North America Bearing Market Outlook, 2027

Bearings are in high demand in North America. The industry is booming due to the growing demand for materials, including ball bearings, roller bearings, and plain bearings. These bearings find applications in the automotive, industrial, aerospace, agricultural, and railway industries. Automotive bearings are becoming more popular among bearing producers as the vehicle industry expands. Despite the fact that there is intense competition in the industry, manufacturers are focusing more on enhancing their rolling element-bearing goods. After thousands of kilometres, wheel bearings usually wear out. The constant rotation of the wheels, along with the weight of the vehicle, causes the wheel bearings to wear out, rendering the wheels ineffective. Numerous new rolling element bearing innovations have occurred in the automobile sector. Newer automobile models include sealed systems that keep bearings free of dust, dirt, and debris, preventing contamination and premature wear. However, it restricts service, cleaning, and lubrication of bearings, which were previously available.

According to the research report, "North America Bearing Market Outlook, 2027" published by Bonafide Research, the bearing market is anticipated to grow at a 5.10% CAGR in terms of value during this forecast period. The bearing market is undergoing constant technical improvements and breakthroughs in North America. Furthermore, market participants in the automotive components business are progressively harmonising their businesses with the changing regulatory framework. The increased interest in electric cars is another window of opportunity that has opened up for battery industry participants, and innovations are anticipated to gain significant traction as a result. Furthermore, some market participants are actively working on producing wear-resistant bearings with a significant load capacity. The increased need for smooth motion in the automotive sector in recent years has been a prominent trend that is predicted to affect the rate of innovation in the bearing market. Manufacturers are concentrating on directly incorporating electro-mechanical components into bearings to increase performance while also lowering size and cost. Prospects deteriorated significantly in the first part of COVID-19 when industrial activity ceased. After the lockdowns were removed, prospects improved.

The major purpose of bearing manufacturers is to increase strength while reducing needless weight. Companies such as SKF are creating titanium alloy bearing cages in order to produce longer-lasting bearings. Titanium alloyed bearings have demonstrated improved tensile strength and temperature resistance. This type of alloy is beneficial in high-acceleration applications. Market growth for precision bearings due to industrial automation will undoubtedly enhance market revenue throughout the forecast period. Precision bearings are becoming more popular due to increased demand from industries such as aerospace and machine tools. The growing need for micro bearings in industrial robots will further drive market expansion. Factors such as expanding bearing usage in motors, desire for automotive electrification, government measures to stimulate the industrial sector, and increasing preference for bearings in energy-efficient automobiles are credited with the market's growing momentum. Bearings are used in automobiles to maintain the smooth operation of automobiles, electric vehicles (EVs), and other types of vehicles, such as light commercial vehicles and heavier vehicles such as trucks. As a result, the demand for bearings rises in tandem with the increase in automotive manufacturing.

In North America, companies are forming joint ventures, forming alliances, and releasing new goods using innovative technology to get a competitive advantage. For instance, in April 2018, Schaeffler introduced a novel low-friction transmission bearing called an angular roller unit (ARU). NSK purchased a 2.5-generation high-performance taper-roller hub unit bearing a hub shaft for pickup trucks, big SUVs, and commercial vehicles in March 2018. Also, NSK Ltd. (NSK) claimed in 2021 that it had created the world's first 100% bioplastic heat-resistant cage for rolling bearings. The new cage can sustain high working temperatures of 120 °C, which addresses the limited heat resistance of earlier bioplastics. JTEKT Corporation (JTEKT) announced the development of a very robust, extremely highly corrosive bearing for use in fuel cell vehicle hydrogen circulation pumps in 2021 (FCVs). SKF reported in 2020 that numerous OEMs in Asia, Europe, and North America have chosen SKF bearings for their electric drivetrain setup. Its dual Deep Groove Ball Bearings (DGBB) utilise ceramic rolling components and steel rings to provide better high-speed performance as well as best-in-class electrical insulation, making them the top choice for high-performance EV powertrains.

COVID-19 impact
The COVID-19 epidemic has swept the globe. Due to revenue losses, the lockdowns have also resulted in the entire closure of manufacturing facilities, greatly reducing the adoption of bearing solutions and impeding the growth of the bearing industry. The COVID-19 virus epidemic has had a huge impact on the automobile sector, which is presently facing unprecedented uncertainty. The epidemic has had a significant influence on vehicle production. The interruption of supply chain operations is also responsible for the delay in manufacturing activities, postponing car production and impeding market expansion. Furthermore, the fall in vehicle demand caused by the COVID-19 epidemic is impacting the growth of the bearings industry.

Major Companies present in the market:
SKF Corporation, NTN Corporation, NSK Limited, JTEKT Corporation, The Timken Company, Schaeffler AG, Daido Metal Company Limited, Regal Rexnord Corporation, HKT Bearings Limited, Luoyang LYC Bearing Company Limited, Iljin Bearing, RKB Bearing, Wafangdian Bearing Group Corp, THK Co. Ltd., MinebeaMitsumi, RBC Bearings Incorporated

Considered in this report:
• Geography: North America
• Historic year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecasted year: 2027

Aspects covered in this report:
• North America bearing Market with its value and forecast along with its segments
• Country wise Bearing market analysis
• Application wise bearing market distribution
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• USA
• Canada
• Mexico

By product type in the report:
• Ball Bearing
• Roller Bearing
• Plain Bearing
• Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.)

By application type in the report:
• Automotive
• Industrial
• Aerospace
• Others (Railway, Agriculture, etc.)

By installation type in the report:
• Unmounted Bearing
• Mounted Bearing

By distribution channel in the report:
• Original equipment manufacturers (OEMs)
• Aftermarket

By material type in the report:
• Metal
• Stainless Steel
• Chrome Steel
• Carbon Steel
• Brass
• Others (Plastic, Ceramic, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar panel coating industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Manmayi Raval

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