Australia Bearings Market is projected to grow at a CAGR of 6.1% from 2024-2030F

Ball bearings segment by Product Types held the highest revenue share in Australia Bearings Market -6Wresearch

In 2023, ball bearings held the highest revenue share in the Australia bearings market due to their widespread use across various industries, including automotive, manufacturing, and mining. Their versatility, efficiency, and ability to reduce friction in machinery make them essential components for improving operational performance and longevity.

According to 6Wresearch, Australia Bearings Market is projected to grow at a CAGR of 6.1% from 2024-2030F. In 2023, ball bearings held the highest revenue share in the Australia bearings market due to their widespread use across various industries, including automotive, manufacturing, and mining. Their versatility, efficiency, and ability to reduce friction in machinery make them essential components for improving operational performance and longevity. In the automotive sector, 1.2 million vehicles were sold in Australia in 2023, with revenue projected to grow from $174 billion in 2023 to over $185 billion over the next five years. The Australian bearing market stands to benefit from the growing shift toward electric vehicles (EVs), which accounted for 8.4% of vehicle sales in 2023, up from 3.8% in 2022.

According to Suryakant, Senior Research Analyst, 6Wresearch, Taper Roller Bearings led the Australia bearings market in 2023 due to their versatility and high demand in industrial and heavy machinery applications. Their ability to handle combined radial and axial loads efficiently makes them essential for applications requiring durability and precision driving their revenue share.

Australia Bearings Market (2024-2030) report provides an in-depth analysis with 13 figures and 7 tables, covered in 73 pages. The report thoroughly covers market by Product Type, Roller Bearing Type and Application. Australia Bearings Market outlook report provides an unbiased and detailed analysis of the on-going Australia Bearings Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.