Global Precision Bearings Market growing at a CAGR of 5.9% from 2023 to 2030
Category : Machinery and Equipment | Published Date : Jul 2023
Key Market Overview
The Global Precision Bearings Market was valued at USD 8,972.09 Million in 2022 and is expected to register a compound annual growth rate of 5.9% to reach USD 13,867.82 Million in 2030.
The report highlights the increasing adoption of precision bearings in automotive, aerospace & defence, medical, and other industries. Consegic Business Intelligence provides an inclusive research report on the precision bearings market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends.
Global Precision Bearings Market By Overview
The report analyses significant segments such as type, end-user, and region, to identify emerging trends and potential opportunities. The type segment is expected to grow due to the increasing adoption of ball bearings in aerospace, medical, automotive, and other related industries. Moreover, the deployment of roller bearings in automotive, power generation, and oil & gas industries among others is expected to drive the market growth during the forecast period.
Get Free SampleMarket Dynamics
Driver:
- Rising utilization of precision bearings in automotive sector is driving the market growth.
- Increasing adoption of precision bearings in aerospace & defence industry is spurring the market growth.
Restraints:
- Instability in raw materials is restraining the growth of the market.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Ball Bearings and Roller Bearings |
| By End-User | Automotive, Aerospace & Defence, Medical, Power Generation, Oil & Gas, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The global precision bearings market is highly competitive due to the presence of major players such as SKF, Schaffler AG, Kaman Corporation, AST Bearings, JTEKT Corporation and others operating in the global market. The market players are adopting new ways through product innovations, mergers and acquisitions, and business strategies to remain hold strong market position. Thus, evolving research and developments in precision bearings market are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various industries.
- SKF
- Schaffler AG
- Kaman Corporation
- CW BEARING
- AST Bearings
- THE TIMKEN COMPANY
- JTEKT Corporation
- GMN Bearing USA
- Pacamor Kubar Bearings (National Precision Bearing)
- NSK Ltd.
- Schatz Bearing Corp.