Precise Bearing Market Size, Share, Growth, and Industry Growth by Type (Ball Bearing and Roller Bearing), By Application (Industrial Machine, Precision Equipment, Air Defense, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

PRECISE BEARING MARKET REPORT OVERVIEW

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global precise bearing market size was USD 3932.4 million in 2022 and market is projected to touch USD 6643.6 Million By 2031, exhibiting a CAGR of 6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with precise bearing experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

A precise bearing has a higher standard precision level. The precision level of the machinery is ISO P5 or ABEC 5. The machinery is used for high-precision applications such as robotics, aerospace, health, machine tool, and general industry.  

Growing need for standard quality products in machinery and equipment is predicted to surge market growth. Increasing growth in automotive and aerospace industries is anticipated to boost market progress. Rising concern about green vehicles is estimated to propel market growth. Increased automobile sale and technological advancement in automobile is predictable to surge market enlargement in the coming years. Rapid development of high capacity bearing is projected to accelerate market growth. Increasing the use of the machine in railways and rolling mills is responsible to boost product adoption. However, fluctuating raw material prices and damage caused by an electric automobile. Also, expensive maintenance cost is anticipated to hamper precise bearing market growth. 

COVID-19 Impact: Shutdown of Industrial Activities to Affect Market Expansion

Shutdown of industrial activities minimized market growth. Lockdown restrictions and curfews reduced production activities. Closure of automotive and aerospace sectors impacted product demand. Supply and chain disruption along with fluctuation of raw materials prices, affected market expansion. Unavailability of trained laborers due to lockdown restrictions hamper market growth. sudden outbreak of COVID-19 pandemic led to lockdown restrictions and curfews, which hindered economic growth of the market.

LATEST TRENDS

"Growing Demand from Automotive Sector to Accelerate Market Advancement"

Increasing need for the equipment in automotive sector is predicted to boost market growth. The machinery has a higher standard precision level which is extensively used in automotive sector. Continuous vehicle production globally is foreseen to surge market expansion. Further, high demand for electric vehicles is primarily responsible for attracting customers. Further, increasing demand for high stand products in automotive sector. Rapid technological advancement in automotive industries is predicted to surge market growth. Growing concern about green vehicles is predicted to develop automobile and automotive industry. Increasing need to replace old products is projected to drive market growth. In addition, a rising environmental regulatory framework is anticipated to surge market progress in the coming years. Increasing fuel prices is responsible to boost electric vehicle, which is probable to propel precise bearing market performance. In automotive sector the product is extensively used in transmission, wheel hub, and engine.

PRECISE BEARING MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into ball bearing and roller bearing.

Ball bearing is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into industrial machine, precision equipment, air defense, and others.

Air defense is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Advantages of the Machine in Industries to Stimulate Market Expansion "

The machine has multiple benefits, such as high resolution and no friction, which is predicted to surge market growth. It has more service life and has the right amount of stiffness that is anticipated to fuel market progress. The machine provides 360 degrees’ joint support and even allows complex bearing system. Such advantages are anticipated to expand market progress. Further, it has a feature of enhancing bearing motion along with creating more space in components is expected to accelerate market expansion in the forthcoming years. It has improved operation, which is estimated to accelerate market development. The product is extensively used in medical devices and tools, which is projected to expand market expansion in the coming years. The machinery has load-bearing features that are one of the critical factors in boosting precise bearing market growth. 

"High Adoption of Precise Bearing in Industries to Fuel Market Expansion"

Increasing adoption of the machine in several industries is estimated to expand market progress. Rising awareness about the advantages of the product is responsible to foster market expansion. It is used in military and defense sector for bearing missile launchers, optical device, tank turrets, and others. Further, increasing construction activities are projected to drive market progress. In construction sector, the equipment is used in hydraulic excavations, lifts, cranes, and boring hole jobs. The product is also used in labeling, sanitization, washing, and capping functions. In addition, the equipment is utilized for bearings in trains, trams, and subway for tolerating free vehicle movement. Growing government initiatives to adopt standard machine in industries is predicted to foster market expansion. Growing industrial development and rapid urbanization is estimated to accelerate precise bearing market performance.

RESTRAINING FACTORS

Fluctuating raw material prices are anticipated to hinder market progress. Further, damage caused by electric automobile is predicted to restrict market performance. Also, expensive maintenance cost is anticipated to hamper market growth in the forthcoming years.

PRECISE BEARING MARKET REGIONAL INSIGHTS

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"Growth in Automotive and Aerospace Sector in Asia Pacific to Drive Market Share "

Asia Pacific is estimated to hold prominent precise bearing market share due to growing demand from automotive and aerospace sectors. Increasing demand for industrial machinery in the region of India, China, and Japan. Growing need for standard quality products in machinery and equipment is predicted to surge market growth. Increasing growth in automotive and aerospace industries is anticipated to boost market progress. Rising concern about green vehicles is expected to propel market growth.

North America is predicted to register considerable market growth owing to the growing need for high-standard products in automotive and aerospace industries. Increasing demand for vehicles in the region is anticipated to surge market growth.

Europe is anticipated to observe favorable market growth due to increasing sales and production of electric and hybrid vehicles. The region has supportive economic growth along with augmented investment by the primary vital players anticipated to accelerate market growth.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• SKF (U.S.)
• Schaeffler (Germany) 
• NSK (Japan) 
• NTN (Japan) 
• JTEKT (Japan)
• Timken (U.S.)
• RBC Bearings (U.S.)
• C&U (U.S.) 
• TMB (China)
• Nachi (U.S.)
• ZWZ (China) 
• LYC (China)
• HRB (China) 

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.