Bearings Market: Growth Trends and Size Projections by 2024

The global bearings market size was valued at USD 41.58 billion in 2022. The market is projected to grow from USD 43.98 billion in 2023 to USD 77.90 billion by 2030, exhibiting a CAGR of 8.5% during the forecast period.

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Industry developments of bearings market:

• SKF, a global bearings manufacturer, partnered with the high-end automotive manufacturer company Pagani S.P.A. SKF and Pagani developed lightweight and low-friction Bearings for the Pagani Hyper Car vehicle through this partnership.
• NSK Bearings, a prominent manufacturer of high-end bearings, and the Tokyo Institute of Technology signed an agreement to establish an advanced tribology innovation research center. This innovation center is helping to promote open innovation and research in the field of tribology.
• Alpine Bearings, a prominent supplier in the U.S., partnered with NTN Bearings, a leading provider and manufacturer of bearings. Through this strategic alliance, Alpine Bearings became the official distributor of NTN Bearings in the U.S.
• Timken, a prominent global provider of industrial products and bearings, has successfully acquired GGB Bearings Technology, a division of Enpro Technology. This strategic move will assist the Timken Group in expanding its portfolio and business operations.
• Koyo Corporation, a leading bearings manufacturing company, rebranded all its products under the name of JTEKT Corporation. This business strategy will assist its customers in accessing all bearing products under a single brand name.

Top Companies of bearings market:

• 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)

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Bearings Market Segmentation

Bearings Market Share, Size & COVID-19 Impact Analysis, By Type (Ball Bearings, Roller Bearings, and Others), By Application (Automotive, Industrial Machinery, Aerospace, and Others), and Regional Forecast Between, 2023-2030

Reasons to buy this report:

The present state of the market, trends, growth areas, and competitive dynamics in the bearings market are all thoroughly examined in this report. It helps companies to see areas for expansion and improvement while pointing out possible difficulties and dangers. The report’s evaluation of product portfolios and business segments helps stakeholders make better-informed investments and market strategies.

Developing successful success strategies in the bearings market can be facilitated and decision-making greatly enhanced by having a solid understanding of the industry dynamics described in the report. All things considered, this report is a great resource for anyone looking for in-depth knowledge about this quickly evolving industry.

Regional Atributes:

• North America (By Type, By Application, By Country)
  • U.S. (By Application)
  • Canada (By Application)
• Europe (By Type, By Application, By Country)
  • Germany (By Application)
  • U.K. (By Application)
  • France (By Application)
  • Italy (By Application)
  • Spain (By Application)
  • Rest of Europe
• Asia Pacific (By Type, By Application, By Country)
  • China (By Application)
  • India (By Application)
  • Japan (By Application)
  • South Korea (By Application)
  • Rest of Asia Pacific
• Middle East & Africa (By Type, By Application, By Country)
  • GCC (By Application)
  •  South Africa (By Application)
  • Rest of the Middle East & Africa
• Latin America (By Type, By Application, By Country)
  • Brazil (By Application)
  • Mexico (By Application)
  • Rest of Latin America

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Bearings Market Drivers and restrains:

• Driver: Growing Industrialization and ManufacturingThe expansion of industrial activities and manufacturing processes across various sectors, including automotive, aerospace, and machinery, increases the demand for bearings due to their critical role in machinery and equipment.
• Driver: Technological Advancements in Bearing DesignInnovations in bearing materials, such as advanced ceramics and composite materials, along with improvements in design and lubrication, enhance the performance, durability, and efficiency of bearings, driving market growth.
• Driver: Rising Demand in Automotive IndustryThe growing automotive industry, driven by increased vehicle production and the development of electric and hybrid vehicles, boosts the demand for high-performance bearings used in various vehicle components.
• Restraint: Volatile Raw Material PricesFluctuations in the prices of raw materials used in bearings, such as steel and specialized alloys, can impact production costs and affect market stability and profitability.
• Restraint: High Maintenance and Replacement CostsBearings require regular maintenance and occasional replacement, which can lead to increased operational costs and potential downtime for industries relying heavily on machinery and equipment.

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