Bearings Market Intelligence

Bearings Market Description

The global market for bearings is currently estimated to be worth around $94 billion and is expected to reach a value of $113 billion by 2022, growing at a CAGR of 4.7 percent. Raw material prices constitute nearly 50-55 percent of total costs while labor and energy prices account for 20-30 percent of the cost. Around 40 percent of bearings are sold by original equipment manufacturers and 21 percent by industrial distributors. High market maturity regions are the U.S., Canada, the U.K., Germany, France, Italy, China, and Japan, while low market maturity regions are India, Australia, and MEA.

The report provides a comprehensive overview of the global bearings market, discussing the market by region. The report evaluates bearings market dynamics, highlighting the relevant drivers and constraints. The report presents an analysis of the best procurement practices in the industry, along with top sourcing strategies and engagement models. The report evaluates the best practices with large distributors and integrators. Porter’s Five Forces Analysis is provided in the report, elaborating on the demand, distributors and buyer maturity. The report also includes a supplier market analysis, identifying top bearing manufacturers globally and specifically in North America.

Report Coverage

Bearings Market Drivers
Sourcing Strategy & Engagement Model
Best Practices

Bearings Market Trend, Analysis & Forecast

Category Intelligence on Bearings covers the following

Information relating to market, supply, cost, and pricing analysis
Hard to find data on cost and TCO models, supplier details, and performance benchmarks
Macroeconomic and regional trends impacting cost, supply, and other market dynamics
Category-specific negotiation and sourcing advice

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Executive Summary

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Market Analysis

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Supply Analysis

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Cost & Pricing Analysis

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Best Practices

1. Bearings Executive Summary

1.1 Executive Summary

2. Market Overview – Bearings

2.1 Market Overview – Global Bearings Market
2.2 Market Dynamics – Drivers & Constraints
2.3 Porters Five Forces Analysis

3. Bearings Procurement Best Practices

3.1 Sourcing Strategy
3.2 Engagement Model – Bearings
3.3 Best Practices with Large Distributors/Integrators

4. Bearings Supplier Market Analysis

4.1 Top 10 Bearing Manufacturers Globally
4.2 Top 10 Bearing Distributors – North America (2017)

Market Overview–Global Bearings Market

Global bearings market is expected to grow at a CAGR of 4.7 percent over the period from 2018 to 2022. Asia has the largest demand (>50%) for the bearings market. Globally, the OEM market contributes to about 40 percent, followed by industrial distribution market of 21 percent, and after-market of 9 percent.

The demand for bearings is highly dependent on the industrial activity of economies, which is closely linked to the Global GDP trends. This is due to the bearing’s extensive applications in production and engineering industries across the world
Global bearings market is expected to grow at a CAGR of 4.7 percent over the period from 2018 to 2022. The United States, Japan, and Germany represent the top three bearing manufacturing countries with China rapidly increasing their presence
Asia has the largest demand (>50%) for the bearings market, mainly due to the increasing production of automobiles followed by rapid industrialization in developing economies countries such as China, India, and South East Asia . Overall the region is estimated to witness a robust growth of around 10 percent by 2020
Globally, the OEM market contributes to about 40 percent, followed by industrial distribution market at 21 percent, and after-market at 9 percent. The automobile sector has shown a slump in their aftermarket demand due to the shorter resale and longer lifespans of bearings
There is no disruptive technology in the bearings industry but the need for energy efficiency and higher life span is creating new opportunities for the bearings manufacturers globally
The overall supply landscape of the bearings market is consolidated as the top six suppliers contribute more than 65 percent of the market share and the top manufacturers are based out of Germany, the US, and Japan.

Market Dynamics–Drivers & Constraints

Drivers

Growth of Automotive Industry

The global automotive industry is currently, one of the highest revenue generating industries in the world. The rising production of vehicles worldwide is pushing the growth of bearing market
In the coming years, automotive bearings demand is expected to rise in Europe, Americas, Africa, and Asia-Pacific especially. This is because the demand for vehicles, mainly passenger cars and two wheelers are witnessing a constant rise worldwide

New Technological Developments

The technology oriented industries such as, aerospace and defense, robotics, medical, etc. have witnessed a huge demand for effective, heavy-duty, SMART, and durable bearings in order to meet industry standards and demand across critical and hi-tech applications. So, a rising demand for bearings from these industries are also expected to drive the demand for bearings globally

Investments and Improvements in Renewable Energy

In the wind energy sector, bearings are the most important components used in wind turbines. These bearings require designs that can optimize reliability and provide economic efficiency depending on the applications
The present wind energy market is witnessing a lot of investments due to ongoing projects and innovations in wind power generation. The market for wind energy is driven by China and India significantly in the Asia-Pacific region

Diversification Expansion

The end user markets served by bearings distributors have witnessed wild swings in demand since the recession. As a result, many distributors have been expanding their target markets. Key targets for growth areas includes; food and beverage, automation, manufacturing, and energy

Constraints

Dropping Market Share

The influx of new players with aggressive pricing and lower cost structures has caused bearing prices to drop considerably
Manufacturers from USA are facing increased competition from low cost imports from developing countries, especially from APAC
The turbulence in the global industrial sector has restrained the bearing market growth. The market witnessed a decline in 2016, however, there was a recovery of bearings market in 2017

Increasing Concern over counterfeit products

Nearly every major bearing manufacturer has been hit over the last few years by counterfeiters – and as a result, they're working with channel partners to combat the growing issue (e.g. SKF )
For example, NSK provides training to its distribution network on “how to identify and address counterfeiting activity of bearings”

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