Super Precision Bearing Market Research Report and Outlook by 2028

The market for super precision bearings is projected to expand from US$ 8,780.12 million in 2022 to US$ 13,100.28 million by 2028, reflecting an anticipated compound annual growth rate (CAGR) of 6.9% during this period.

In Europe, the aviation industry includes numerous aircraft manufacturers that utilize super precision bearings to enhance aircraft operational efficiency. These bearings are integral components in gearboxes, engines, pneumatic and electric starters, and various auxiliary systems within aircraft. The increasing adoption of super precision bearings in aerospace applications is significantly contributing to market growth in Europe. Furthermore, the Aerospace, Security and Defense Industries Association of Europe (ASD) reported that in 2021, the aerospace sector added over US$ 249.31 billion (EUR 240 billion) to the European GDP. Consequently, the expansion of the aerospace sector is driving the growth of the super precision bearing market in this region.

Additionally, the burgeoning automotive industry is a key factor propelling the super precision bearing market in Europe. The presence of well-established automobile manufacturers, coupled with the rise in electric vehicle development and sales, is expected to increase the demand for super precision bearings. Moreover, government initiatives aimed at fostering the automotive sector will further enhance the demand for these bearings. For example, in 2020, the UK government allocated US$ 57.87 million to various low-carbon automotive projects, including electric vehicle manufacturing.

Moreover, Europe is home to numerous textile machinery manufacturers that rely on super precision bearings for their high reliability and precision. The growing export of textile machinery from Europe is further driving the demand for these bearings. According to the Association of Italian Textile Machinery Manufacturers (ACIMIT), export orders for machinery surged by 68% between January and March 2021. Thus, the expansion of the textile machinery manufacturing sector will continue to support the growth of the super precision bearing market in Europe.

Effects of the COVID-19 Pandemic on the Super Precision Bearing Market

The COVID-19 pandemic had a profound impact on various industries across Europe. Government-imposed lockdowns led to the suspension of operations in several sectors, including automotive, aerospace, and textiles, resulting in a significant decline in production. The European Parliament reported that the automotive industry within the European Union (EU) faced production losses of 3.6 million vehicles, equating to a financial loss of US$ 105.22 billion in the first half of 2020. This reduction in vehicle production adversely affected the demand for super precision bearings in the automotive sector. However, as lockdown measures were eased in 2021, manufacturing activities resumed, allowing the super precision bearing market to regain momentum. The market experienced heightened demand due to increased investments and national support initiatives in the automotive industry following the pandemic. The European Environment Agency (EEA) noted that new registrations for electric cars and vans rose from 1,061,000 in 2020 to 1,729,000 in 2021. Therefore, the resurgence of automobile manufacturing in Europe is expected to drive the growth of the super precision bearing market in the coming years.

Germany boasts a robust aviation sector, with Lufthansa being a major player in the development of the country's aviation industry. The airline operates a substantial fleet of aircraft across various brands. Additionally, Germany is home to several aircraft manufacturing facilities, including those of Deutsche Aircraft, Eurofighter GmbH, Roland Aircraft, and Volocopter. The country also hosts Airbus assembly lines in Hamburg for the A319, A320, and A321 models, all of which require super precision bearings for aircraft production. Furthermore, the urgent need to develop advanced fighter jets and military vehicles, driven by geopolitical tensions such as the conflict between Russia and Ukraine, is further stimulating the growth of the super precision bearing market in Germany.

Italy stands as the leading manufacturer of textile machinery in Europe. The Italian Association of Textile Machinery (ACIMIT) indicates that Italy is home to approximately 300 companies engaged in the production of textile machines and related accessories. The country is also one of the largest global producers and exporters of textile machinery. In 2020, Italy's textile machinery production was valued at around US$ 1.93 billion (EUR 1.8 billion), with 83% of this output exported to about 130 countries. According to the Union of Italian Machine Tool Manufacturers (UCIMU), Italy's machinery production reached US$ 5.34 billion (EUR 4.97 billion) in 2020, reflecting a 23.7% decline from 2019. However, the first half of 2021 saw an impressive recovery, with machinery production increasing by 88.2%. Additionally, domestic orders for textile machinery surged by 238% in 2021 compared to the same period in 2020, while international orders rose by 57.5%. Thus, the growth of the textile machinery sector in Italy is expected to further enhance the super precision bearing market during the forecast period.

Key players in the global super precision bearing market include SKF AB, Schaeffler AG, JTEKT Corp, The Timken Co, Austin Engineering Co Ltd, NSK Ltd, Nachi-Fujikoshi Corp, NTN-SNR Roulements SA, Luoyang Huigong Bearing Technology Co Ltd, and RBC Bearings Inc, all of whom are profiled in this market analysis.

The overall size of the super precision bearing market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the super precision bearing market. This approach also aimed to provide an overview and forecast of market growth across all segments. Additionally, numerous primary interviews were conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the super precision bearing market.