Bearings Category - Procurement Intelligence 

The Bearings Market is expected to grow at a CAGR of 9.5% from 2024 to 2030. The Asia Pacific region accounts for the largest overall share with 40% in 2023. China and India have their major contribution to the market growth. Factors such as increasing demand for EVs, growth of the aerospace sector, rising industrialization, infrastructure development, technological innovations, and growing focus on renewable energy are driving the growth. One of the key trends is the increasing demand for electric and hybrid vehicles that utilize the use of developed technology which requires placing additional bearings within it. Additionally, precision bearings, which are utilized in several industrial automation applications, are in higher demand as the Industrial IoT and Industry 4.0 technologies gain traction and drive the need for bearings in industrial automation.

Smart bearings, integrated with a tri-axial accelerometer to gauge the degree of system vibration. It assesses the post-process algorithm to predict the unlikely fault before they occur. This significantly reduces downtime, cost, and breakdown of products, allowing proper timely maintenance and significant changes required in the bearing category. In 2023, EV sales are likely to jump to 6 million as the demand surges, with the rise in the shift towards e-mobility, every component in the vehicle needs to be kept running in sustainability to provide optimum efficiency. Smart bearings offer vital information for anticipating the maintenance of EV parts. Integration of AI and IoT technology helps in monitoring real-time data and enables the customers to monitor the status of bearings at all times. UK-based SMB Bearings Ltd predicts near future adoption of this cutting-edge technology.

Order your copy of the Bearings Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis 

The bearings category is highly competitive and fragmented, with several local and foreign businesses participating in the industry. To achieve a competitive edge, major players are establishing alliances and partnerships with corporations to automate various processes and ease manual tasks. In 2022, SKF signed the acquisition of Belgium-based Laser Cladding Venture, a company that is into additive manufacturing to support the services and remanufacturing offering of the company. To strengthen their market position and broaden their customer base, market participants are rapidly expanding their services being offered through technological advancements such as the development of ceramic and composite bearings which are capable of providing more durable strength, less wear and tear, and produce less noise due to their property of being able to perform better at high temperatures. To lead in environmental sustainability, industry players are taking various measures to excel in the competition. For instance, in 2021, SKF, a Swedish-bearing company runs its factory at 97% fossil-free and acclaimed to have 100% net zero steel by 2050 in its products. 

Sourcing of the category involves procurement of raw materials and category imports from various countries. China accounted for the top exporter of ball bearings with 24% of world exports in 2023. Strategies such as advanced technology, smart bearings, quality standards, and sustainability criteria are allowing companies to lead in the market. Various industrial institutes and organizations, including the Association of Chinese Bearing Industry, have provided recommendations and ideas to advance bearing technology and processing machinery like the use of CNC machining centers, using high-precision machine tools, auxiliary equipment for automatic line connection, and high-speed electric spindles.

List of Key Suppliers in the Bearings Category

• Svenska Kullagerfabriken AB
• NTN Corporation
• Schaeffler Group
• NSK Ltd.
• The Timken Company
• JTEKT Corporation
• Robert Bosch GmbH
• The Danaher Corporation
• GKN plc.
• Rexnord corporation

Bearings Procurement Intelligence Report Scope

• Bearings Category Growth Rate: CAGR of 9.5% from 2024 to 2030 

• Pricing Growth Outlook: 10% - 15% (Annually) 

• Pricing Models: Volume-based pricing model, and Market-based Pricing model 

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence 

• Supplier Selection Criteria Based upon Bearing Life Cycle, Rotating Equipment Performance, Extreme Environments Resistance, Sensors Utilization, Areas of Application, Software utilized, Number of Production Units, Technical specifications, Operational capabilities, Regulatory standards and mandates, Category innovations, and others 

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research: 

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to): 

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions