Europe Bearing Market Insights Forecasts to 2033

• The Europe Bearing Market Size was valued at USD 44.52 Billion in 2023.
• The Market Size is Growing at a CAGR of 9.97% from 2023 to 2033.
• The Europe Bearing Market Size is Expected to Reach USD 115.21 Billion by 2033.

The Europe Bearing Market Size is expected to reach USD 115.21 Billion by 2033, at a CAGR of 9.97% during the forecast period 2023 to 2033.

Market Overview

Bearings are equipment parts which enable relative motion and serve to reduce friction between moving elements. Bearings find use in a variety of industries, including automobiles, wind turbines, construction and mining machinery, agricultural equipment, machine tools, and others. It is used in automobiles to ensure the smooth operation of cars, electric vehicles (EVs), and other types of vehicles such as light-weight commercial vehicles and heavy-duty trucks. Technological advancements have increased the overall efficiency of bearing products in the automotive industry, as well as their shelf life. The increasing renewable energy industry in Europe, in particular wind energy, is boosting the European bearing market. Bearings are an essential component of wind turbines, and the number of wind turbine installations in wind farms in Europe has been rapidly increasing, speeding the use of bearings in wind turbines and contributing to the European market's growth. Europe is keen on growing its solar energy capacity and is making enormous efforts to do so.  As part of this, the European region has installed numerous solar panels and used solar tracking devices to detect the sun's position and capture the most energy. Solar tracking systems use bearings, and the number of installations is increasing.

Report Coverage

This research report categorizes the market for Europe bearing market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe bearing market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Europe bearing market.

Driving Factors

Another major factor driving the expansion of the Europe-bearing industry is the increase in car manufacturing in Europe. Europe is the cradle of several automotive companies, and the automotive industry consumes more bearings than other industries. The expanding ownership and popularity of electric vehicles in Europe are driving manufacturing activity and the use of bearings, which is contributing to European market growth. Technological improvements, increased emphasis on fuel efficiency by automobile manufacturers, and an increasing number of sustainability efforts in the automotive sector across Europe are all contributing to the growth of the European bearing market.

Restraining Factors

Strict regulatory policies, technological disturbances, environmental concerns, and shifts in vehicle trends are all hampering European industry expansion.

Market Segment

• In 2023, the ball bearings segment accounted for the largest revenue share over the forecast period.

Based on the product, the Europe bearing market is segmented into ball bearings, roller bearings, plain bearings, and others. Among these, the ball bearings segment has the largest revenue share over the forecast period. Deep groove ball bearings are becoming increasingly popular due to a variety of benefits, including cost-effectiveness and adaptability. Furthermore, deep groove ball bearings are becoming increasingly popular because they have fast speed and good radial and axial load handling capabilities. Furthermore, the introduction of sensor bearings, integrated bearings, and application-specific bearings is projected to increase demand for ball bearings in the market.

• In 2023, the automotive segment accounted for the largest revenue share over the forecast period.

On the basis of application, the Europe bearing market is segmented into automotive, agriculture, electrical, mining & construction, railway & aerospace, and automotive aftermarket. Among these, the automotive segment has the largest revenue share over the forecast period. The demand for automotive with technologically advanced solutions is growing, increasing vehicle manufacturing that needs instrumented products. The rise in demand for highly modern automobiles, as well as the corresponding increase in vehicle capabilities, has increased the demand for bearings in the automotive sector.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Europe bearing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• NSK Ltd.
• NTN Corporation
• RBC Bearings, Inc.
• Rexnord Corporation
• Schaeffler AG
• The Timken Company
• JTEKT Corporation
• Harbin Bearing Manufacturing Co. Ltd.
• HKT Bearings Limited.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In February 2022, Schaeffler AG announced the TriFinity product, a triple-row wheel bearing intended for use in electric powertrains. Such a device can transfer heavier axle loads while also providing a much longer service life and increased stiffness.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Europe bearing market based on the below-mentioned segments:

Europe Bearing Market, By Product

• Ball Bearings
• Roller Bearings
• Plain Bearings
• Others

Europe Bearing Market, By Application

• Automotive
• Agriculture
• Electrical
• Mining & Construction
• Railway & Aerospace
• Automotive Aftermarket