Discover trends, market shifts, and competitive outlooks for the bearings industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

#What is the Projected CAGR for the Bearings Market Size from 2025 to 2034?

In recent times, the bearings market has seen robust growth, with its size set to increase from $136.29 billion in 2024 to $148.29 billion in 2025, indicating a compound annual growth rate (CAGR) of 8.8%. The historical growth is driven by the burgeoning of industrialization and production, the expansion in the automobile and transportation industries, the rising demand for energy and power generation, advancements in construction and infrastructure, and the need for bearings in bulky machinery and equipment.

The market for bearings is projected to witness considerable expansion in the upcoming years, elevating to $211.5 billion by 2029 with a compound annual growth rate (CAGR) of 9.3%. This projected increase can be credited to factors such as the increasing use of bearings in renewable energy platforms, a surge in demand in medical and healthcare apparatus, the proliferation of industrial automation and robotics, augmenting investment in aerospace and aviation advancements, and market expansion in emerging economies and developing areas. Key trends for the prediction period involve advancements in bearing materials and designs, emphasis on sustainability and environmentally friendly bearings, 3D printing and additive manufacturing of bearings, heightened focus on research and development and a shift towards high-speed and high-temperature bearings.

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What Are the Major Market Drivers Behind the Rising Adoption of Bearings Market?

The bearings market anticipates significant growth due to the rising demand for electric vehicles. An electric vehicle (EV), which uses an electric motor for propulsion instead of an internal-combustion engine that burns gasoline and gases to generate energy, necessitates the use of distinct bearings due to the high speed of its electric motors in EV and HEV powertrains. For example, Sustainable Bus, a media company based in Italy that focuses on clean buses and sustainability, reported a 53% rise in electric bus registrations in Europe in 2023 compared to 2022. Consequently, the increased demand for electric vehicles could potentially drive demand in the bearings market during the predicted period.

Which Key Market Segments Comprise the Bearings Market and Drive Its Revenue Growth?

The bearings market covered in this report is segmented –

1) By Bearing Type: Unmounted Bearing, Mounted Bearing

2) By Material: Metal, Plastic, Ceramics

3) By Application: Automotive, Agriculture, Electrical, Mining and construction, Railway and Aerospace, Automotive After market, Other Applications

4) By Distribution Channel: Online, Offline

Subsegments:

1) By Unmounted Bearing: Ball Bearings, Roller Bearings, Plain Bearings

2) By Mounted Bearing: Pillow Block Bearings, Flange Block Bearings, Hanger Bearings

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Which Areas Are Leading Regions in the Bearings Market Expansion Across the Globe?

Asia-Pacific was the largest region in the bearings market in 2024. Western Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the bearings market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What Are the Strategic Trends Steering theBearings Market Direction?

Advancements in technology are becoming increasingly prominent in the bearings market, driving manufacturers to adapt and deliver tailored bearings for varying needs. As digitalization and new technologies gain broad acceptance, companies are evolving their offerings. For instance, SKF, a bearing manufacturer based in Sweden, unveiled a spherical roller bearing in November 2023. These bearings are specifically designed to cater to the needs of the food and beverage industry, offering service longevity—up to triple the lifespan of open bearings. They decrease contamination threats and maintenance requirements while adhering to industry norms.

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How Is the Bearings Market Conceptually Defined?

Bearings refer to a machine component that consists of rolling elements that minimize friction, carry weights, and direct the movement and position of moving machine parts. Bearing is used in a variety of industries to decrease friction between moving elements by supporting the relative motion.

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