Super Precision Bearing Market Size, Share & Growth by 2028

Super Precision Bearing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Angular Contact Ball Bearings, Cylindrical Roller Bearings, and Others) and Application (Spindles, High Speed Rolling Mills, Printing Machinery, Precision Ball Screw, Live Centers, High Speed Turbochargers, Vacuum Pumps, Automotive, Boat Gyrostabilizers, Semiconductor Industry, Textile Machinery, Medical & Dental, Measuring Machines, and Aviation & Defense)

Publication Month : Feb 2023

  • Report Code : TIPRE00021133
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 220
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The super precision bearing market size is expected to grow from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028; it is estimated to register a CAGR of 6.9% from 2022 to 2028.

The super precision bearing market growth in North America is attributed to the increasing demand for super precision bearings in automotive applications. In automotive applications, super precision bearings help reduce vibration and noise, increase vehicle service life, and reduce maintenance. Due to the benefits offered by super precision bearings, their demand in the automotive industry is growing in North America. Also, roller bearings are used in transmissions, clutches, differentials, and constant velocity joints, whereas ball bearings are used in steering systems, air conditioning systems, and wheel bearings. Thus, the rising use of these bearings in vehicles is fueling the growth of super precision bearing market.

Furthermore, the changing preference for electric vehicles and autonomous vehicles will increase the demand for super precision bearings in the market. In addition, it is also seen that the government authorities have taken various initiatives to promote electric vehicles in the region. Several US states have implemented financial incentives, which include tax credits, rebates, and registration fee reductions to promote electric vehicle adoption. For instance, Colorado offered a US$ 4,000 tax credit through 2021 on the purchase of a light-duty electric vehicle. Similarly, Connecticut allows for a reduced biennial vehicle registration fee of US$ 38 for electric vehicles. Thus, government initiatives in the region will increase the demand for electric vehicles, further boosting the super precision bearing market.

Super precision bearings are used in the manufacturing of automobiles. As per the US Department of Energy, considering data from the Alternative Fuels Data Center (AFDC), the new registration of EVs increased from 1,019,260 units in 2020 to 1,454,480 units in December 2021 with a Y-o-Y growth rate of 42.70%. According to the International Energy Agency (IEA), the US registered a sale of 1,000 electric trucks in 2021. The government of the US plans to minimize purchases of gasoline-powered vehicles to reduce carbon emissions and preserve the environment. Through the Washington State bill in April 2022, the US government announced the ban on nonelectric car models by 2030. Owing to this initiative, the total carbon emissions will be reduced by 65% by 2030. Such government initiatives are accelerating the sales of electric vehicles. Therefore, the growing demand for electric passenger cars, trucks, buses, and other electric vehicles and supportive government regulations for banning ICE vehicles will increase the need for super precision bearings across the US in the coming years, which will drive the market during the forecast period.

Super Precision Bearing Market -

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Super Precision Bearing Market: Strategic Insights

Market Size Value inUS$ 8,780.12 million in 2022
Market Size Value byUS$ 13,100.28 million by 2028
Growth rateCAGR of 6.9% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Impact of COVID-19 Pandemic on North America Super Precision Bearing Market Growth 

North America is an early adopter of emerging technologies due to favorable government policies to boost innovation and reinforce infrastructure capabilities. The automotive industry in North America potentially influences the country’s economy. Unfortunately, the US was one of the worst-affected countries due to the COVID-19 pandemic, and the crisis led to a cascading impact on multiple industries. The operations of the automotive industry were put on hold, which hampered the business dynamics in the first half of 2020. In North America, 43 states reported lower auto exports in 2020 than in 2019. According to umlaut, several airlines canceled orders for new aircraft and equipment, and Airbus and Boeing reported a drop in aircraft production. Supply chain disruptions due to travel restrictions were limiting the supply and production activities of super precision bearing solutions during the pandemic.

Since 2021, automotive and aerospace industries have been improving rapidly. Factories are churning out, and many manufacturing plants are nearly back to production levels after a temporary shutdown during the pandemic. Thus, the restart in the automotive manufacturing activities will fuel the growth of the super precision bearing market during the forecast period.

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Market Insights – Super Precision Bearing Market

Based on geography, the super precision bearing market size is primarily segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Asia Pacific accounted for the largest super precision bearing market share in 2022, and it is expected to retain its dominance during the forecast period with the highest CAGR. North America is the second-largest contributor to the global super precision bearing market, followed by Europe.

The presence of major aircraft manufacturers such as the Boeing Company (US), Airbus, and Bombardier Inc. (Canada) is a major factor driving the sales of super precision bearings in North America. As per Simply Flying news in May 2022, Airbus is expected to grow its production from 50 A320s a month in 2022 to 75 A320s a month by 2025. The rise in the production of aircraft is fueling the need for super precision bearings that support the functioning of various components. Moreover, North America is one of the fastest-growing economies in the world, with a well-established technological industry that continues to attract investment and promote innovation.

Platform-Based Insights – Super Precision Bearing Market

Based on application, the global super precision bearing market is segmented into spindles, high speed rolling mills, printing machinery, precision ball screw, live centers, high speed turbochargers, vacuum pumps, automotive, boat gyrostabilizers, semiconductor industry, textile machinery, medical & dental, measuring machines, and aviation & defense. The spindles segment accounted for the largest super precision bearing market share in 2022. Due to their highly narrow tolerances, these bearings are particularly suitable for applications involving the highest requirements for guidance accuracy, such as bearing arrangements for main spindles in machine tools. Thus, the characteristics of super precision bearings and the presence of manufacturers make it an ideal solution for spindles in machine tools.

Players operating in the super precision bearing market are mainly focused on the development of advanced and efficient systems.

  • In 2021, Luoyang Huigong Bearing Technology Co Ltd launched a new bearing cross roller called CRBH9016 in the bearing cross roller series.
  • In 2021, Luoyang Huigong Bearing Technology Co., Ltd developed a large-size high, precision stainless steel thin section bearing according to customer needs.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Australia, Austria, Brazil, Canada, China, Czech Republic, France, Germany, India, Italy, Japan, Mexico, Poland, Russian Federation, South Africa, South Korea, Spain, Switzerland, Taiwan, United Kingdom, United States

Frequently Asked Questions

What is the estimated global market size for the super precision bearing market in 2022?

The estimated global market size for the super precision bearing market in 2022 is expected to be around US$ 8,780.12 million

What are the driving factors impacting the super precision bearing market?

1. Increasing Demand from Aerospace Industry
2. Rising Investment in Super Precision Bearing Production

What is the future trend in the super precision bearing market?

Growing Fluctuations in Prices of Raw Materials

Which are the key players holding the major market share of super precision bearing market?

SKF, NSK Ltd, Schaeffler AG, JTEKT Corp, and RBC Bearings Incorporated are the key market players expected to hold a major market share of super precision bearing market in 2022.

Which is the fastest growing regional market?

Asia Pacific is expected to register highest CAGR in the super precision bearing market during the forecast period (2022-2028)

Which countries are registering a high growth rate during the forecast period?

India, China, and Japan are expected to register high growth rate during the forecast period.

Which country is holding the major market share of super precision bearing market?

The US is expected to hold a major market share of super precision bearing market in 2022.

Which is the leading type of segment in the super precision bearing market?

Angular contact ball bearings segment is expected to hold a major market share of super precision bearing market in 2022.

What will be the global market size of super precision bearing market by 2028?

The global market size of super precision bearing market by 2028 will be around US$ 13,100.28 million

What is the incremental growth of the super precision bearing market during the forecast period?

The super precision bearing market is expected to register an incremental growth value of US$ 1,964.09 million during the forecast period.

The List of Companies - Super Precision Bearing Market

  1. SKF AB
  2. Schaeffler AG
  3. JTEKT Corp
  4. The Timken Co
  5. Austin Engineering Co Ltd
  6. NSK Ltd
  7. Nachi-Fujikoshi Corp
  8. NTN-SNR Roulements SA
  9. Luoyang Huigong Bearing Technology Co Ltd
  10. RBC Bearings Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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