Lucintel's latest market report analyzed that bearing provides attractive opportunities in the automotive, agriculture, electrical, mining & construction, railway & aerospace, automotive, power transmission, and oil & gas applications. The bearing market is expected to reach $XX billion by 2028 with a CAGR of 6% to 8%. In this market, roller bearing is the largest segment by product, whereas automotive is largest by application. Emergence of sensor bearing units and evolution of industry 4.0.and a growing adoption of sensor based bearing with integrated IoT provides strategic growth path in this market.
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Based on product, the bearing market is segmented into ball bearing, roller bearing, plain bearing, and others. The roller bearing segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to reduces rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts.
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The Bearing Market is marked by the presence of several big and small players. Some of the prominent players offering bearing include Brammer, Harbin Bearing Manufacturing, HKT Bearings, JTEKT Corporation, NBI Bearings Europe, NSK Global, and NTN Corporation.
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