How Would Increasing Demand For Electric Vehicles Impact The Global Bearings Market Growth Over 2020-2026?

The global bearings market is slated to observe momentous business growth over the coming years owing to the rising sales of preowned and new vehicles across the globe. Additionally, the escalating vehicle sales, when coupled with the expanding market for electric as well as connected vehicles, would greatly fuel the demand for bearings within production of vehicles and related accessories.

Meanwhile, the industry is also slated to witness notable growth from the aviation sector. Bearings are extensively used in the aerospace industry as they find numerous applications across a diverse array of airplane components. Adding to the fact, the surging number of aircrafts across the globe would further amplify the demand for bearings through the analysis timeframe. According to the 2019 forecast of aerospace giant Airbus, the total number of airplanes is likely to double and reach 48,000 over the coming two decades.

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As per a research report by Global Market Insights Inc. the bearings market is likely to exceed a valuation of $70 billion by the end of 2026.

The other bearings segment is projected to drive the overall product segment growth in the industry landscape. Other bearings include jewel, plain, flexure, magnetic, and fluid bearings. The anticipated segment expansion is attributed to the increasing demand for highly specialized bearing solutions in several end-user industries including automotive and electrical applications. In fact, the segment is projected to witness a CAGR of more than 7.0% throughout the analysis period.

Increasing construction activities across the globe and numerous reforms in mining policies are likely to impel the demand for bearings in the mining and construction application segment. Taking March 2020 for instance, the Indian Government introduced Mineral Laws Bill 2020, which eliminates the restrictions that were previously imposed on coal end-use, making lignite blocks and coal eligible for auction. The newly devised law is intended to bring new investors in the regional mining industry and also promote easier business operations in the country. Overall, the segment is projected to observe a CAGR of more than 9% through the forecast timespan. Additionally, the rollout of new and enhanced bearing products for construction and mining equipment should further bolster the revenue generation in the industry. Taking 2020 for instance, SKF, a Swedish bearing manufacturer launched a new range of UC 300 series, that protects bearing operations in contaminated environments.

An upsurge in demand for bearings from economies like the UK, France, and Germany is likely to impel the Europe bearings market size over the coming years. In fact, the regional industry is slated to expand at a CAGR of approximately 8.0% throughout the forecast timeframe. The UK, considered one of the largest markets for light and passenger commercial vehicles in Europe, is a prime avenue that is augmenting the demand for bearings. Europe is also home to some of the world’s leading automotive manufacturers, including Audi, Volkswagen, Ferrari, BMW, Bentley, Volvo, and Porsche. These companies create a significant demand for the product as they use it to effectively reduce friction and facilitate smoother rotation of several moving parts in their automobiles as well as associated accessories. This is a distinguished determinant that would fuel the large-scale adoption of bearings in the region, driving revenues in the process.

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Of recent, market players are immensely focusing on launching new products associated with bearings in order to gain a competitive edge and maintain a strong foothold in the industry. Taking August 2019 for instance, SKF launched GBLM (Generalized Bearing Life Model) that will ensure that distributors and consumers select the perfect bearing for their specific application. This product allows for the prediction of the overall working life of hybrid bearings in a more realistic manner. 

the competitive landscape of the global bearings market is inclusive of players such as Harbin Bearing Manufacturing Co. Ltd., Daido Metal Company Limited, C&U Group Company Limited, and Brammer PLC among others.

Table of Contents (ToC) of the report:

Chapter 1.    Methodology & Scope

1.1.    Market definitions

1.2.    Base estimation & working

1.2.1. North America

1.2.2. Europe

1.2.3. APAC

1.2.4. LATAM

1.2.5. MEA

1.3.    Forecast calculation

1.3.1. COVID-19 impact calculations on industry forecast

1.4.    Data sources

1.4.1. Primary

1.4.2. Secondary

1.4.2.1.    Paid sources

1.4.2.2.    Public sources

Chapter 2.    Executive Summary

2.1.    Bearings market 360synopsis, 2016 –2026

2.1.1. Business trends

2.1.2. Application trends

2.1.3. Product trends

2.1.4. Regional trends

Chapter 3.    Bearings Industry Insights

3.1.    Industry segmentation

3.2.    Industry size and forecast

3.3.    Industry ecosystem analysis

3.3.1. Vendor matrix

3.3.1.1.    List of key raw material suppliers

3.3.1.2.    List of key product manufacturers/suppliers

3.3.1.3.    List of potential customers

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