings used in a wide range of applications. These bearings bear both radial and thrust loads, and are usually used in applications with relatively small load. Roller bearings find applications in conveyer belt rollers for bearing heavy radial loads. In these bearings, the primary roller is a cylinder to distribute the load over a larger area, and handling larger amounts of weight.
The increasing demand for automation, and use of heavy machinery in manufacturing industries primarily drives the bearings market growth during the forecast period. There has been an increasing demand of bearings from the automotive industry owing to growing demand of light-weight bearings for automobiles, which supports the growth of this market worldwide. Availability of customized and application specific bearings in the market further enables end-users to increase efficiency and increase overall productivity.
Additionally, market players are developing sensor-equipped bearings to meet the growing consumer demands, increasing demand of bearings from the renewable energy sector, and growing applications of bearings in wind turbines has increased the adoption of bearings to also positively influence the bearings market in the coming years. The increasing demand for energy efficient vehicles, and growing adoption of advanced technologies to maximize efficiency of bearings in diverse industries accelerates the market growth. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The global bearings market is segmented on the basis of type, end-user, and region. Based on the type, the market is segmented into ball bearings, roller bearings, and others. Ball bearings dominated the global bearings market in 2017. Ball Bearings 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 of ball bearings include their ability to be used with thrust and radial loads, and its increasing demand in both four wheeler and two-wheeler vehicles.
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 integration of advanced technologies to enhance driving experiences drives the growth of the market in this segment.
Geographically the bearings market is segmented across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, France, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia Pacific accounted for the highest share in the global bearings market in 2017 owing to significant use of bearings in the manufacturing sector of the region. The rising demand from the automotive, construction, and mining sectors is expected to fuel the growth of the market in the region during the forecast period.
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 market are introducing new innovative products to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.