What is the Growth Outlook and Market Size Predictions for Global Bearings Market?
The size of the bearings market has seen a significant increase in recent years. It’s predicted to grow from $136.29 billion in 2024 to $148.29 billion in 2025 at a CAGR of 8.8%. The historical growth can be partly attributed to industrialization, manufacturing growth, expansion of the automotive and transportation sectors, an increased demand for energy and power generation, and growth in construction and infrastructure development.
The market size for bearings is expected to see even stronger growth in the next few years, estimated to reach $211.5 billion in 2029 at a CAGR of 9.3%. The forecast period growth comes from broad adoption of bearings in renewable energy applications, an increased demand for bearings in medical and healthcare equipment, rapid expansion of industrial automation and robotics, growing investment in aerospace and aviation technologies, and market penetration in emerging economies and developing regions.
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What are the Key Drivers for the growth of the Bearings Market?
The increasing demand for electric vehicles is set to push the growth of the bearings market forward. EVs, propelled by an electric motor, require specialized bearings due to the high speed of electric motors in EV and HEV powertrains. For instance, according to Sustainable Bus, an Italy-based media company focused on clean buses and sustainability, the number of electric bus registrations in Europe increased by 53% in 2023 compared to 2022. Therefore, a spike in demand for electric vehicles is expected to bolster the bearings market during the forecast period.
What are the Key Segments within the Global Bearings Market?
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 After market, Other Applications
4) By Distribution Channel: Online, Offline
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Who are the Key Players in the Bearings Market?
Major players 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.
What Emerging Trends Are Shaping The Bearings Market Landscape?
Technological developments are a key trend gaining popularity in the bearings market. Manufacturers are increasingly integrating custom bearings to meet the shifting requirements as new technologies and digitalization get adopted more widely. SKF, a Sweden-based bearing manufacturing company, exemplified this trend in November 2023 when it launched a spherical roller bearing specifically designed for the food and beverage industry. This area of focus extends the service life to three times that of regular open bearings, minimizing contamination and reducing maintenance needs while meeting industry standards.
Which Regions are Set To Grow The Fastest in The Bearings Market?
In 2024, Asia-Pacific emerged as the largest region in the bearings market. However, Western Europe is forecasted to be the fastest-growing region in the coming years. The bearings market report presents details for Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Bearings Market Report 2025 Offer?
Bearings, which are machine components consisting of rolling elements that minimize friction, carry weights, and direct the movement of moving machine parts, find use in various industries in cutting down friction between moving elements by supporting relative motion. The Bearings Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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