In 2024, global motor bearing industry is projected to reach USD 8,031.5 million and witness a y-o-y growth of 7% in the same year. Demand for the engine bearing is estimated to reach USD 16,623.7 million by 2034 at a CAGR of 7.5% between 2024 and 2034.
Motor bearings are a fundamental part of machinery that forms the foundation of industry by enabling smooth operation of machinery, reducing downtime, enhancing efficiency, and ensuring reliability. Motor bearings generally have two concentric rings a stationary outer ring and a rotating inner ring. Between these rings, rolling elements, such as balls or rollers, are positioned to facilitate smooth rotation.
Bearings have emerged as the best solution for a wide range of end-use industries, effectively reducing friction and ensuring smooth machinery operation, thus playing an important role in sustainability execution by minimizing energy losses, improving durability, and greater energy efficiency.
The sales are growing due to factors like industrial growth, electric vehicle adoption, wind power expansion etc. The automotive bearing market is on an upward trajectory. By 2034, demand for automotive bearing is envisioned to increase by 2 times from the current value.
The foundation of machinery industry is observing transformation in a segment of material type of bearings. Although ceramic bearings offer advantages over traditional bearings steel bearings, dominate due to their widespread availability and cost effectiveness. By product type, ball bearing is one of the key growing segments estimated to hold around 47.9% percent of the market volume share.
Traditionally bearings are manufactured using steel alloys. Innovations in material science have led to development of ceramic, polymer, and composite materials for bearing production. These materials have superior properties like high wear resistance and reduction in friction.
Hybrid products offer a combination of steel rings and rolling elements manufactured from silicon nitride (ceramic) are becoming increasingly popular. Further exploring it is noticed that Pre-lubricated ball bearings represent a new trend by integrating lubrication directly into the bearing during manufacturing.
| Attributes | Description |
|---|---|
| Estimated Market Size (2024E) | USD 8,031.5 million |
| Projected Market Value (2034F) | USD 16,623.7 million |
| Value-based CAGR (2024 to 2034) | 7.5 % |
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Take a deeper dive into investigation the annual growth rates of the global motor bearing sector from 2024 to 2034. Starting with the base year 2023 and going up to the present year 2024, the table examines how the industry growth changes from the first half of the year, i.e. January through June (H1) to the second half consisting of July through December (H2).
| Particulars | Value CAGR |
|---|---|
| H1 | 6.8% (2023 to 2033) |
| H2 | 7.7% (2023 to 2033) |
| H1 | 7% (2024 to 2034) |
| H2 | 7.9% (2024 to 2034) |
The figures in the table depict the growth of the sector for every six months between 2023 and 2024. The first half (H1) of 2023 projected a CAGR of the market at 6.8%. However, there is a positive deviation from the previous growth rate in the second half (H2) of the year.
The CAGR is estimated to adjust slightly downwards to 7% in the upper level of the forecast for H1 2024; for H2 2024 forecast is slightly higher at 7.9%.
In the first half (H1), the market saw a rise of 20 BPS; however, in the second half (H2) the valuation remained constant at 20 BPS.
Elevation in Demand for Electric Vehicles
Motor bearing demand is skyrocketing due to the increasing popularity of electric vehicles (EVs), which need many bearings to sustain their motors and other components. The demand is predicted to rise significantly because of the anticipated CAGR of 21% of the worldwide electric-powered motor sector between 2024 and 2034.
Countries around the world, alongside the worsening climate crisis, are placing significant efforts in developing policies for sustainability and less emission, thus enhancing the use of electric vehicles (EVS).
An increase in the sales of electric vehicles may be linked to positive changes in the market and its regulation, including the development of battery technology and charging stations.
They will also compel the demand for motor bearings due to the projected growth rate of 18.2% of the global electric vehicle sector from 2021 to 2030, which will ensure the vehicles' functionality and efficiency.
Growth of the Wind Power Industry
The growth of the wind power industry, pushed by the global focus on renewable energy, has improved the demand for big-scale wind turbines. Motor bearings play an important function in wind turbine systems. This occurrence is contributing to the general growth of the motor-bearing Industry.
The global wind power market size was worth USD 112.23 billion in 2022. It is projected to attain USD 278.43 billion by 2030. A CAGR of 13.67% will be observed during the forecast period from 2023 to 2030. The increasing focus on the long-term benefits of renewable sources.
The urge to replace traditional sources of electricity with renewable resources. Such factors are predicted to boost the growth of the industry. The wind power industry relies on motor bearings to help the smooth and efficient operation of wind turbines that are vital for producing renewable electricity.
Rising Prices of Raw Materials
A key restrain faced by the motor bearing industry is the rising prices of raw materials used for manufacturing of motor bearings. The prices of key raw materials used for the production of motor bearings have been increasing in past few years. This trend puts stress on profit margins for manufacturers. As the price of raw material will increase price of the very last product additionally increases. This phenomenon makes products less economic for clients.
The rising raw material prices will have numerous implications. Firstly, it could cause a lowered demand as clients search alternative, more cost effective options. Additionally, manufacturers may also face challenges in maintaining final product pricing in a highly competitive market without compromising on product quality.
Principal Consultant
With an observed CAGR of 4% from 2019 to 2023, the global motor bearing market was estimated to be worth USD 7,503 million in 2023. The replacement and modernization of current motors across a range of sectors is the main aspects of the expansion.
Wear and tear from industrial motors can lower performance and efficiency. It may be more cost-effective to replace or update motors and their components because of lower energy usage and maintenance expenses.
Customers' diminished purchasing power due to the COVID-19 epidemic affected both industrial output-particularly, the manufacturing of motor bearings-and the demand for goods. The disruption of global supply networks resulted in a brief slowdown that impacted manufacturing operations and the availability of raw materials.
The global motor bearing industry is anticipated to report a CAGR of 7.5% from 2024 to 2034. During the forecast period, the revenue size is projected to reach USD 16,623.7 million.
As companies implement automation, there is a greater need for electric motors, which in turn raises the need for motor bearings. Reliable bearings for motor are predicted to become ever more vital as enterprises automate operations to increase efficiency and save labor costs.
The motor bearing industry is highly consolidated industry in which Tier 1 players hold around 30% to 35% of total share. They use their extensive expertise in manufacturing and a broad geographical reach. SKF Group, Thyssenkrupp GmbH, Schaeffler Group, Timken Company, NTN Corporation, and others are considered leading players in the industry operating with medium to high-level presence.
Tier 2 players hold 35 to 40% of total value share. They may specialize in specific types of bearings or serve niche end uses within the industry Luoyang LDB, NSK Ltd., THK Co., Ltd., Koyo Bearing, and others are the prominent players in the Tier 2 players.
In global industry, Tier 3 players hold 20 to 25% of total share. Tier 3 companies are smaller and more specialized compared to Tier 1 and Tier 2 suppliers. They often focus on local or regional trade, niche applications, or specific types of bearings. HBANG Co., Ltd., Renogear, S.L., IMO, Liebherr, and others are the players in the Tier 3.
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The section analyzes the motor bearing market by country, including the United States, Germany, China, India, and Australia. The table presents the projected CAGRs for each country, indicating their predicted future contribution to the sector growth through 2034.
China is estimated to hold a prominent industry volume share in global trade. The region is planning to grow vertical integration to counter raw material price volatility.
| Countries | CAGR 2024 to 2034 |
|---|---|
| China | 8.5% |
| India | 8.3% |
| The United States | 7.8% |
| Germany | 6.7% |
| Australia | 4.6% |
In the Asian region, motor bearing industry in China is predicted to observe CAGR of 8.5% from 2024 to 2034.
Infrastructure projects such as the Belt and Road Initiative (BRI) underline China's focus on industry development. With increasing infrastructure projects demand for reliable motors will increase leading to increased demand in bearings. China has a massive production capacity. Production capabilities especially in automotive and electronics create a significant amount of demand for motors and bearings.
In line with its daunting targets for renewable sources of energy, the nation has set its sights towards achieving 600GW of wind power by 2030. The swift growth of the wind energy industry is bringing with it a healthy appetite for premium grade motor bearings availed for wind turbines.
India is also one of the emerging Asian nations, which is projected to record a CAGR of 8.3% in the motor bearing industry between 2024 and 2034.
In 2017, the government’s decision to reduce the GST rate on ball bearings and roller bearings from 28% to 18 % has positively influenced bearing manufacturers’ margins. The launching of the ‘Make in India’ campaigns and the anticipations behind it should enhance the manufacturing capabilities.
Increased manufacturing capacities will have a direct impact on the demand for motor bearings. Increase in the adoption of electric vehicles propels the motors and bearing industry. With a growing impetus towards modernization, as well as the internalization of efficiencies, the bearings business in India is on the rise.
The rate of growth is inversely proportional to population increase since the proposition for the installation of 500 GW of renewable energy sources by 2030. Therefore, with India’s emphasis sustaining development through green approaches, the expectation for quality motor bearings is still on the rise.
Germany is observed to lead in the Europe and is estimated to generate a CAGR of 6.7% from 2024 to 2034.
Germany has established itself as a leader in industrial manufacturing in Europe. Engineering and innovation going on in Germany fuel the sales. The country's precision engineering and high-quality manufacturing processes create a strong demand for reliable motor bearings.
Germany, a pioneer in renewable energy technologies, targets to generate 40 to 45% of its electricity by 2025, requiring reliable wind energy, as 46% of its electricity comes from renewable sources, as per the Renewable Energy Sources Act.
Germany's focus on renewable energy and automation technologies further amplifies the need for innovative bearings, contributing to its market growth.
The section displays a focused study of individual segments, enabling targeted strategies and informed decision-making for stakeholders. In terms of product type, the ball bearing category will likely dominate and generate a share of around 47.7% in 2024.
Based on bearing material, the Steel bearings category is projected to hold a share of 36% in 2024.
| Segment | Ball bearing (Product Type) |
|---|---|
| Value Share (2024) | 47.7% |
The Ball bearing segment is forecast to experience a decent CAGR of 7.3 % from 2024 to 2034. Unlike Roller bearings or coated bearings ball bearings are cost effective.
Ball bearings are a multipurpose and a popular good in many sectors, probably due to their application in medium to high-speed and moderate load considerations.
Ball bearings will dominate the segment with a large share over the forecast period; the possibility must be kept in mind that the pace of innovation in coatings and materials for roller and coated bearings could potentially lead to increased adoption in industries seeking higher efficiency and longer service life.
| Segment | Steel bearings (bearing material) |
|---|---|
| Value Share (2024) | 36% |
The steel bearing segment is dominating the segment with 36%. The steel bearing category is forecast to experience a steady CAGR of 7.2%. Although ceramic bearings offer advantages over traditional bearings steel bearings dominate due to their widespread availability and cost effectiveness.
Steel bearings remain the preferred choice for most applications due to balance performance and cost availability. Steel bearings have proven their reliability across diverse industrial applications.
Motor bearing manufacturers in the organized sector benefit from superior manufacturing capabilities, consistent cash flow, a strong supply and distribution network, and stable customer relationships. India's top bearing companies, like Tata Bearings, Schaeffler India, and SNL Bearings, utilize cutting-edge machinery and automation for high-quality and efficient manufacturing processes.
Nowadays market participants are focusing on the introduction of high durability and lightweight bearings. Manufacturers are also focusing on public and private investments in Renewable Energy, construction machinery, and industrial sector to attain higher Industry shares.
The motor bearing industry is focused on developing innovative, high-performance products. For example, SNL Bearings specializes in manufacturing lightweight, high-precision needle roller bearings for automotive applications, to satisfy the industry's demand for improved fuel efficiency. Universal Bearings offers rapid prototyping and customized bearing solutions to support customers in sectors like renewable energy, construction, and industrial machinery.
Industry Updates
Product types included in the study are ball bearings, roller bearings, and coated bearings. The roller bearings category is further divided into cylindrical roller bearings, spherical roller bearings, tapered roller bearings, needle roller bearings, and thrust roller bearings.
The report includes three types of categories under by bearing material segment steel bearings, ceramic bearings, and hybrid bearings. All three categories include the following subcategories small bearings, medium bearings, and large bearings.
Bearing sizes included in the study are small bearings, bearings up to 30 mm bore diameter, medium bearings, 30 mm to 100 mm bore diameter, and large bearings above 100 mm bore diameter.
The report includes two types of categories under by sales channels segment OME and aftermarket.
End-use segments included in the study are manufacturing, automotive power generation, oil and gas, aerospace, HVAC, mining and quarrying, food and beverage, chemical and petrochemical, pharmaceuticals, and others.
Regions considered in the study include North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and the Middle East and Africa.
The global market was valued at USD 7,503 million in 2023.
The global industry is set to reach USD 8,031.5 million in 2024.
Global demand is anticipated to record a CAGR of 7.5%.
The industry is projected to reach USD 16,623.7 million by 2034.
Steel Bearings dominate in terms of share.
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