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 Europe aviation sector comprises several aircraft manufacturers that use super precision bearings to improve the operational efficiency of aircraft. Super precision bearings are used in gearboxes, engines, pneumatic and electric starters, and various auxiliary aircraft positions. The rising use of super precision bearings in aerospace applications is fueling the market growth in Europe. In addition, according to the Aerospace, Security and Defense Industries Association of Europe (ASD), in 2021, the aerospace sector contributed over US$ 249.31 billion (EUR 240 billion) to the European GDP. Hence, the growth in the aerospace sector is propelling the growth of the super precision bearing market in the region.
In addition, the growing automotive sector is driving the super precision bearing market in this region. The presence of established car manufacturers and an increase in the development and sales of electric vehicles will boost the demand for super precision bearings in the region. Also, the region's government is taking various initiatives for the growth of the automotive industry, which will further propel the demand for super precision bearings. For instance, in 2020, the UK government awarded US$ 57.87 million for various low-carbon automotive projects, including the manufacturing of electric vehicles.
Furthermore, the region consists of various textile machine manufacturers. In textile machinery, super precision bearings are used to provide high reliability and superior accuracy, further raising their demand. Because of the growing export of textile machinery from Europe, the need for super precision bearings is rising in the market. For instance, according to the Association of Italian Textile Machinery Manufacturers (ACIMIT), in 2021, the export orders for machinery increased to 68% between January and March. Thus, the growth in the textile machinery manufacturing industry will further boost the growth of the super precision bearing market in Europe.
Impact of COVID-19 Pandemic on Super Precision Bearing Market
The impact of the COVID-19 pandemic on industries in Europe was severe. Lockdowns imposed by the governments resulted in the shutdown of several industries, including automotive, aerospace, and textile. This drastically declined production across the automotive industry, severely affecting the growth of the region's super precision bearing market. As per the European Parliament report, the automotive industry in European Union (EU) recorded production losses of 3.6 million vehicles, which reflected a loss of US$ 105.22 billion in the first half of 2020. A drop in vehicle production declined the demand for super precision bearings in the automotive industry. However, in 2021, with the relaxation of lockdown measures, operations in manufacturing businesses resumed. Hence, the super precision bearing market gained momentum. Further, in 2021, the market witnessed high demand due to the increasing investments and national support measures after the COVID-19 crisis in automotive industry. According to the European Environment Agency (EEA), the new registration for electric cars and vans was 1,061,000 in 2020 and increased to 1,729,000 in 2021. Thus, the growing automobile manufacturing activities in Europe will fuel the growth of the super precision bearing market during the forecast period.
Germany has one of the prominent aviation sectors in Europe. The country’s aviation giant, Lufthansa, is one of the primary sources of development and escalation of the German aviation industry. The company has a significant number of aircraft fleets under various brands. Additionally, the country houses the aircraft manufacturing facilities of Deutsche Aircraft, Eurofighter GmbH, Roland Aircraft, and Volocopter. Germany also has the assembly lines of Airbus in Hamburg (for A319, A320, and A321 assemblies), Panavia Aircraft GmbH, Grob Aircraft, Extra Aircraft, Roland Aircraft, and XtremeAir that procure super precision bearings for the manufacturing of different types of aircraft. Furthermore, the rising urgency to develop and manufacture advanced fighter jets and military vehicles to protect the country’s borders and air space, owing to the unstable conditions caused by the war between Russia and Ukraine, is fueling the growth of the super precision bearing market in Germany.
Italy is the largest textile machinery manufacturer in Europe. According to the Italian Association of Textile Machinery (ACIMIT), Italy has ~300 companies manufacturing textile machines and related accessories. Also, Italy is one of the world’s largest producers and exporters of textile machinery. In 2020, Italy reported textile machinery production worth ~US$ 1.93 billion (EUR 1.8 billion); out of this, 83% was exported to ~130 countries. Furthermore, according to the Union of Italian Machine Tool Manufacturers (UCIMU), in 2020, the country recorded machinery production worth US$ 5.34 billion (EUR 4.97 billion), which shows a production decrease of 23.7% compared to 2019. However, in the first semester of 2021, machinery production increased by 88.2%. In addition, domestic orders of textile machinery grew by 238% in 2021 compared to January–June 2020. Also, in the first half of 2021, international orders increased by 57.5% compared to 2020. Thus, the growing textile machinery industry in Italy will fuel the growth of the super precision bearing market during the forecast period.
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 are among the key players operating in the global super precision bearing market and profiled in this market study.
The overall super precision bearing market size has been derived using both primary and secondary sources. To begin the super precision bearing market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the super precision bearing market. The process also serves the purpose of obtaining an overview and market forecast of the super precision bearing market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the super precision bearing market.