Global Bearing Market Outlook 2028

Global Bearing Market Overview

The global bearing market was valued at USD 43.98 billion in 2023, driven by the rising demand from automotive, industrial, and aerospace sectors. The increased production of electric vehicles (EVs) and industrial automation significantly fueled the growth of this market. Bearings are essential components for reducing friction in machinery, contributing to higher operational efficiency.

Prominent players in the global bearing market include SKF (Sweden), Schaeffler Group (Germany), NSK Ltd. (Japan), NTN Corporation (Japan), and Timken Company (USA). These companies lead the market through their diverse product offerings, expansive global distribution networks, and consistent innovation. SKF, for instance, provides specialized bearings for industries such as aerospace and automotive, reinforcing their market leadership.

In 2023, SKF announced the expansion of its manufacturing facility in Changshan, China, to address the increasing demand for industrial and automotive bearings in the APAC region. With an investment of over $50 million, this expansion will boost production capacity. This strategic move is aimed at meeting the growing need for precision-engineered bearings, particularly for the rapidly expanding electric vehicle market in China and other APAC countries.

Cities like Shanghai, China, and Stuttgart, Germany, dominate the global bearing market due to their established industrial base and infrastructure. Shanghai is a major hub for manufacturing, particularly in the automotive and industrial machinery sectors. This focus drives a high demand for bearings, as these components are critical in various machinery applications. The city hosts numerous manufacturing facilities that cater to both domestic and international markets.

Global Bearing Market Segmentation

The Global Bearing Market is divided into the following segments:

By Product Type: The global bearing market is segmented by product type into ball bearings, roller bearings, and plain bearings. In 2023, ball bearings held the dominant market share due to their widespread usage across various industries, including automotive and aerospace. Ball bearings are preferred for their versatility, ability to support both radial and axial loads, and low maintenance requirements. The increasing production of electric vehicles (EVs), where ball bearings are used to improve motor efficiency, further reinforced their leading position in the global market.

By Region: The global bearing market is segmented by region into North America, Europe, Asia- Pacific (APAC), Latin America, and Middle East & Africa (MEA). In 2023, Asia- Pacific led the market, driven by its strong manufacturing base in countries like China, Japan, and India. The region's booming automotive and industrial machinery sectors, alongside significant investments in electric vehicle (EV) production and infrastructure, bolstered the demand for bearings. North America followed, with rising demand from the aerospace and defense sectors contributing to its market share.

By Application: The global bearing market is segmented by application into automotive, industrial machinery, aerospace, and construction. In 2023, Automotive applications dominated the market, driven by the increased production of electric vehicles (EVs). Bearings play a critical role in EV motors by reducing friction and enhancing energy efficiency. The growth of the automotive sector, particularly in Asia- Pacific, has further solidified the dominance of this segment, supported by substantial investments in EV manufacturing.

Global Bearing Market Competitive Landscape

Company Name

Establishment Year

Headquarters

SKF

1907

Gothenburg, Sweden

Schaeffler Group

1946

Herzogenaurach, Germany

NSK Ltd.

1916

Tokyo, Japan

NTN Corporation

1918

Osaka, Japan

Timken Company

1899

Ohio, USA

SKF's Expansion in China (2023): In 2023, SKF expanded its production facility in Changshan, China, with an investment of $50 million, increasing its output by 20%. This expansion is aimed at meeting the growing demand for bearings in industrial and automotive sectors, particularly in the Asia- Pacific region. The facility now focuses on manufacturing energy-efficient bearings for electric vehicles, addressing the rapidly growing EV market in China.

NSK Ltd.'s New R&D Facility (2023): In 2023, NSK Ltd. did not open a new R&D facility in Kanagawa, Japan focused on high-performance bearings for industrial robotics and electric vehicles. Instead, NSK is expanding its R&D center and headquarters in China. The new center aims to enhance NSKs ability to meet the growing demand for next-generation bearings, particularly in the rapidly evolving robotics sector in Japan.

Global Bearing Market Analysis

Global Bearing Market Growth Drivers

Rising Electric Vehicle (EV) Production: The global bearing market is witnessing significant growth driven by the rising production of electric vehicles (EVs). In 2023, over 10 million EVs were manufactured globally, with China leading the charge, producing 5.2 million units. Bearings are essential components in EV motors, as they help reduce friction and enhance energy efficiency. According to the International Energy Agency (IEA), global EV sales are expected to double by 2025, further driving the demand for specialized bearings capable of supporting higher torque and power in EV motors.

Industrial Automation and Robotics Expansion: The demand for industrial automation and robotics is driving the growth of the bearing market. In 2023, the global robotics sector is expected to grow by 20%, with Japan and Germany leading the industrial robotics market. Bearings are integral components in robotic systems, as they provide smooth and precise movements essential for automation processes. As factories continue to adopt automation technologies to increase productivity and reduce labor costs, the demand for high-performance bearings is expected to surge, particularly in the automotive and electronics sectors.

Infrastructure Development in Emerging Markets: Emerging economies, particularly in Asia- Pacific, are investing heavily in infrastructure development, creating significant demand for construction machinery that relies on bearings. India has committed $1.4 trillion for infrastructure projects through its National Infrastructure Pipeline (NIP) for 2022-2025. This includes the development of transportation systems, energy infrastructure, and urban development, all of which require heavy machinery that depends on robust bearing systems. These investments will drive demand for bearings used in construction and industrial machinery.

Global Bearing Market Challenges

Supply Chain Disruptions in Raw Material Availability: One of the primary challenges faced by the global bearing market is the disruption in raw material supply chains. Bearings rely heavily on the availability of high-quality steel, which has faced supply shortages due to trade tensions and geopolitical conflicts. For instance, the Russia- Ukraine war in 2022 led to a shortage of steel in European markets, disrupting production timelines for bearing manufacturers. These disruptions, along with fluctuating steel prices, have negatively impacted production costs and delivery timelines.

Environmental Regulations on Material Usage: Increasing government regulations on the use of certain materials in manufacturing are posing challenges for bearing manufacturers. In 2023, the European Union enforced stricter regulations on the use of non-recyclable materials in industrial products, including bearings. Manufacturers are required to adopt more sustainable practices, which has led to increased production costs due to the sourcing of eco-friendly materials. These regulations are particularly challenging for smaller players who lack the resources to invest in sustainable materials and technologies.

Global Bearing Market Government Initiatives

European Union's Green Deal (2023): In 2023, the European Union introduced its Green Deal to reduce carbon emissions across various industries, including manufacturing. This initiative promotes the adoption of energy-efficient components such as bearings in industrial applications. The EU has allocated 150 billion to support companies that transition to more energy-efficient technologies, including the adoption of advanced bearing systems designed to reduce energy consumption and extend machinery lifespans.

India's National Electric Mobility Mission Plan (2023-2024): The Indian Government introduced the National Electric Mobility Mission Plan (NEMMP), focusing on boosting EV production. This initiative aims to significantly increase the demand for EV components, including bearings. It includes subsidies and incentives for EV manufacturers, which drives the demand for bearings used in electric motors and powertrains.

Global Bearing Market Outlook

The global bearing market is expected to undergo significant transformation by 2028, fueled by a combination of rising electric vehicle (EV) production, increased industrial automation, and rapid technological advancements.

Future Trends:

Increased Investment in Smart Bearings: By 2028, smart bearings equipped with sensors for predictive maintenance will become standard in many industries, particularly in manufacturing and aerospace. These smart bearings, capable of real-time monitoring, will help reduce machinery downtime and maintenance costs, making them essential components in automated industrial systems and heavy machinery.

Sustainability and Eco-friendly Bearings: The next five years will see a growing emphasis on the development of eco-friendly bearings, driven by global efforts to reduce carbon emissions. Manufacturers will increasingly adopt recycled materials and energy-efficient production processes. Bearings made from eco-friendly materials will become more common, particularly in Europe and North America, as companies work to meet sustainability targets set by governments and regulatory bodies.
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