Bearings Market to Witness Growth Acceleration during 2021-2026
Bearings market from the mining and construction application segment is estimated to garner a CAGR of over 9% on account of growing number of construction activities and reforms in multiple mining policies. Development of advanced bearing products specific for mining and construction equipment is likely to drive commendable revenue stride in the industry. Speaking of new product development, in 2020, SKF launched a new range of ball bearing unit (UC 300 series) which prevents bearing operation from contaminated environments.
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Rise in sales of new and preowned vehicles could generate new growth strides in the bearings market over the coming years. The market for electric vehicles is heavily reliant on bearings and related accessories. Consumers are increasingly gravitating towards e-vehicles on account of their benefits like cost-effective maintenance, low ownership costs, effective energy utilization and available charging infrastructure. Bearings are mostly used across automotive sub-systems such as engines, steering wheel, electrical motors, wheels, gearboxes, transmissions and pumps.
With the surge in demand for new vehicles, firms operating in the bearings market are developing advanced products that are designed for specific automotive applications. For instance, in 2020, major bearings producer, NSK Global announced the development of new high reliability, low-maintenance gearbox bearings that are suitable for both large and small gears (pinion shafts, etc.).
The mainly bifurcated into product segments like balls, rollers and other bearings. Of these, the other bearings segment is expected to register a CAGR of above 7% by 2026. Specialized bearing such as magnetic, fluid, jewel, plain and flexure bearings solutions are of high significance in the electrical and automotive sector. Robust technological advancements and product innovations are projected to boost segment growth and overall bearings market share.
In 2020, NSK Ltd. developed a new ultra-high-speed bearing designed for electric vehicles, including hybrid, battery electric and other new energy vehicles. Reportedly, the new bearing would enable electric motors to operate at high speeds, consequently improving fuel economy, vehicle range, and enhance user comfort. The company also revealed its target of reaching 10 billion yen in sales by 2030.
Europe bearings market is anticipated to grow at a considerable rate of about 8% during the forecast period. Countries such as France, Germany and the UK have emerged as one of most promising markets for light commercial and passenger vehicles.
Major automotive manufacturers including Ferrari, Bentley, Volkswagen, Porsche, BMW, Volvo and Audi are demanding for high performance bearings that support smoother rotation of different moving parts as well as reduce friction.
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Partial Chapter of the Table of Content
Chapter 4. Bearings Market Product Insights
4.1. Bearings market share by product, 2019 & 2026
4.2. Ball bearing
4.2.1. Global ball bearings demand, by region, 2016 - 2026
4.2.1.1. Global deep groove ball bearings (DGBB) demand, by region, 2016 – 2026
4.2.1.2. Global other ball bearings demand, by region, 2016 - 2026
4.3. Roller Bearings
4.3.1. Global roller bearings demand, by region, 2016 - 2026
4.3.1.1. Global split roller bearings (SRB) demand by region, 2016 – 2026
4.3.1.2. Global tapered roller bearings (TRB) demand by region, 2016 – 2026
4.3.1.3. Global other roller bearings demand, by region, 2016 - 2026
Chapter 5. Bearings Market Application Insights
5.1. Market share by application, 2019 & 2026
5.2. Automotive
5.2.1. Global automotive bearings demand, by region, 2016 - 2026
5.3. Agriculture
5.3.1. Global agriculture bearings demand, by region, 2016 - 2026
5.4. Electrical
5.4.1. Global electrical bearings demand, by region, 2016 - 2026
5.5. Mining & Construction
5.5.1. Global mining & construction bearings demand, by region, 2016 - 2026
5.6. Railway & aerospace
5.6.1. Global railway & aerospace bearings demand, by region, 2016 - 2026
5.7. Automotive Aftermarket
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