Aerospace Bearings Market is expected to reach US$ 6,436.48 million by 2028

Future Commercial and General Aircraft Deliveries to Provide Growth Opportunities for Aerospace Bearings Market During 2022–2028

According to our latest market study on "Aerospace Bearings Market Forecast to 2028 –Global Analysis – by Type, Application, Material, and Aircraft Type," the aerospace bearings market is expected to grow from US$ 4,290.64 million in 2021 to reach US$ 6,436.48 million by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.

The rise in aircraft deliveries holds potential demand for line fit aerospace bearings, which, in turn, drives the market growth. For instance, in March 2022, Airbus reported consolidated financial results for its first quarter and forecasted strong growth in commercial aircraft demand driven by the A320 Family. The company plans to increase A320 family production rates to 75 aircraft a month in 2025. In addition, Boeing received ~300 orders for the new generation of the 777 family, and in April 2022, it pushed the delivery of its first 777X plane to 2025. Boeing expects to produce 25,680 new single-aisle airplanes over that period with a market value of US$ 4.4 trillion, whereas Bombardier forecasts 22,000 business aircraft deliveries over the next 20 years. The increase in traveling passengers is also aiding the demand for new commercial aircraft, which increases the aircraft production, further propelling the demand for aerospace bearings that helps drive the market growth. According to the International Air Transport Association (IATA), overall traveler numbers are likely to reach 4.0 billion by 2024, exceeding pre-COVID-19 levels; in 2021, international traveler numbers were 27% higher than 2019 levels. This is expected to improve to 69% in 2022, 82% in 2023, 92% in 2024 and 100% in 2025. Thus, such growth prospects in the aviation industry due to the increase in traveler passengers which is expected to be catered by future aircraft deliveries, augmenting aircraft production and driving the aerospace bearings market growth. Such a rise in aircraft deliveries will require additional bearings components in aircraft flight control systems and other systems that will augment the aerospace bearings market size.

The aerospace bearings market in North America is further segmented into the US, Canada, and Mexico. Geographic diversification across different North American countries and major aircraft manufacturers, such as the Boeing Company (US), Airbus, and Bombardier Inc. (Canada), are major factors driving the sales of aerospace bearings in North America. As per the production planned by Airbus in May 2021, the company continues to expect the commercial aircraft market to recover to pre-COVID levels between 2023 and 2025. The aerospace bearings market in North America is also growing steadily due to the rise in upcoming deliveries and significant initiatives from key players to reduce aircraft weight. Thus, North America is expected to hold the largest market share in the global aerospace bearings market during the projected period.

The European-based JTEKT Europe Bearings BV, specializing in roller bearings design, introduced a new ultra-thin deep groove ball bearing with excellent properties in October 2021. In January 2022, NTN-SNR, an Italy-based company, introduced NTN Proftec and signed a partnership agreement to train students about bearing technological advancements. In addition, in March 2021, SKF invested US$ 39.82 million in expanding and modernizing its manufacturing facility in Airasca, Italy. The investment will bring the manufacturing of super-precision bearings (SuPBs) through a significant expansion strategy. Thus, such growing initiatives from aerospace bearing manufacturers strengthen the competition among the key players, driving the aerospace bearings market growth.

The aerospace bearings market is segmented into type, application, material, and aircraft type. Based on type, the aerospace bearings market is segmented into ball bearings, roller bearings, needle bearings, thrust bearings, and others. On the basis of application, the aerospace bearings market is segmented into aircraft landing gear struts, hydraulic fuel pumps, flight control systems, and others. Based on material, the market is segmented into stainless steel, fiber-reinforced composites, engineered plastics, and others. On the basis of aircraft type, the aerospace bearings market is segmented into fixed wing and rotary wing.

Aerospace Bearings Market — by Geography, 2021

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Aerospace Bearings Market Size, Growth & Forecast-2028

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Aerospace Bearings Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Ball Bearings, Roller Bearings, Needle Bearings, Thrust Bearings, and Others), Application (Aircraft Landing Gear Struts, Hydraulic Fuel Pumps, Flight Control Systems, and Others), Material (Stainless Steel, Fiber-Reinforced Composites, Engineered Plastics, and Others), and Aircraft Type (Fixed Wing and Rotary Wing)

Schaeffler Technologies AG, NTN Bearing Corporation, RBC Bearings, JTEKT Corporation, and GGB are among the key players profiled during this study on the aerospace bearings market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global aerospace bearings market and its ecosystem.

The impact of the COVID-19 pandemic on various industries, such as military, defense, aerospace, and manufacturing, has been severe. Several government bodies invested a substantial amount in supporting the aerospace industry despite experiencing economic disruptions. The global military spending was increased by 0.7% in 2021, compared to 2020, according to SIPRI. In 2020 and 2021, several global aircraft companies encouraged the adoption of aircraft bearings. However, global supply chain disruptions caused by the COVID-19 pandemic negatively impacted the aircraft bearing supplies in 2020. On the other side, with the normalization of the global supply chain, the aircraft bearings market started to revive post Q2 of 2020. The decline in production volumes delayed deliveries, which adversely affected the businesses of various aircraft component manufacturers and associated technologies. However, since 2021, the demand for new aircraft has increased globally, which increased the requirement for flight management systems. The aerospace bearings market analysis helps to understand the upcoming trends, new technologies, and macro and micro factors that influence market growth.

Furthermore, the total number of commercial aircraft and general aviation deliveries got negatively impacted due to the industry crisis caused by the COVID-19 pandemic, which declined the demand for aircraft components required for the assembly of new aircraft production. However, the number of single-engine piston aircraft deliveries increased during 2020. For instance, according to the General Aviation Manufacturers Associations, the number of single-engine piston airplane deliveries worldwide was around 1,111 units in 2019, which reached around 1.155 units in 2020. This led to an increase in demand for aerospace bearings for piston airplanes specifically, whereas the aerospace bearings market witnessed a decline of more than 20% due to a huge negative impact on commercial and military aircraft production in 2020. The aerospace bearings market report provides detailed market insights, which helps the key players strategize the growth in the coming years.