Aerospace Bearings Companies - SKF Group (Sweden) and Schaeffler AG (Germany) are the Key Players
The global market for aerospace bearings market is estimated to be USD 12.4 billion in 2023 and expected to reach USD 14.6 billion by 2028 at a CAGR of 3.3% from 2023 to 2028. The demand for aerospace bearings is primarily driven by the growth of the aviation industry, including both commercial and military sectors. As air travel continues to increase, there is a corresponding need for new aircraft, as well as maintenance and replacement of existing aircraft components.
Major manufacturers in this market are based in North America and Asia Pacific. SKF Group (Sweden), Kaman Corporation (US), Schaeffler AG (Germany), The Timken Company (US), and NTN Corporation (Japan) are among a few leading players operating in the aerospace bearings market. The major players in the aerospace bearings market are focusing on several key areas to stay competitive. Firstly, they prioritize technological advancements, such as developing lightweight and high-performance bearings that can withstand extreme conditions. This includes the use of advanced materials and coatings to enhance durability and efficiency. Secondly, they are investing in research and development to innovate new bearing designs and improve manufacturing processes. Additionally, they are emphasizing strategic partnerships and collaborations to leverage expertise and expand their global footprint. Lastly, they are keenly focused on meeting stringent regulatory standards and ensuring quality control throughout the production and supply chain to maintain customer trust and safety.
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SKF
SKF is the leading player in the aerospace bearings market. The company undertakes efforts to expand its business in the Asia Pacific, Latin America, and the Middle East & Africa regions. The company invested 51 million in November 2021 in North America to strengthen its manufacturing footprint in the region. SKF has a strong network of 17,000 distributors worldwide, enabling the company to expand its OEM and aftermarket business worldwide. The company is further investing in developing digital sales channels to further boost the reach of its aftermarket products.
JTEKT Corporation
JTEKT Corporation is ranked second in the aerospace bearings market. The company, through its business segment, Koyo Bearings, is a global manufacturer & supplier of aerospace bearings. The company has a strong foothold in high-growth regions such as the Asia Pacific, with 65% of the company’s revenue being received from the region. To expand its business to other regions, the company is rebuilding its Kokuba plant in Europe and undertaking significant R&D investments in the region.
Schaeffler AG
Schaeffler AG is ranked third in the aerospace bearings market. The company is a major OEM supplier of aerospace bearings. It also offers refurbishment and remanufacturing services. The company aims to align its bearing products to support digital and mechatronic technologies. It has launched a program, Roadmap 2025, aimed at developing and enhancing IoT solutions.
The Timken Company
The Timken Company is one of the key players in the aerospace bearings market. The company supplies bearings to general, commercial, and military aviation. It is a leading OEM and aftermarket supplier of aerospace bearings and also provides bearing repair, bearing remanufacturing services, and replacement bearings for the aftermarket industry.
RBC Bearings Inc.
RBC Bearings Inc. is ranked 5th in the aerospace bearings market. The company is a major standard and custom aerospace bearings supplier to the military. It is a key supplier to the US Department of Defense and various other governments worldwide. The company has a strong network of authorized distributors, namely, National Precision Bearing, Wencor Group, Jamaica Bearings, KLX Aerospace Solutions, and W.S.
Related Reports:
Aerospace Bearings Market by Application (landing gear, cockpit control, aerostructure, aircraft system, engine & APU system, door, and aircraft interior), Type (ball bearing, roller bearing), Sales Channel, Material & Region - Global Forecast to 2028
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