Global Bearings Market Outlook

The global bearings market size was valued at USD 102.2 billion in 2018 and is anticipated to expand at a CAGR of 9.1% from 2019 to 2025. Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. This factor is projected to drive market growth in the near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life.

Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.

The global bearings market is driven by the increase in the demand for bearings in the automotive industry, as the implementation of bearings helps reduce wear and tear caused by friction. The manufacturing industry exhibits the highest demand for bearings. Moreover, ongoing developments in the automotive sector are a major factor that fuels the adoption of bearings in the global market. The adoption of bearings is the highest among automotive industries in countries in the Asia-Pacific region such as India, China, Japan, and South Korea. This trend is expected to significantly supplement the bearings market growth due to rapid mechanization.

The global bearings market is segmented based on bearing type, bearing outer diameter, application, and geography. The global bearings market is segmented, based on bearing type, into ball bearings, plain bearings, and others. The ball bearings market is further classified into deep groove ball bearings (open and sealed) and others (angular, contact, and thrust). The market is segmented based on the outer diameter of the ball bearings, into below 5mm, 6-10mm, 10-21mm, 22mm, 23-32mm, 33-40mm, 41-45mm, and others (>45mm). The application areas of the market are automotive, electrical, agriculture, mining & construction, railway & aerospace, and others. The market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa (LAMEA).

The increase in usage of heavy machinery in the construction industry and the high demand for application-specific bearings drive the market. The rise in investment projects in mining, infrastructure development, and transport infrastructure development fuel the growth of the market. Moreover, an increase in the number of offshore wind farms results in greater adoption of roller bearings. However, roller bearings incur high installation costs and complex maintenance operations are a few factors that are expected to hamper the growth of the market.

The global roller bearings market is segmented on the basis of product type, end-user industry, and geography. On the basis of product type, the market is classified into tapered, needle, spherical, cylindrical, and thrust. Based on the end-user industry, the market is divided into electrical, automotive, agriculture, construction, energy & power, and others (general engineering, aerospace). By geography, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA.

There are several types of bearings, such as ball bearings, roller bearings, and plain bearings. Technological advances and the growing need to address energy efficiency in many applications result in the continuous improvement of bearing designs. The prospects for the growth of the bearings market are, therefore, closely linked to the growth in the production of high-performance industrial equipment and machinery. Economic growth, increase in manufacturing, construction activities, energy demand, and rising personal income levels are the main factors leading to the expansion of durable goods production and bearing-reliant applications.

Other factors driving the growth of this market include growth in the global automotive industry, rising demand from the renewable energy sector, and increasing demand for lightweight bearings for various applications. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

Shandong Langche Bearing Co., Ltd. was established in December 2017. Mainly engaged in P6, and P5 motor grade zero bearings, and ferrules, the main products are used in motors, automobile gearboxes, agricultural machinery, mining machinery, power tools, medical equipment, and other industries, Langche Bearing is committed to building a high-end brand, implementing strict quality standards and meticulous Intensive quality control measures to improve product quality and service quality. To achieve growth, success, and achievement together with every partner is the eternal goal.