This report regarding the bearing market share will cover data from manufacturers, including things like price, cost, business distribution, gross revenue and margin. With this report, readers will be better able to understand consumer behavior and how leading competitors across the globe operate.
A Quick look at the Automotive Bearing Market
Bearings are vital elements present inside a large number of machines. They are often used for minimizing friction between certain moving parts and to allow components to move in rotational and liner motions. While the use of bearings is prevalent in many things, they are abundantly used in various automotive applications including the interior, engine, transmission system and wheel hub.
Global Bearing Market Insights and Analysis
The worth of the global bearing market was estimated to be around 5746.7 USD during 2022. Many believed that this was because of the recent pandemic. However, experts predict that the worth could increase significantly within six years (2028) and could go as high as 6837.9 USD with 2.9 percent CAGR in the review period. It would be fair to say that the recent health crisis has resulted in a massive economic change and the bearing market has also suffered from it.
However, by the look of things, it seems like the post pandemic period will yield excellent results and there is a high chance that the bearing industry could flourish in the upcoming years. Automotive bearings could be high in demand during the coming years, especially in countries like Japan, India, China and a few other Asia Pacific countries.
Also, since India and China contain one third of the world’s population, the demand for various vehicle types, particularly two wheelers and passenger cars has also been on the rise. Since all of these vehicles contain bearings, their demand has also increased as a result.
Main Factors behind the Bearing Market’s Potential Growth
As mentioned before, bearings are a vital element used in almost every moving part of automobiles. Pumps, electrical motors, wheels, transmissions, engines, steering and gearboxes are among the most common items that use bearings. It is also worth keeping in mind that bonnet hinges, rear view mirrors, doors and wipers also require bearings to work smoothly.
With vehicles high in demand across the globe and companies working on new and improved car models, one can expect the bearing market’s stock to rise greatly in the coming years.
Who are the Key Players in the Global Bearings Landscape
While this market has numerous key players, the most notable ones are JTEKT, NTN, NSK Schaeffler and SKF. The top 5 manufacturers hold shares that are above 50 percent. The largest bearings market is present in Asia Pacific with a 40 percent share, followed by Europe and North America.
Ball bearings are the highest manufactured bearings type currently with shares above 60 percent. One can expect production to increase soon with ball bearings being high in demand in the aerospace, industrial machine, and especially the automotive industry.
Here is a list of all of the key players in involved in the global bearings world:
- SNL bearings limited
- Wafangdian bearing
- Ilkin Bearings
- Candu bearing
- CW bearing
- Jtekt Minebea
- Nachi Fujikoshi
- ORS Bearings
- RBC bearings
- RKB bearings
- Svenska Kullagerfabriken
Who are the Main Stakeholders in the Global Bearings Market
While the global bearings market took a hit after the pandemic, it is slowly but surely getting back at its feet. Many people from the industry believe that its profitability could significantly increase by 2028.
If one takes the pandemic away from the equation, the bearings industry has been massively profitable, and it is a big reason why it has so many stakeholders.
Below is a list of the most notable stakeholders in the worldwide bearings market:
- Industry bodies
- Trade associations
- End use industries
- Exporters and importers
- Commercial development
- Research institutions
- Regulatory bodies
- Suppliers of raw materials
- Consulting firms
Bearing Market Segments
The bearing market is segmented according to the different types of bearings produced. The main bearings manufactured are: roller bearing and ball bearings. As mentioned earlier, ball bearings have the biggest share across the globe and there is a massive chance that this will remain the leading segment until 2028, mainly because of its high demand.
It is also worth keeping in mind that the market is also divided according to applications with chassis and power train being the main categories. When it comes to the type of vehicles, the bearing market is broken down into heavy commercial vehicles, light commercial vehicles and passenger vehicles. As far as regions go, the bearings market is spread across Asia Pacific, Europe, North America and the rest of the world.
Regional and Competitive Analysis of the Market
The worth of the bearing market present in Asia Pacific was around 12.60 USD in 2020. This value could reach as high as 20.79 bil USD by 2028 with a CAGR or 6.8 percent in the forecast period. Since Europe has loads and loads of important companies operating, it has the second biggest market share of automotive bearing.
A large number of renowned corporations are now cooperating with several key players for extending their product portfolio, especially in the window coverings department. Of course, this has resulted in a buzz in the global bearings market. For example, SKF completed the acquisition of FAS, also known as Form Automation Solution, a software startup company. The purpose of acquiring this startup was to reinforce streamlined task management and inspection abilities
This piece about bearings market share offers information regarding market segmentation according to regional demand, growth potential, revenue generation and demand etc. It also gives an indication about where the market could be headed by 2028 and so far, it seems like its profitability will increase greatly.
Daniel Szwed - Marketing Manager