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Global Motor Bearing Market Projected to be Worth USD 256.79 Billion by 2034, Surging at 7% CAGR, Driven by Adoption of Electric Vehicles

Global Motor Bearing Market Projected to be Worth USD 256.79 Billion by 2034, Surging at 7% CAGR, Driven by Adoption of Electric Vehicles

Demand for Motor Bearings Surges along with the Rapid Adoption of Electric Vehicles, Driving Innovation and Growth across the Automotive Sector. “Growing trends towards the electric future leads to simplify the foundation of vehicles which includes less moving parts i.e. less complications in the design of vehicles which will definitely offers plenty of opportunities for motor bearing market growth. In future, there will be rising demand for motor bearings with lower maintenance requirements, higher efficiency, and longer service life”

NEWARK, Del, July 03, 2024 (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI), the motor bearing market is anticipated to reach a valuation of USD 130.54 Billion by 2024 end, with estimations pointing toward a climb to USD 256.79 Billion by 2034. The market is expected to maintain a steady growth trajectory with a CAGR of 7.00% throughout the forecast period.

The motor bearing market is experiencing sustained growth due to the increasing popularity and adoption of electric vehicles (EVs), which rely on high-quality bearings for efficient motor operation. The growth of the wind power industry, driven by renewable energy initiatives, fuels demand for large-scale wind turbines, emphasizing the crucial role of motor bearings. Ongoing advancements in bearing technologies, such as smart and self-lubricating bearings, have also enhanced motor performance, encouraging industries to upgrade systems, thereby fostering market growth.

Despite the positive factors driving growth, the market also faces several challenges. Economic downturns, uncertainties, and fluctuating raw material prices can significantly affect demand and affordability. Rapid technological advancements and shorter product lifecycles can challenge manufacturers to keep up with innovation, potentially leading to more frequent replacements and affecting traditional motor bearing markets.

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Complex and globally distributed supply chains pose logistical challenges, impacting timely bearing deliveries. The prevalence of counterfeit bearings and limited end-user awareness about high-quality motor bearings can undermine trust and affect market demand. Stringent environmental regulations may lead to adopting alternative technologies, potentially impacting traditional motor bearings.

Rolling bearings, with their friction-reducing capabilities, remain a top product type, preferred for various industries such as automotive, manufacturing, and energy. Their robust design and durability, suited for harsh conditions and heavy loads, position them as an ideal choice, contributing to energy savings and reduced maintenance costs.

The increasing demand for automation enhances the prominence of industrial machinery in the motor bearing market. The versatility of motor bearings, their contribution to energy efficiency, and reduced downtime solidify their critical role in the industrial machinery landscape.

Driving Forward: Discover the Noteworthy Factors Propelling the Motor Bearings Market

        Increase in demand for automation in industrial processes: The rise of automation in industrial processes has been driving the demand for high-performance and reliable bearings. Automated systems require bearings that can withstand high loads and operate in challenging environments, and the development of advanced bearings has enabled the implementation of automation in a wide range of industries, including automotive, construction, and aerospace.

        Rising demand for energy-efficient products: The growing demand for energy-efficient products has been driving the demand for high-performance motor bearings. The need for energy-efficient products has been driven by increasing concerns about the environment and the need to reduce energy costs. High-performance bearings offer improved energy efficiency compared to traditional bearings, making them an attractive option for industries looking to reduce their carbon footprint and energy costs.

        Increase in infrastructure spending: The growth of infrastructure projects, such as roads, bridges, and airports, has been driving the demand for motor bearings. These projects require high-performance and reliable components, including bearings, to ensure the smooth functioning of machinery and equipment. The increase in infrastructure spending has been driven by the need to support economic growth and improve the quality of life in emerging markets.

        Growing demand in emerging economies: The growing demand for bearings in emerging economies, such as China and India, has been driving the demand for motor bearings. The rise of these economies has been driven by a combination of favourable economic conditions and increased investment in infrastructure projects. The growing demand for bearings in these markets has been driven by the need for high-performance and reliable components for machinery and equipment used in various industries.

Key Takeaways from the Market Study:

  • The rolling bearing product type dominates the motor bearing market with a 28.79% market share.
  • Industrial machinery leads the motor bearing industry, accounting for 42.35% of the market share.  
  • The motor bearing industry in China is predicted to rise by a remarkable 8.5% CAGR through 2034. 
  • The motor bearing industry in India is projected to inflate at a CAGR of 8.3% through 2034. 
  • The motor bearing industry in the United States is anticipated to develop at a CAGR of 7.8% through 2034. 
  • The motor bearing industry in Germany is estimated to rise at a whopping 6.7% CAGR through 2034. 
  • The motor bearing market in Australia has the potential to increase at 4.6% CAGR through 2034.

“Technological advancements in the motor bearing market are poised to revolutionize manufacturing opportunities. Smart bearings equipped with IoT sensors promise real-time performance data for predictive maintenance. Pre-lubrication techniques and hybrid bearings offer enhanced efficiency and longevity. Innovations like balance bearings and new cage materials further elevate speed, durability, and energy efficiency. Moreover, advances in manufacturing machinery ensure precision and quality, opening doors for lucrative market growth,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape:

The leading companies in the motor bearing market, including SKF Group, NSK Ltd., and The Timken Company, are investing heavily in research and development to introduce advanced bearing technologies. These key companies also expand their global presence and strengthen their distribution networks by establishing partnerships and collaborations, ensuring a wide reach for their motor-bearing products.

The focus on sustainability and compliance with stringent quality standards builds trust among customers, making them the preferred choices in the market. By providing reliable, high-performance motor bearings, these companies contribute to customer loyalty and reinforce their market position.

Recent Developments:

  • NBC Bearing announced on September 15, 2023, that they had developed low-noise bearings for electric vehicles (EVs). They supplied these specialized bearings to some of the leading EV companies in India, such as Mahindra Last Mile Mobility, Altigreen, and Ather Energy. The primary goal of these high-quality bearings was to reduce the noise, vibration, and harshness (NVH) levels in electric two- and three-wheelers.
  • On January 5, 2023, The Timken Company announced that its engineered bearings had been used in the Ford Motor Company’s F-150 Lightning, the first mainstream electric light-duty pickup truck. Using Timken’s bearings, Ford increased the content per vehicle compared to the gasoline-powered version, marking a significant milestone in the electric vehicle industry.

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Key Players Operating in the Industry:

  • RBC Bearing
  • National Precision Bearing
  • Aurora Bearing
  • SKF
  • Timken
  • NSK
  • NTN
  • Schaeffler Group
  • New Hampshire Ball Bearing
  • FK Bearing Group
  • CCTY Bearing
  • Emerson Bearing
  • LYC Bearing

Motor bearings Market: Regional Outlook

The demand for motor bearings in North America is estimated to witness substantial growth attributing to accelerating industrial activities coupled with increased sales of large, high-value roller bearings used in heavy machinery and wind turbines.

Motor bearings consumption will also post healthy gains, supported by increased manufacturing output, although value gains in this product category will continue to be held back by intense competition from low-cost foreign suppliers. The Industry 4.0 trend is one of the prime drivers which is anticipate to lift sale of motor bearings as industrial and factory automation gets thrust over the coming years.

Asia Pacific is expected to lead the motor bearings market in terms of both market share and growth rate during the forecast period. The growth of the Chinese automotive sector is expected to contribute significantly to the development of the motor bearings market in the region.

Europe is likely to secure and retain its position in global motor bearings market, due to the significant developments in the automotive industry in the region. Also, the demand for high-performance machines in industries such as construction, aerospace, etc. is also projected to drive the growth of the bearing market in Europe.

Augmented demand for dedicated motor bearings solutions that cater several industry specific specifications is expected to lift the demand of bearings worldwide. Automotive sector accounted for highest market share due to upsurge in the global automotive fleet.

Motor Bearing Market Segmentation Analysis:

By Product type:

  • Rolling Bearing
  • Sliding Bearing
  • Joint Bearing
  • Others

By Application:

  • ICE Vehicles
  • Electric Vehicles
  • Industrial Machinery
  • Aerospace Machinery

By Diameter Size:

  • 30 to 40 mm
  • 41 to 50 mm
  • 51 to 60 mm
  • 61 to 70 mm
  • Above 70 mm

By Sales Channel:

  • Original equipment manufacturers (OEMs)
  • Aftermarket

By End Users:

  • Automotive
  • Industrial
  • Aerospace
  • Others

By Region:

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • Latin America

Report Preview: https://www.futuremarketinsights.com/reports/motor-bearings-market

About Future Market Insights – Industrial Automation:

The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation domain. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.

Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:

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About Future Market Insights (FMI):

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact Us:       

Future Market Insights Inc.
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Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
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Originally published at https://www.einpresswire.com/article/724845542/global-motor-bearing-market-projected-to-be-worth-usd-256-79-billion-by-2034-surging-at-7-cagr-driven-by-adoption-of-electric-vehicles-future

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