Bearing Market Size & Share, by Product (Ball Bearing, Roller Bearing, Plain Bearing); Distribution Channel (Original Equipment Manufacturers, Aftermarket); Machine Type (ICE Vehicles, Electric Vehicles, Industrial Machinery, Aerospace Machinery); Size (30 to 40, 41 to 50, 51 to 60, 61 to 70, 70 to Above); Application (Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing need for precision bearing - The expansion of the bearing market as a whole is estimated to be considerably impacted by the rising demand for precision bearing. The tremendous benefits of smooth and accurate rotation are a major reason driving the demand for precision bearing in the automotive and heavy engineering sectors. To fulfill the needs of contemporary applications, these improvements necessitate ever-more precise and efficient components.
  
  Precision bearing save energy consumption, improve overall performance, and guarantee precise and smooth rotation. In April 2022 to March 2023, the industry produced 2,59,31,867 vehicles, including passenger cars, commercial vehicles, three-wheelers, two-wheelers, and quadricycles, compared to 2,30,40,066 units in April 2021 to March 2022. This growing need for precision bearing is estimated to support the growth of bearing market demand in the upcoming years.
• Demand for small single-aisle aircraft from emerging economies has increased significantly - The noteworthy increase in demand for tiny single-aisle airplanes and helicopters from emerging nations is credited with driving the bearing market's growth rate. The swift economic expansion of emerging economies is driving up demand for all forms of transportation, including aviation.
  
  Additionally, the necessity for effective logistics solutions and the expansion of online retail have led to a need for smaller planes and helicopters to facilitate last-mile delivery and the transfer of goods in distant places. Retail e-commerce sales are predicted to surpass 6.3 trillion USD globally in 2024, and these numbers are awaited to rise even further in the years to come.
• Increasing use of bearing in rolling mills, electric cars, and railroads - The railway industry is placing greater emphasis on cost reduction and rail life extension. Railway gearboxes employ bearing to reduce vibrations and shocks induced by the force of the traction motor and wheels on the tracks. As a result, harsh operating circumstances lengthen engine maintenance intervals.
  
  The railway industry's need for bearing has been driven by recent advancements in bearing technology. For instance, pinion shafts that need to be adjusted frequently are supported by tapered roller bearing, and skilled maintenance has been created to lower maintenance costs and improve cage strength.  There are more than 1.3 million route kilometers in the global railway network.

Challenges

• High product starting costs can impede market expansion- This industry's gain and profitability are hampered by the high cost of maintenance and the volatility of raw material prices. Cost fluctuations for raw materials can have a big effect on the bearing market.
  Usually composed of polymers, steel, or ceramics, bearing are volatile in price. It is difficult for manufacturers to keep steady pricing and profit margins since fluctuations in the cost of raw materials have a direct impact on the manufacturing costs of bearing. Disruptions to the
  supply chain may result from manufacturers' inability to consistently find high-quality raw materials at reasonable rates.
   
• Insufficient bearing clearance - Most used bearing outlast the equipment they installed, with failure occurring in a very tiny number of cases. As a precautionary measure, multiple bearing are replaced before it falls to guarantee safety. 0.05% of the bearing must be changed in total because they are broken or faulty.
  
  As a result, each year, 50,000,000 bearing are replaced due to deterioration and failure. For example, in the pulp and paper industry, excessive lubrication and contamination are more common reasons for bearing failure than fatigue. Every one of these events leaves a unique scar.