Bearings Market Size, Share & Trends Analysis growing at a CAGR of 9.5% from 2024 to 2030
The global bearing market size was estimated at USD 120.98 billion in 2023 and is projected to reach USD 226.60 billion by 2030, growing at a CAGR of 9.5% from 2024 to 2030. Bearings are virtually used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment.
Key Market Trends & Insights
- Asia Pacific dominated the market and accounted for a revenue share of 40.0% in 2023.
- Bearing Market in the UK accounted for a revenue share of 9.93% in the Western European market.
- In 2023, the automotive segment dominated the market and accounted for 49.0% of the market share.
- Based on product,the roller bearings segment accounted for the largest revenue share of more than 45% in 2023.
Market Size & Forecast
- 2023 Market Size: USD 120.98 Billion
- 2030 Projected Market Size: USD 226.60 Billion
- CAGR (2024-2030): 9.5%
- Asia Pacific: Largest market in 2023
- Europe: Fastest growing market
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This factor is projected to drive the market in the near future. There has been a rising demand for bearings with lower maintenance requirements, higher efficiency, and longer service life. Moreover, a rise in demand for specialized bearing solutions that meet different industry-specific requirements and challenges is projected to boost the market. For instance, the rising application of high-capacity products in wind turbines is expected to catapult the demand. Wind turbines utilize these products to enhance turbine performance and reliability, increase energy production, and reduce lubricant consumption.
Manufacturers constantly work on improving product designs to increase performance and energy efficiency. They use a special material for raceways, cages, and rolling elements as well as redesigned raceway profiles. Furthermore, technological advancements in seal and lubrication technologies and the use of lightweight materials in high-performance products are generating huge prospects for manufacturers. Integration of electro-mechanical features directly into the bearings helps in performance improvement and reductions in size and cost.
Rising demand for high-performance bearings has resulted in manufacturers integrating advanced sensor units in their products. The sensor units assist in the digital monitoring of axial movement, deceleration, acceleration, rotation speed, and load-carrying capacity of the product. Additionally, the advent of the Agricultural Internet of Things (IoT) has encouraged the adoption and constant monitoring of connected equipment and machinery. This trend has also influenced the market positively.
