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Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly. Adoption of h
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Bearing Market
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Global bearing market was valued at USD 75.91 billion in 2014, growing at a CAGR of 7.7% from 2014 to 2020.
Bearings are machine elements that are primarily used for reducing friction between moving parts. For instance, in
case of a roller bearing, the rolling elements in the bearings withstand the load, allowing the device to spin smoothly.
With technological advancements in several industry verticals such as automotive, construction, and oil and gas, the
applications and functionalities of bearings are evolving continuously. High end technologies such as smart bearings
facilitate manufacturers to monitor bearing operations constantly.
Full Report Description of Bearing Market is available at:
The global bearing market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the
World (RoW). The bearing market is primarily driven by increasing demand from automotive industry. The increase in
the global production of motor vehicles has substantially raised the demand for automotive bearings. In addition,
rising demand from steel industry, railways and defense and aerospace industry has also contributed to the growth
of bearing market globally. The need for energy efficiency in process industries has also augmented the worldwide
demand for bearings significantly.
Geographically, Asia Pacific led the bearing market in 2014 and the region is expected to continue its dominance in
2020. The region’s dominance is due to increasing production of motor vehicles in countries such as Japan, South
Korea, China, and India. Moreover, rapid level of industrialization in this region is also contributing to the growth of
bearing market. Europe and North America followed Asia Pacific in the global bearing market to collectively account
for more than 40% of the global market revenue share.
The bearing market is segmented on the basis of product type into - unmounted ball bearings, plain bearings, roller
bearings and others. Among all, unmounted ball bearings were holding the highest market revenue share in 2014
and are expected to remain so during the forecast period. Demand for unmounted ball bearings is attributed to their
wide range of applications in motor engines, automotive wheels, railway coaches, hard drives and consumer
durables. Unmounted ball bearings segment is closely followed by roller bearings segment.
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Based on components, the global bearing market is divided into balls, rollers, cages, rings and others. The
application segment of the bearings decides the number and size of these components. In 2013, balls as
components held the highest share in the bearing market. Rollers which includes rolling elements such as tapered
rollers, cylindrical rollers and needle rollers were the second largest components used in 2013.
The bearing market is further segmented by end use into motor vehicles, aerospace equipment, power transmission
equipment, construction machinery, farm and gardening machinery, oilfield machinery and others. Bearing
applications in motor vehicles held the highest revenue share in 2013. With the increase in production of motor
vehicles across the globe, the demand for automotive bearings has grown substantially. Aerospace equipment is
analyzed to be the fastest growing application segment for bearings and is expected to attain a significant growth in
the recent future.
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