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NEW DELHI , April 6, 2022 /PRNewswire/ -- The study conducted by Astute Analytica foresees a tremendous growth in revenue of the Global Bearing Market from US$ 80,523.6 Mn in 2021 to US$ 1,20,054.1 Mn by 2027. The market is registering a CAGR of 6.7% during the forecast period 2022-2027. Needle Bearing Pins

Bearings are highly engineered, precision-made components which enable a machinery to move at extremely high speeds and carry remarkable loads with ease and efficiency. It is a part of a machine that allows one part to rotate in contact with another part with as less friction as possible. Bearings are used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment. 

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The growing impetus of the market is attributed to factors such as rising utilization of bearing in motor, demand of automotive electrification, government initiatives to drive the manufacturing sector, and increasing demand for bearings in energy-efficient cars. Bearings are used in automobile to ensure smooth running of cars, electric vehicles (EVs), and other type of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks. Therefore, the demand for bearing increases with the rise in the production of automobiles. On an average, a passenger automobile has 35 bearings, which vary substantially depending on the model of the vehicle and the widely used technology. Further, a rise in utilization of bearing in railways, electric vehicles, & rolling mills is accelerating the market demand. Several features that are associated with the comfort, safety and fuel-efficiency of a vehicle rely on automotive bearings that adhere to the strict criteria for performance, function and design of the application. Moreover, the governments of different countries are pushing the growth of manufacturing sector in their country. For instance, Indian government's initiatives such as 'Make in India ' and 'Aatmanirbhar Bharat', aimed at reviving the manufacturing sector, in turn increases the demand for bearings. Similarly, the Chinese government's 'Made in China ' is reviving the manufacturing sector in China .

Counterfeit is growing rapidly globally. Bearing is one of the popular counterfeiting items. Companies such as SKF and NSK are among the companies that are more prone to this threat. Such fake bearings are dangerous due to the possible design failures that may occur, leading to machine damage and injuries. When counterfeiters sell a product that looks the same as the original but at a lower price, the authentic brand will lose sales. Therefore, the counterfeit products pose a great challenge to the bearing market.

The rising demand of bearings in wind turbines and rising concern about green vehicles is estimated to provide a lucrative opportunity for the market growth.

The global automobile industry weakened in the first quarter of 2020. The pandemic has severely impacted automotive production and sales. Further, the supply chain disruptions also negatively affected the bearings market. However, many countries across the globe have expanded significantly from third quarter of 2020. Considering this factor, a substantial growth is expected in the Global Bearing Market post the pandemic.

Regional Analysis of the Global Bearing Market:

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SKF, Schaeffle AG, The Timken Company, NSK Ltd., IKO International, ISB Industries, NTN Corporation, and JTEKT Corporation among others.

By Product, By Size, By Material, By Industry, By Industrial, By Region

North America, Europe, Asia Pacific, Middle East & Africa, South America

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The key players in the Global Bearing Market are SKF, Schaeffle AG, The Timken Company, NSK Ltd., IKO International, ISB Industries, NTN Corporation, and JTEKT Corporation among others. Through extensive research, it is found that big players have adopted various competitive strategies such as merger & acquisition in order to have a grip in the stabilized Japanese market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

The following are the different segments of the Global Bearing Market:

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