Global Bearing Market: Rapid Growth and Technological Advances in the Automotive Industry from 2022 to 2032

Bearing market size from 2023 to 2032

The global bearing market size will be US$130.22 billion in 2022 and is expected to reach more than US$279.83 billion by 2032. The compound annual growth rate from 2023 to 2032 is expected to be 8%.

Bearings are basically used in various types of machinery or equipment, ranging from agricultural equipment, auto parts, household machines to aerospace and defense equipment. Bearings are used in a variety of applications in the automotive sector, including interior trim, wheels, drivetrains and engines. Continuous growth in automobile production, rising demand in emerging countries, and rising demand for technology-enhanced solutions are driving the growth of the global automotive industry bearings market. Since the past few years, the demand for bearings with higher efficiency, less maintenance and longer service life has been increasing.

Ball bearings contain spherical rolling elements and are used for smaller loads, while roller bearings contain cylindrical rolling elements and are used for larger loads. Linear bearings are used to travel straight along an axis and can also rotate. Mounted bearings are bearing assemblies that are preassembled into mounts that are fastened to frames and other structures and are used to support the ends of shafts and other structures.

In addition to ball and roller bearings in linear, radial and mounted forms, bearings include plain bearings for civil engineering purposes, gemstone bearings for small instruments, and very specialized bearings called frictionless bearings, which include magnetic bearings. bearings and air bearings.

A bearing is a machine element that helps reduce friction between moving parts by supporting relative motion. Automobiles, mining machinery, wind turbines, agricultural equipment, machine tools, etc. all require bearings. It is used in automobiles to ensure smooth operation of electric vehicles and other types of vehicles, and technological advancements have improved the overall efficiency and shelf life of bearing products in the automotive industry. The global bearing market is growing at a rapid pace owing to the increased use of bearing materials in various end-use segments, electric vehicles and rolling mills.