Bearings Market Size By Product (Roller Bearings [Tapered, Split, Others], Ball Bearings [Deep Groove Bearings, Others]), By Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027
The bearings market is poised to see considerable growth through 2027 driven by rising product demand in varied applications across the globe. Additionally, notable technological advancements in the product are estimated to further facilitate market growth through the forecast timeline.
Recently, industry players have been focusing on product development and innovation to enhance their portfolio and extend consumer reach, which has positively impacted market dynamics. For instance, in October 2021, SKF, a Swedish bearings manufacturer, announced that it had extended the range of its large bearings for roller presses with a sealed version that could extend service life in high pressure grinding rolls (HPGRs) and other equipment. The novel version was designed to nearly double the lifespan of an open bearing and had demonstrated in tests that it could cause reduce grease consumption by up to 99%.
In another instance, in November 2021, NSK, a Japan-based bearings expert, launched its Self-Lube bearing units with end cap protectors and triple lip-seals, which promised prolonged service life in harsh operating conditions like those commonly observed in the mining, quarrying, and construction industries, wherein contaminants can penetrate poorly specified bearings and thereby bring equipment and machinery to a halt. With state-of-the-art material, design, seals, and lubricant, the company said that the bearings exceeded the life of traditional bearings, adding that Self-Lube bearings with shaft end protectors and triple lip-seals could reduce the costs associated with repairs and downtime.
For comprehensive assessment, the bearings market has been segregated in terms of product, application, and region. By product, the market has further been categorized into roller bearings, ball bearings, and others.
Under roller bearings, the market has been divided into tapered, split, and others. The split segment is anticipated to witness robust growth through 2027, registering approximately 9% CAGR through the assessment period. Split roller bearings incur low operational costs, which is likely to fuel segmental growth in the coming years.
From the application perspective, the market has been bifurcated into agriculture, automotive, electrical, railway & aerospace, mining & construction, automotive aftermarket, and others. The automotive aftermarket segment is slated to grow at a CAGR of more than 8.5% over the analysis timeline to garner a sizable revenue by the end of 2027. Increasing sales of pre-owned vehicles are expected to support segmental progress over the following years.
In terms of region, the Middle East & Africa bearings market held a substantial share in the overall industry revenue in 2020 and is projected to expand at around 7.5% CAGR through the forecast period. Surging investment in automotive production is speculated to bolster product uptake in the MEA region over the study timeframe.
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