The shaft couplings segment is anticipated to register a notable growth rate over the forecast period. The rise of automation and smart manufacturing technologies is contributing to the growth of the shaft couplings segment. As industries increasingly adopt automated processes and Industry 4.0 technologies, precise and reliable power transmission solutions become more critical. Couplings are integral to computerized systems, connecting various machinery and enabling seamless operation. Integrating sensors and IoT technologies in modern manufacturing equipment also enhances the monitoring and control of coupling performance, allowing for predictive maintenance and improved operational efficiency. This trend towards automation and smart systems is driving the adoption of advanced shaft couplings that can meet the demands of modern industrial environments.
Based on industry vertical, the market is segmented into automotive, agriculture, railway, aerospace, food & beverage, and others. The automotive segment dominated the market with a revenue share of 41.4% in 2024. The increasing production of vehicles in North America drives the industry. Despite short-term disruptions caused by supply chain issues, vehicle production is rebounding, and demand for industrial components such as fasteners, bearings, and seals is growing. With the rising popularity of SUVs, trucks, and commercial vehicles, which often require more robust and durable components, manufacturers are seeking high-quality industrial parts to meet production demands. These components play a crucial role in modern vehicles' structural integrity and functionality, further driving their demand in the market. According to the International Organization of Motor Vehicle Manufacturers, the U.S. produced approximately 10.6 million motor vehicles in 2023, including passenger cars, light commercial vehicles, heavy trucks, buses, and coaches. This marks an increase from the 2022 production of 10.1 million units. spider drive
The aerospace segment is expected to grow at a notable CAGR over the forecast period. Growing demand for air travel is a significant driver of the aerospace sector. As the global economy recovers from the COVID-19 pandemic, the demand for air travel has surged, increasing commercial aircraft production. This surge in demand translates to a need for a wide range of industrial components, including engines, avionics, landing gear, and cabin interiors. As airlines seek to upgrade their fleets to meet customer expectations for comfort and safety, the aerospace segment of the market is poised for significant growth.
The U.S. dominated the North America market with a revenue share of 75.9% in 2024. The rise in infrastructure development and modernization projects drives market growth. Government initiatives to upgrade aging infrastructure, such as roads, bridges, energy grids, transportation systems, and fuel demand for industrial components. These large-scale projects require various elements, including bearings, gears, fasteners, and other mechanical parts that play a vital role in construction equipment, machinery, and vehicles. The bipartisan Infrastructure Investment and Jobs Act (IIJA) has catalyzed infrastructure spending, ensuring a steady pipeline of projects that demand robust industrial component supply chains. In October 2024, The U.S. Department of Transportation's Federal Highway Administration (FHWA) announced USD 62 billion in Fiscal Year 2025 funding for 12 formula programs to improve the nation's infrastructure. These investments, part of the Biden-Harris Administration's Bipartisan Infrastructure Law, support road, bridge, and tunnel projects across all 50 states, the District of Columbia, and Puerto Rico. This marks the fourth year of funding under the law, with a USD 62 billion allocation for FY 2025 and a USD 18.8 billion increase compared to FY 2021, the final fiscal year before the law was enacted.
Mexico is expected to grow at the fastest CAGR of over 10.0% over the forecast period. The rise of maquiladoras (export-oriented factories) along the U.S.-Mexico border is crucial in Mexico’s market growth. These factories, which import raw materials and components duty-free for assembly and then export finished products, require a consistent supply of industrial components such as bearings, sprockets, sensors, and roller chains to keep production lines running smoothly. Maquiladoras are prevalent in electronics, textiles, and automotive manufacturing sectors, all relying on industrial components for efficient assembly. The maquiladora system has created a strong linkage between the Mexican market and global supply chains, driving further demand for these products. According to an article published by the Federal Reserve Bank of Dallas, stated that in 2021, maquiladoras represented 58% of Mexico's manufacturing GDP, making up the majority of the country's manufacturing exports, and accounted for 48% of industrial employment.
Some key players operating in the market include SKF, NTN Corporation, and The Timken Company.
SKF is a multinational corporation specializing in developing, manufacturing, and supplying bearings, seals, lubrication systems, and services such as technical support and condition monitoring. The company operates in two business segments: industrial and automotive. Under the industrial segment, the company offers a range of bearings, seals, and lubrication systems. These products cater to more than 40 industries globally, and SKF directly and indirectly distributes products and services through a network of more than 7,000 distributors.
Hangzhou Donghua Chain Group Co., Ltd. and Webster Industries Inc. are some of the emerging market participants in the target market.
Webster Industries Inc. specializes in engineered class chains, sprockets, and vibrating equipment products. Webster’s core product offerings include engineered conveyor chains, sprockets, vibratory conveyors, and apron pan conveyors. The engineered conveyor chains include SBR chains, HSB rollerless chains, port alloy mill chains, port alloy drag chains, combination chains, cast chains, apron conveyors, and ENDURO-FLITE. These products are essential for industrial operations that require the efficient movement of materials, whether in bulk material handling or production processes.
In July 2024, Webster Industries Inc. partnered with MPE Partners to acquire Bar Holdings, Inc. (Allor Manufacturing and Plesh Industries). Allor Manufacturing is a prominent supplier of new replacement parts and refurbished components, primarily serving the steel industry. The company manufactures aftermarket products, including levelers, work rolls, chains, wheels, and bearings. The acquisition of Allor Manufacturing marked a valuable addition to Webster Industries Inc. Allor Manufacturing's strong leadership team has positioned the company for ongoing commercial and operational success.
In May 2024, NTN Corporation launched a large-diameter deep groove ball bearing tailored for the coaxial e-axle, an essential part of electric vehicles (EVs). These large-diameter bearings are designed to resist electrical pitting, which helps reduce the size and weight of coaxial e-axles. This innovation enhances the efficiency of the e-axle, enabling higher-speed rotation while keeping torque low.
Revenue in USD million/billion and CAGR from 2025 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
SKF; NTN Corporation; The Timken Company; Schaeffler Group; JTEKT Corporation; Renold plc; Webster Industries Inc.; Regal Rexnord; NSK Ltd.; Hangzhou Donghua Chain Group Co., Ltd.
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This report forecasts revenue growth at country levels and offers a qualitative and quantitative analysis of the market trends for each segment and sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the North America industrial component market based on product, industry vertical, and country.
Product Outlook (Revenue, USD Million, 2017 - 2030)
Industry Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
b. The North America industrial component market size is valued at USD 34.85 billion in 2024 and is expected to reach USD 37.12 billion in 2025.
b. The North America industrial component market is expected to grow at a compound annual growth rate of 8.6% from 2025 to 2030 to reach USD 56.07 billion in 2030.
b. The bearing segment dominated the market with a revenue share of 79.1% in 2024. The increasing adoption of electric vehicles (EVs) is driving the bearing segment growth. As the automotive industry shifts towards electric mobility, there is a growing demand for specialized bearings that can operate in electric drivetrains and high-speed electric motors.
b. Some of the key players operating in the market include SKF, NTN Corporation, The Timken Company, among others.
b. The rise of renewable energy sources, such as wind and solar, significantly influences the North American industrial component market. As governments and organizations prioritize sustainability and clean energy initiatives, the demand for components used in renewable energy technologies is rising.
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