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LONDON, GREATER LONDON, UNITED KINGDOM, June 5, 2025 /EINPresswire.com/ -- How Has the Bearings Market Performed and What Is Its Projected Growth?
The bearings market size has demonstrated significant expansion in recent times. The market value is expected to surge from $136.29 billion in 2024 to $148.29 billion in 2025, displaying a compound annual growth rate CAGR of 8.8%. The growth witnessed in the historic period is majorly ascribed to industrialization, escalating manufacturing activities, the surge in the automotive and transportation sectors, increased demand for energy and power generation, as well as the growing need for bearings in heavy machinery and equipment.
What Is the Market Size Prediction for the Coming Years?
The bearings market size is anticipated to record a strong growth trajectory in the forthcoming years, escalating to $211.5 billion in 2029 at a compound annual growth rate CAGR of 9.3%. Reasons for growth in the forecast period include a rise in the adoption of bearings in renewable energy applications, multiplying demand for bearings in medical and healthcare equipment, expansion of industrial automation and robotics, heightened investment in aerospace and aviation technologies, and increasing market penetration in emerging economies and developing regions.
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What Factors Are Driving the Growth of the Bearings Market?
A surge in the demand for electric vehicles is expected to significantly fuel the growth of the bearings market in the foreseeable future. An increase in the requirement for specialized bearings, essential for the high-speed electric motors in Electric Vehicle EV and Hybrid Electric Vehicle HEV powertrains, is creating fresh opportunities in the market. To highlight, according to Sustainable Bus, the number of electric bus registrations in Europe rose by a sizable 53% in 2023 compared to 2022, further underpinning the escalating demand for electric vehicles.
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Who Are The Key Players In The Market?
Prominent companies operating in the bearings market encompass Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Limited, Igus Inc., JTEKT Corporation, MinebeaMitsumi Inc., ISB Industries S.r.l., KOYO Corporation of U.S.A., THB Bearings Co. Ltd., Myonic GmbH, SKF Group, LYC Bearing Corporation Limited, NTN Corporation, RKB Europe S.A., NSK Ltd., NBI Bearings Europe S.A., Rexnord Corporation, Schaeffler Technologies AG & Co. KG, The Timken Company, C&U Group Company Limited, Luoyang LYC Bearing Co. Ltd., Daido Metal Co. Ltd., THK Co. Ltd., GGB Bearing Technology, RBC Bearings Incorporated.
What Are The Emerging Trends In The Bearings Market?
Technological advancements are emerging as a significant trend shaping the bearings market. Manufacturers are gravitating towards the utilization of tailor-made bearings to meet their dynamic needs in the wake of digital advancements and new technologies. For example, in November 2023, Sweden-based bearing manufacturing company, SKF, introduced a specially designed spherical roller bearing targeted at the food and beverage industry. Offering up to three times longer service life than open bearings, these innovative bearings reduce contamination risks and maintenance requirements while adhering to industry standards.
How Is The Bearings Market Segmented?
The bearings market covered in this report is segmented as follows:
1 By Bearing Type: Unmounted Bearing, Mounted Bearing
2 By Material: Metal, Plastic, Ceramics
3 By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive After market, Other Applications
4 By Distribution Channel: Online, Offline
Subsegments:
1 By Unmounted Bearing: Ball Bearings, Roller Bearings, Plain Bearings
2 By Mounted Bearing: Pillow Block Bearings, Flange Block Bearings, Hanger Bearings
How Is The Market Distributed Across Regions?
In 2024, Asia-Pacific dominated the bearings market, contributing the highest market share. Western Europe is anticipated to register the fastest growth during the forecast period. The bearings market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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