Development status of bearing markets in various countries around the world

Precision bearings, seemingly ordinary mechanical components, are becoming a barometer of global manufacturing competition, with their market distribution and technological strength reflecting the true level of industrial development in various countries.

Bearings, known as the "mechanical joints," are small but crucial. It not only affects the operational efficiency of mechanical equipment, but also directly relates to the competitiveness of a country's manufacturing industry.

With the continuous development of the global manufacturing industry, the bearing industry, as a key component industry of mechanical equipment, has continuously expanded its market size. The global bearing market size has reached 121.3 billion US dollars in 2021, and is expected to grow to 130.2 billion US dollars in 2022. It is estimated that by 2025, the global bearing manufacturing market size is expected to reach 133.99 billion US dollars.

01 Global market pattern: Asia Pacific dominant, Germany and Japan leading
The Asia Pacific region has become the center of gravity of the global bearing market. In 2022, the bearing market size in the Asia Pacific region accounts for about 56% of the global market, with the Chinese market accounting for about 34% of the global market size, driving the rapid development of the entire Asia Pacific region.

Europe, Middle East and Africa account for 23%, while the Americas account for 21%. The global market exhibits obvious regional agglomeration characteristics.

Japan and Germany maintain a technological advantage in the field of bearings. The value of the Japanese bearing market will exceed 9.11 billion US dollars in 2024. Japanese bearing products are renowned for their high precision and performance, and are widely used in various fields such as automobiles, manufacturing, aerospace, and renewable energy.

The German bearing market is also performing strongly, expected to reach $16.125 billion by 2030, with a compound annual growth rate of 10% from 2024 to 2030.

02 Chinese market: a major producer moving towards a strong country
China has become a major producer of bearings, forming an independent and complete industrial system. In 2022, China's bearing industry achieved a revenue of 250 billion yuan, an increase of 9.7% compared to 227.8 billion yuan in 2021.

In terms of production, China's bearing production reached 25.9 billion sets in 2022, an increase of 11.2% compared to 23.3 billion sets in 2021. Chinese bearing products cover various types, including needle roller bearings, thrust ball bearings, deep groove ball bearings, etc.

But the problem of China's bearing industry being large but not strong still exists. At present, China's bearing products are mainly in the mid to low end, and the mid to high end bearing products are still mainly occupied by large multinational companies.

The design and manufacturing technology of China's bearing industry is still in the stage of imitation, and the supporting bearings for high-speed trains, mid to high end cars, computers and other main engines are mainly imported.

In 2022, the import quantity of bearings in China was 2.093 billion sets, with an import value of 1.929 billion US dollars. The average import price was 0.92 US dollars per set, which was 0.3 US dollars per set higher than the average export price. This reflects that China still relies on imports for high-precision and high-tech bearing products.

03 Japanese companies: facing challenges, actively transforming
The Japanese bearing industry is currently facing severe challenges. The world's three major bearing manufacturers - NTN, Japan's Seiko (NSK), and JTEKT - have all experienced severe performance declines and have lowered their combined fiscal year performance expectations until March 2025.

NTN is expected to fall into a loss state again after a four-year hiatus. Starting from October this year, the impact of declining sales will become increasingly significant, "said NTN President Eiichi Uesugi

The sustained downturn in the automotive market is one of the main reasons for the decline in performance of Japanese bearing companies. The rise of the Chinese electric vehicle market poses a threat to the market share of Japanese car companies, leading them to reduce their business scale in China.

In addition, the slowdown in global electric vehicle sales growth has made the market outlook even more uncertain. NTN stated that their orders for cutting-edge electric vehicle technology have also frequently experienced delays or cancellations.

Faced with challenges, Japanese bearing companies are actively seeking transformation. Japan's Seiko plans to improve its loss making businesses in Europe and other regions through structural reforms and production restructuring.

04 Made in Germany: Leading technology, focusing on high-end
German bearing products are renowned for their high precision, high reliability, and long lifespan, and are widely used in various fields such as automotive, mechanical manufacturing, aerospace, etc. German bearing companies focus on technological innovation and product quality improvement, continuously increasing research and development investment.

Schaeffler and other well-known German bearing companies have made significant progress in the field of intelligent bearings. By integrating sensors and intelligent chips into bearings, real-time monitoring and data analysis of bearing operation status can be achieved, providing strong support for preventive maintenance of equipment.

The continuous development of the German manufacturing industry has led to a sustained and stable demand for bearings. The upgrading and expansion of traditional advantageous industries such as automobiles and machinery manufacturing require a large number of high-quality bearing products.

With the rise of emerging industries such as new energy and robotics in Germany, it has also brought new growth points to the bearing market. The drive system of new energy vehicles and the joint parts of robots require specially designed and high-performance bearings.

05 Indian market: rapid growth, huge potential
The Indian bearing market is rapidly rising. It is expected that by 2025, the compound annual growth rate of the Indian automotive bearing market will exceed 13%, far higher than the global average growth rate of 6.9%.

The sustained growth of the Indian economy, the increase in the middle class population and disposable income, has promoted the development of the Indian automotive industry and the growth of production and sales. The scale of two wheelers, passenger cars, and three wheelers in India continues to grow, becoming the main factor affecting the Indian automotive bearing market.

China is the first import source country for Indian bearings. According to customs data on India's imports of bearings from China in the past five years, the demand for bearings in the Indian market has surged, with China's market share reaching as high as 42.3%.

The "Made in India" strategy proposed by the Indian government is also driving an increase in demand for bearings. The plan is to increase the proportion of manufacturing in GDP from 16% to 25% by 2022.

06 Technological Innovation: From Heavy Equipment to Smart Home
The innovation of bearing technology is constantly advancing in various fields. In the field of high-end equipment, domestic bearings are gradually achieving a leap from "following" to "leading".

Wafangdian Bearing Group has successfully developed the world's first specialized slewing bearing for a 4000 ton all ground crane. This product not only fills the gap in China, but also becomes the only core component that can meet the overall lifting needs of large-scale onshore wind turbines of 8 MW and above.

The iteration of bearing technology is also deeply integrated into the fields of people's livelihood and agriculture. In the smart home market, micro bearings have become the key to improving user experience.

A washing machine special bearing launched by a company adopts a self-lubricating copper powder metallurgical cage design, which can control the operating noise below 18 decibels in humid environments, equivalent to the sound of leaf friction.

In the field of agricultural equipment, some enterprises are jointly researching and developing new processes and materials for agricultural machinery bearings, focusing on solving the problems of bearing wear resistance and corrosion resistance of combine harvesters, tractors and other equipment under harsh working conditions.

07 Future Trends: Automation, Intelligence, and Sustainable Development
Bearing manufacturers are increasingly adopting advanced manufacturing technologies such as automation, robotics, the Internet of Things, and data analytics. These technologies have improved the accuracy, quality, efficiency, and predictive maintenance of bearing production.

Sustainable development measures and environmentally friendly manufacturing practices are becoming increasingly important. Bearing manufacturers are committed to reducing energy consumption, waste, and emissions during the production process, as well as using environmentally friendly materials.

The automotive and aerospace industries remain the main consumers of bearings. The demand for energy-efficient vehicles and aircraft, as well as the growing automotive aftermarket, are important driving forces for bearing manufacturing.

The progress of electric vehicles also affects the design and production of bearings. The bearings in the drive system of electric vehicles need to have higher load capacity and high temperature resistance.

The progress of bearing technology is not only reflected in large-scale equipment, but also permeates into daily life. The special bearings for washing machines launched by Chinese companies can control the operating noise below 18 decibels, which is equivalent to the sound of leaf friction;

Bearings suitable for floor cleaning robots and wall breaking machines, capable of maintaining low-temperature stable operation at a maximum speed of 120000 revolutions per minute.

In the next few years, the German bearing market is expected to grow at a rate of 10% per year, while the Indian automotive bearing market is expected to grow at a rate of over 13%. The global bearing market will continue to maintain its growth trend.

Whoever can master the core technology in this seemingly small but crucial field will be able to dominate the high-end manufacturing industry.