Bearings Market to Record a CAGR of 9.5% Over 2024-2032; Increasing Popularity of Robotics and Electric Vehicles to Fuel Market Expansion

The global bearings market size was valued at USD 43.98 billion in 2023 and is predicted to reach USD 46.82 billion in 2024. The market is anticipated to touch USD 97.10 billion by 2032, recording a CAGR of 9.5% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Bearings Market Size, Share & Industry Analysis, By Type (Ball Bearings, Roller Bearings, Plain Bearings, and Others), By Application (Automotive, Industrial Machinery, Aerospace & Defense, and Others), and Regional Forecast, 2024 – 2032”.

Bearings enable motion and reduce friction between moving parts. They are widely adopted in automotive, industrial machines, consumer appliances, aerospace and defense, and construction machinery. The surge in industrial production and significant investment in robotics are expected to generate opportunities, thereby driving the growth of the market.

During the COVID-19 pandemic, the market dipped as the demand for bearings was low owing to halted production and shutdown of automotive and industrial sectors. Furthermore, lowered demand during this period as transportation had restrictions.

NBI Bearings Introduced New Production Series of Super-Precision Cylindrical Roller Bearings

NBI Bearings announced the launch of its new production series of super-precision cylindrical roller bearings in June 2024 for machine tools under its Enhanced E+ line. This new production series features high rigidity to compensate for the temperature ranges, thereby offering greater wear resistance.

Increasing Popularity of Robotics and Electric Vehicles to Fuel Market Expansion

According to the International Energy Agency, in 2023, the sales of electric vehicles witnessed an increase of 18% as the sales reached a total of 14 million units. Likewise, the market growth is driven by the installation of industrial robots, backed by the increasing popularity of automation across all industries. Bearings are vital components in electric vehicles and robots that enhance their reliability, efficiency, and overall performance. They ensure high rotational precision and streamline the functioning of electric vehicles and robots. These factors contribute to the bearings market growth.

However, the market growth is hindered by factors such as fluctuations in raw material costs and trade tariffs.

Major Players to Introduce Novel Products to Strengthen Their Market Presence

The global market is characterized by moderate fragmentation, with significant major players worldwide. The major players operating in this market are emphasizing introducing novel products to lower overall production costs and impact on the environment. They are also focusing on offering products with a diverse array of industrial applications, including turning, grinding, and milling, to strengthen their market presence.

Notable Industry Development:

• March 2022: Koyo Corporation, a leading manufacturer of bearings, rebranded all its products under the company name of JTEKT Corporation. This strategic approach is expected to help its customers to easily access all its bearing products under a single brand name.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/bearings-market-101608

List of Key Companies Profiled in the Report:

• NSK Ltd (Japan)


• Nachi-Fujikoshi Corp (Japan)


• Myopic GmbH (Germany)


• LYC Bearings Corporation (China)


• Luoyang Huigong Bearings Technology Co., Ltd. (China)


• Koyo (Jtekt Corporation) (Japan)


• ISB Industries (Italy)


• NTN Corporation (Japan)


• SKF (Sweden)


• The Timken Company (U.S.)


• THB Bearings (China)

Further Report Findings:

• Asia Pacific region is projected to lead the bearings market share due to the widespread adoption of automation and the Internet of Things. The region’s growth is further driven by government initiatives and supportive energy policies, along with the growing need for machines and rapid growth in automobile production.


• North America is expected to secure the second-highest share in the coming years driven by significant growth of the automotive and wind energy industries. Increasing industrialization and demand for machines from manufacturing industries are expected to contribute to the region’s market growth.


• Based on type, ball bearings are expected to capture the largest revenue share in the market. Their wide adoption influences this growth in industrial applications, such as automotive, aerospace, consumer electronics, and other industrial machines such as lathes and machine tools.

Table of Segmentation