The bearings industry is large, globalized, and consolidating. It has shifted production from developed to developing economies. Key trends include increased automation and output per employee, more globalization and plants in low-cost countries, and structural shifts towards smaller bearings. The industry faces excess capacity, steep price declines, and increased global competition. However, collaborative research and newer technologies have driven innovations and cost reductions. Major players have expanded globally through new plants in places like Eastern Europe and China.