Bearing Market

The expansion of developing markets, the quickening adoption of new technology, environmental legislation, and shifting consumer ownership preferences are all factors causing a significant change in today's economy. Automobiles will undergo a similar revolution to other sectors that have already been impacted by digitization, increased automation, and new business models. Four disruptive technology-driven trends are emerging in the automobile industry as a result of these factors: diversified mobility, autonomous driving, electrification, and connection. The adoption of mounted bearing in major industries such as mining & minerals, food & beverages, and pulp & paper drive the mounted market.

The U.S. Department of Agriculture (USDA) reports that in 2018, food processing facilities contributed 15% of the value of exports coming from the U.S. In the same year, the shipments of food processing included 24%, 13%, and 12% from the processing of dairy products, drinks, and meat, respectively. The need for food processing equipment will expand with better economic conditions and more consumption. The ability to handle more meat and poultry was increased thanks to a $500 million investment from the USDA.

To assist them in coping with their deteriorating revenue from the COVID-19 epidemic, it invested USD 150 million in small chicken processing plants already in operation. Additionally, the USDA committed USD 100 million to improve the food chain to help little-known poultry and meat processing facilities. 

The initiative would lessen the financial strain caused by extra inspection costs for small meat, poultry, and egg processing companies, giving farmers access to more affordable local options and increasing their ability to process animals. The U.S. Department of Agriculture reports that in 2021, export volumes in the American agriculture sector increased. U.S. agriculture and food exports reached USD 177 billion, an 18% increase from 2020.

The development of smart technologies and Digitalization embedded in bearings is Digitalization is one of the key strategies for implementing wireless choices across industrial verticals and is one of the factors driving the market growth. It is digitalized by assessing the Bearing's lubricant level and vibration pattern. These metrics are examined to take remedial action in the event of possible issues. Smart bearings are the result of the integration of sensors with bearings. The sensor detects these bearings' direction, temperature, speed, and vibration for industrial applications.

Additionally, the development of the Internet of Things (IoT) and artificial intelligence (A.I.) in real-time enables end customers to monitor the status of their bearings at all times easily. The technical shift in favour of (E.V.) Electric Vehicles are also seen as advantageous.

Several nations are stepping up their defense infrastructure, likely leading to a rise in demand for bearings. Specialized bearings, such as thrust and linear bearings, are required for mission-critical applications in aircraft equipment. Companies like SKF make specialized energy-efficient ball bearings with particular lubricants that reduce friction. In addition to utilizing less energy, these bearings feature far lower bearing temperatures, longer grease lives, and longer service intervals. Therefore, such innovations related to the automotive sector have enhanced the Bearing market CAGR globally in recent years.

However, to cater to the demand, significant advances in the industry are another factor driving the growth of the Bearing market revenue.

Emerging markets are becoming increasingly influential in the Global Bearing Market Industry. Rapid industrialization and urbanization in regions such as Asia-Pacific and Latin America are driving the demand for bearings across various sectors, including automotive, aerospace, and manufacturing. As these economies continue to grow, the need for infrastructure development and transportation solutions is expected to rise, further fueling the bearing market. Companies are strategically positioning themselves to capitalize on these opportunities by establishing manufacturing facilities and distribution networks in these regions, thereby enhancing their market presence and catering to local demands.

The Global Bearing Market Industry is projected to experience substantial growth over the next decade. With a market value of 199.2 USD Billion in 2024, it is anticipated to reach 488.8 USD Billion by 2035, reflecting a compound annual growth rate of 8.5% from 2025 to 2035. This growth trajectory indicates a robust demand across various sectors, driven by technological advancements, increasing industrial automation, and the expansion of emerging markets. The market dynamics suggest a favorable environment for manufacturers and suppliers, as they adapt to evolving customer needs and invest in innovative bearing solutions.

The trend towards industrial automation is a critical driver of the Global Bearing Market Industry. As manufacturers seek to enhance productivity and reduce operational costs, the integration of automated systems becomes essential. Bearings play a vital role in the smooth operation of machinery and equipment used in automated processes. The increasing adoption of robotics and automated guided vehicles in various industries, including manufacturing and logistics, is likely to propel the demand for high-performance bearings. This shift towards automation not only boosts efficiency but also necessitates the development of advanced bearing technologies that can withstand the rigors of continuous operation.

The Global Bearing Market Industry is poised to benefit from the expanding renewable energy sector. As countries worldwide invest in wind and solar energy, the demand for specialized bearings that can operate efficiently in harsh environments is increasing. Wind turbines, for instance, require robust bearings to ensure longevity and reliability. This sector's growth is likely to contribute significantly to the market's expansion, as renewable energy installations continue to proliferate. The emphasis on sustainability and reducing carbon footprints further drives the demand for efficient bearing solutions, aligning with global efforts to transition towards cleaner energy sources.

The Global Bearing Market Industry experiences a notable surge in demand driven by the automotive sector. As electric vehicles gain traction, the need for high-performance bearings that can withstand increased loads and temperatures becomes paramount. In 2024, the market is valued at 199.2 USD Billion, with projections indicating a growth trajectory that could see it reach 488.8 USD Billion by 2035. This growth is underpinned by a compound annual growth rate of 8.5% from 2025 to 2035. Manufacturers are increasingly focusing on developing specialized bearings that enhance efficiency and reduce friction, thereby supporting the automotive industry's transition towards sustainability.

Technological innovations in manufacturing processes significantly influence the Global Bearing Market Industry. Advanced techniques such as additive manufacturing and precision machining allow for the production of bearings with enhanced performance characteristics. These advancements not only improve the durability and reliability of bearings but also enable customization to meet specific application requirements. As industries increasingly adopt automation and smart manufacturing practices, the demand for high-quality bearings is expected to rise. This trend aligns with the overall market growth, as manufacturers strive to meet the evolving needs of various sectors, including aerospace, construction, and energy.

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. Asia Pacific bearing market accounted for USD 66479.1 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. In 2021, Asia Pacific had a 42.90% revenue share, dominating the market. In terms of income, the area is predicted to increase quickly, reaching around USD 98.68 billion by 2030.

One of the key markets is China, where sales are anticipated to soar in the coming years because of the country's fast machinery and automobile manufacturing development and its robust aftermarket for industrial equipment and auto maintenance. It is also predicted that India's healthy mining and construction equipment market will support market expansion through 2030.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Bearing Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The North America bearing market is anticipated to hold a market share of over 40% by 2032, representing a 6.8% value CAGR. The quickly developing construction industry is the main force driving this market's growth. The United States construction industry generates about US$ 1.4 trillion in building projects annually, according to the Associated General Contractors of America (AGC). Recently, several enormous projects have been started and are almost finished. Moreover, the US bearing market held the largest market share, and the Canada bearing market was the fastest-growing market in the North America region.

Due to stable economic growth and increased investment, the European bearing market is predicted to have positive growth. The growth of the bearing market in Europe is driven by the rising sales and production of electric and hybrid cars, as well as the expansion and development of the automotive and automobile sectors. European countries are home to the top automakers and the biggest private R&D investments. Mercedes, BMW, Opel, Audi, Volkswagen, Porsche, Fiat, and Ferrari are a few examples. This sort of bearings sector is also anticipated to be driven shortly by Europe's expanding infrastructure development projects.

Further, the Germany Bearing market held the largest market share, and the U.K. Bearing market was the fastest-growing market in the European region.