Overview and Scope
Ball bearing refers to bearings that are mostly used in machinery for speed rotation and help in maintaining an appropriate gap between the rotating parts while assisting in achieving the desired motion. These are used in various applications which have a high speed and a low load. This device offers a smooth, low-friction motion that can support both axial and radial loads. These can also be found in many everyday objects, such as skateboards, blenders, bicycles, DVD players, and photocopiers.
Sizing and Forecast
The ball bearing market size has grown strongly in recent years. It will grow from $40.12 billion in 2023 to $42.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrialization, automotive industry growth, aerospace industry demand, globalization, energy sector development.
The ball bearing market size is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to sustainability focus, miniaturization trends, supply chain resilience, customization demands, predictive maintenance. Major trends in the forecast period include smart manufacturing and industry 4.0, sustainability and environmental considerations, technological advancements in materials, focus on maintenance and reliability.
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Segmentation & Regional Insights
The ball bearing market covered in this report is segmented –
1) By Type: Self-Aligning Bearing, Deep Grove Ball Bearing, Angular Contact Ball Bearing, Other Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicles, Two – Whellers
3) By Distribution Channel: Original Equipment Manufacturers (OEMs), Aftermarket
4) By Application: Automotive, Industrial Machinery, Mining And Construction, Medical, Others Applications
Asia-Pacific was the largest region in the ball bearing market in 2023. The regions covered in the ball bearing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growing demand for electric vehicles (EVs) is expected to propel the growth of the ball bearing market going forward. An electric vehicle (EV) is a vehicle that is entirely or partially powered by electricity. The growing population of electric vehicles drives the demand for ball bearings because ball bearings improve vehicle performance, and are used to reduce friction among tires. This helps in the free moving of vehicles with less power. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the growing demand for electric vehicles (EVs) is driving the growth of the ball bearing market going forward.
Key Industry Players
Major companies operating in the ball bearing market report are NTN Bearing Corporation, The Timken Company, Schaeffler AG, Jtekt Corporation, SKF AB, LYC Bearing Corporation, NSK Ltd., Nachi Fujikoshi Corp., Myonic GmbH, Luoyang Huigong Bearing Technology Co. Ltd., ISB Industries Pvt. Ltd., THB Bearings Co. Ltd., Federal Moghul Holding Corporation, THK Company, Brammer plc, Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Ltd., NBI Bearings Europe SA, RBC Bearings Inc., Rexnord Corporation, RHP Bearings Europe Ltd., MinebeaMitsumi Inc., AST Bearings LLC, New Hampshire Ball Bearings Inc., Precision Bearings Pvt. Ltd., C&U Group Co. Ltd., CW Bearing USA Inc., General Bearing Corporation, Kinex Bearings AS, NKE Austria GmbH, RKB Europe SA, Sapporo Precision Inc., Shanghai Shi Kun Bearing Co. Ltd., Sven Wingquist AB, TMB Bearings Group Co. Ltd., Wafangdian Bearing Group Corp. Ltd., Zhejiang Tianma Bearing Co. Ltd., ZVL Slovakia AS
The ball bearing market report table of contents includes:
- Executive Summary
- Ball Bearing Market Characteristics
- Ball Bearing Market Trends And Strategies
- Ball Bearing Market – Macro Economic Scenario
- Global Ball Bearing Market Size and Growth
- Ball Bearing Market Segmentation
- Ball Bearing Market Regional And Country Analysis
………………….
- Key Mergers And Acquisitions In The Ball Bearing Market
- Ball Bearing Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Ball Bearing Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Ball Bearing Market, Segmentation By Vehicle Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Ball Bearing Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………………..
Table 75: NTN Bearing Corporation Financial Performance
Table 76: The Timken Company Financial Performance
Table 77: Schaeffler AG Financial Performance
Table 78: Jtekt Corporation Financial Performance
Table 79: SKF AB Financial Performance
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