Global Bearings Market is forecasted to grow further into US$ 120 billion by 2028: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Bearings are parts that assist in the rotation of an object. Bearings support the shaft that rotates inside the machinery. Machines that have the usage of bearings include automobiles, airplanes, electric generators, and others. They are also used in household appliances such as refrigerators, vacuum cleaners, air-conditioners, and others. The bearing supports the rotating shaft of the wheels, gears, turbines, rotors, and various other applications. According to Ken Research estimates, the Global Bearings Market – which grew from approximately US$ 55 billion in 2017 to approximately US$ 80 billion in 2022 – is forecasted to grow further into ~US$ 120 billion opportunity by 2028, owing to the continuous upgradation in the product from multiple players, and growing usage of bearings. To Know More on this report, Download free Sample Report New product launches by players and collaboration among the industry is one of the driving factors of the Global Bearing Market. For instance, In June 2022, The Timken Company announced that it is designing and supplying main shaft bearings for GE Renewable Energy Haliade-X, the world’s most powerful offshore wind turbine. Furthermore, In December 2020, The Timken Company acquired the assets of Aurora Bearing Company. Aurora manufactures rod ends and spherical plain bearings, which serve a diverse range of industrial sectors such as aerospace and defense. Counterfeit products are posing one of the major challenges for the Bearings Market. Leading companies in bearings product manufacturing are more open to this threat. Manufacturing fake products lead to machine damage and injuries. For instance, In October 2019, JTEKT cooperated with World Bearing Association (WBA) and its efforts against counterfeiting globally by developing a new WBA Check App (WBA Bearing Authenticator) to protect its customers and dealers from property damage risk, injuries, and other events. COVID-19 has slowed down the growth of the Bearings Market. Disruption in the supply chain, temporary shutdown of manufacturing plants, and reduction in vehicle production globally, were all factors that reduce the use of bearings in the market. According to the International Monetary Fund (IMF), provided in the growth projection released in April 2022, global economic growth is projected to slow from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Declining economic growth will directly impact the chemical, construction, automotive, and other industries. Key Trends by Market Segment: By Product Type: Rolling bearing segment held the largest market share of the Global Bearings Market in 2021. Rolling bearings are used in multiple industries such as automotive, capital equipment, aerospace, home appliances, and others. Roller bearing is a type of rolling-element bearing that used a cylinder instead of a ball. Roller bearings are used in all main shaft and auxiliary drive shaft applications to support the pure radical load. In July 2021, NTN Bearing Corporation announced the latest innovation, the KIZEI spherical roller bearing. Spherical roller bearings are manufactured with metallic shields that protect the bearing from solid contamination such as dust, pebbles, and other debris. To more about industry trends, Request a free Expert call By Application: The automotive segment accounted for the largest market share in 2021, owing to the surging automobile production worldwide. The increasing demand for vehicles is leading the automotive segment and is forecasted to be the fastest-growing segment in the forecast period. In September 2022, SKF and NIO, a leading premium smart electric vehicle manufacturer, have strengthen the strategic corporation. As part of the agreement, SKF will be the preferred supplier of ceramic ball bearings. By Material Type: The metal type segment held the largest market in 2021, owing to its usage in several industries among multiple applications. Metal type bearing has application in outer rings, inner, rollers, and balls. Steel metal is the common type of material used to produce the load-carrying component in precision balls, roller bearings, and tapered roller bearings. By Geography: Asia Pacific accounted for the largest market share within the Global Bearings Market in 2021, owing to surging machinery and motor vehicle production. The increasing demand for aftermarket products for industrial equipment and motor vehicle repair. The surging construction and mining industry requires efficient industrial tools to operate, which further propels the growth of this region. Presence of leading companies manufacturing bearings products, like JTEKT Corporation, NSK Ltd., NTN Corporation, HKT Bearings Ltd., and others, are expected to further boost the expansion of this market. To Know More on this report, Download free Sample Report Competitive Landscape: The global bearings market is significantly competitive with ~300 players which include globally diversified players, and regional players as well as a majority of country-niche players having their niche in bearings manufacturing for multiple product types and serving different industries. Country-niche players constitute the majority share by competitor type. While large global players constitute ~5% of the competition. Some of the major players in the market include SKF, JTEKT Corporation, Regal Rexnord Corporation, Schaeffler AG, NSK Ltd., NTN Corporation, The Timken Company, MinebeaMitsumi Inc., HKT Bearings Ltd., Nachi-Fujikoshi Corporation, and others. Recent Developments Related to Major Players In September 2022, The Timken Company announced an acquisition of GGB Bearing Technology (GGB), a division of Enpro Industries. In September 2022, SKF with Swedish steel producer Ovako introduced Spherical Roller Bearing (SRB) with 90% less emission than its standard SRB bearing. In September 2019, Regal Rexnord announced the release of a new Klamploc adapter lock for seal master-mounted unitized spherical roller bearings (USRB). Conclusion The global bearings market witnessed significant growth during the period 2017-2021, owing to the increasing number of vehicle production, and growing application of different types of bearing in multiple industries such as power transmission, wind turbine, and others. The growth rate is expected to remain significant during the forecast period. Though the market is significantly competitive with ~300 participants, the majority of country-niche players constitute the majority by type, while global players hold a minor share. Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks. Ken Research has recently published report titled Global Bearings Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 that segments the market into product type, application, and material type. In addition, the report also covers market size and forecasts for the four regions in the Bearings Markets. The revenue used to size and forecast the market for each segment is US$ billion. Key Taxonomy By Product Type Lain Bearing Ball Bearing Roller Bearing Others By Application Automotive Application Transmission Aerospace & Defense Construction Others By Material Type Metal Plastic Ceramic By Geography North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy) Asia Pacific (China, Japan, South Korea, India, Australia) LAMEA (Latin America, Middle East, Africa) Key Players SKF JTEKT Corporation Regal Rexnord Corporation Schaeffler AG NSK Ltd. NTN Corporation The Timken Company MinebeaMitsumi Inc. HKT Bearings Ltd. 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