The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased demand for electric vehicles is expected to drive bearings manufacturing innovation, driving the market during the forecast period.

The global bearings market is expected to grow from $116.69 billion in 2022 to $127.15 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The bearings market size is expected to grow to $176.67 billion in 2027 at a CAGR of 8.6%.

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Global Bearings Market Segments Include:

• By Bearing Type: Unmounted Bearing, Mounted Bearing
• By Material: Metal, Plastic, Ceramics
• By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive Aftermarket, Other Applications
• By Distribution Channel: Online, Offline
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global bearings market in 2021.

Major Market Players in the bearings market include Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Ltd., Igus, JTEKT Corporation, MinebeaMitsumi Inc., Nachi-Fujikoshi Corp, NSK Ltd., NTN Corporation, RBC Bearings Inc.

Technological advancement is a major trend that is gaining traction in the bearings market. As new technologies and digitalization become more widely adopted, manufacturers are focusing on the use of customised bearings to meet their changing needs. For example, in June 2020, AB SKF, a bearing and seal manufacturing company based in Sweden, released an SKF bearing assist app that simplifies the task of mounting and replacing bearings. The app includes product details such as bearing designations, bearing type and suffix descriptions, dimensions, and illustrations. This reduces installation costs and time while also eliminating the inconvenience of improper mounting, thereby extending the service life of the bearings.

The Bearings Global Market Report 2023  provides a bearings market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The bearings market forecast analyzes bearings market size, bearings market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Bearings are machine components made up of rolling elements that reduce friction, carry weights, and direct the movement and position of moving machine parts. Bearings are used in numerous industries to reduce friction between moving elements by supporting relative motion.

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