50% of Bearing Sales Likely to be spurred by the Automotive Industry: Fact.MR Report
Published : 27 Aug 2021 Industry: Industrial Goods
According to a recent analysis by Fact.MR, the global bearing market is anticipated to witness a CAGR of 7% during the 2021-2031 forecast period. As per the study, the industry is expected to reach US$ 145 Bn by the end of the aforementioned forecast period. Extensive application across the construction and automotive industries is expected to majorly sustain market demand.
As per the report, the industry expanded at a CAGR of 6% during the 2016-2020 historical period, reaching an estimated valuation of US$ 74 Bn. Seal and lubrication technology developments, as well as the usage of lightweight materials in high-performance products, are creating tremendous opportunities for bearing manufacturers.
The sale of bearings used in the automotive industry is directly proportional to the increase in vehicle production. According to data from the International Organization of Motor Car Manufacturers (OICA), global passenger vehicle production reached 69.3 million units in 2018, up 2.25 percent from the previous year. Likewise, incorporation of smart sensor-based technology, such as SKFs InsightTM integrated wireless technology, are making major breakthroughs in the global bearings industry.
Key Takeaways from the Market Study
- By product, ball bearing sales to surge at a CAGR of 5% through 2031
- Mounted bearings to capture a revenue share worth 45% across the forecast period
- By application, automotive bearings dominated the market in 2020, yielding nearly 50% of global demand
- U.S to be an attractive market, generating approximately 2 out of 5 bearing sales
- Europe to experience an expansion rate of 7% across the forthcoming decade
- Asia likely to surpass US$ 95 Bn by 2031, accounting for 2/5th of global market demand
“The advent of smart technology is prompting bearing manufacturers to integrated advanced IoT solutions to monitor performance, a trend which will fuel multiple innovations and product launches in the industry,” says a Fact.MR analyst.
Key bearing manufacturers profiled by Fact.MR include: HKT Bearings Ltd., Minebea Mitsumi Inc., Nachi Fujikoshi Corp., Igus Corporation, JTEKT Corporation, NSK Ltd., Timken Company Ltd., Wafangdian Bearing Group Co. Ltd., NTN Corporation, Schaeffler Technologies AG & Co. and SKF Inc. among others. Key expansion strategies include product launches, capacity expansion and acquisitions among others.
- Since October 2020, NTN Corporation has begun mass production and delivery of the "ULTAGE Tapered Roller Bearing for Automotive Application," which is developed for automotive transmissions and differentials.
- In April 2021, NSK Ltd. has manufactured a third-generation ultra-high-speed ball bearing for electric vehicle (EV) motors that can operate at over 1.8 million dmN*1. It's the fastest grease-lubricated deep groove ball bearing for automotive applications in the world.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global bearing market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of product (ball bearing, roller bearing, plain bearing and others), bearing type (unmounted bearing and mounted bearing), component (balls, rollers, cages, rings and others) and application (automotive, construction, aerospace, power transmission, oil & gas, agriculture and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant - Industrial Goods and Automotive