Rise in utilization of bearings in rolling mills, railway, and electric vehicles and surge in automotive electrification demand fuel the growth of the market

OREGON, DE, UNITED STATES, February 24, 2025 /EINPresswire.com/ -- Increase in development of automobiles and industrial machinery to enhance the performance, increase the demand for a better and long-lasting bearing. This comprises bearings of several sizes depending on their application. Based on the size, the market is categorized into different types of bearings, among which the 51 mm to 60 mm sized bearing is expected to register a significant growth during the forecast period. Also, based on machine type, electric vehicles find an increased application of bearing owing to a better growth rate as compared to other machines. Also, original equipment manufacturers (OEMs) of bearing holds a majority of the market share due to the longer life of the bearing.

As per the report, the global bearing industry size was pegged at $107.46 billion by 2019, and is projected to reach $143.53 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2139

Bearing is a form of machine element that is helpful in constraining the relative motion to only the desired motion. Bearing used in a machine helps in reducing the friction between the moving parts thus providing free linear movement of the associated parts around a fixed axis. Bearings used in a machine are classified base on the type of operation with the aim to reduce the friction to its lower extent. There are different types of bearing available such as ball bearing, roller bearing, spherical ball bearing, cylindrical ball bearing, needle roller ball bearing and others. These type of bearing finds a wider application in different type of machines such as automobiles, aircrafts and industrial machinery.

The global bearing market has been supplemented by factors such as rise in utilization of bearing in railways, electric vehicles, & rolling mills followed by increase in utilization of bearing in motor, demand of automotive electrification, and demand of bearing in continuously variable transmission (CVT) has enhanced the demand of bearing market.

However, bearing damages that are caused in electric vehicles, increasing vehicle electrification and fluctuating raw material prices and high maintenance cost hampers the growth of the global bearing market. Moreover, rising concern about green vehicles and constant development in the automobile industry, emergence of sensor bearing units and increasing development of additive manufacturing technologies & materials to manufacture bearing are the factors that provide lucrative opportunities, thereby leading to the growth of the global bearing market.

The ball bearing segment dominated the market

Bearing market by type, the ball bearing segment held the largest share in 2019, accounting for more than two-thirds of the global bearing market, owing to its industrial applications such as in triplex sets, multiplex sets, and others. However, the tapered bearing segment is anticipated to manifest the highest CAGR of 6.2% during the forecast period, due to its application in the automotive sector and the mining industry.

🔰 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2139

The electric vehicles segment to manifest the highest CAGR through 2027

Bearing market by machine type, the electric vehicles segment is projected to portray the highest CAGR of 9.8% during the forecast period, owing to the increased adoption across the globe for its eco-friendliness. However, the ICE vehicles held the largest share in 2019, accounting for more than two-fifths of the global bearing market, due to the increased production and sales of vehicles across the globe.

Asia-Pacific, followed by Europe and North America, held the largest share

Bearing market by region, the bearing market across Asia-Pacific held the lion's share in 2019, contributing to more than two-fifths of the market, due to increased production & sales of vehicles followed by the increased industrialization in different countries across the region. The global bearing market across North America is expected to register the highest CAGR of 7.0% during the forecast period.

🔰 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/bearings-market/purchase-options

Major market players

NSK Ltd.
NTN Corporation
Schaeffler AG
Iljin Bearing
SKF
JTEKT Corporation
RKB Bearing
Wafangdian Bearing Co., Ltd.
Timken
THK Co. Ltd.

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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Allied Market Research
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