The global ball bearing market reached a value of US$ 34.4 Billion in 2018. The market is further projected to reach a value of US$ 44.5 Billion by 2024, exhibiting a CAGR of 4.3% during 2019-2024. A ball bearing, also known as an anti-friction component, is a type of rolling-element which has two ring-like tracks with small, freely rotating metal balls between them. These metal balls provide a smooth and low friction motion by supporting both axial and radial loads. Ball bearings are easy to maintain and are durable in operations due to their simple design. They also help in supporting weight, facilitating efficient transmission of power and ensuring proper alignment of movable components. Owing to these properties, ball bearings are extensively used for high speed and rotatory applications in numerous industries.
Global Ball Bearing Market Drivers/Constraints:
- Wind turbines require maintenance-free and high-quality ball bearings that help enhance turbine reliability and performance. The growing number of windmill farms worldwide is creating a huge demand for ball bearings in this sector.
- The manufacturers have developed sensor components for ball bearings which are used in conveyors, road rollers and electric motors. These components help in digital monitoring of revolution speed, axial movement, acceleration, deceleration and weight carrying capacity.
- Manufacturers are focusing on upgrading the working capability of ball bearings efficiently at lower costs. They are also improving the characteristics of the existing bearings such as lowering torque, increasing temperature range, reducing weight, decreasing energy consumption, enhancing the lifecycle and refining friction resistance.
- Counterfeit products act as the major hindrance to the global ball bearing market growth. These counterfeit ball bearings can drastically affect the performance of the equipment, leading to a decline in their sales.
- On the basis of application, the market has been segmented into automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture sectors. Among these, the automobile sector accounts for the majority of the market share.
- Region-wise, Asia Pacific represents the leading market for ball bearings, holding the largest share. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the global ball bearing market has also been analyzed in the report. Some of the leading players operating in the market are:
- NTN Corporation
- Schaeffler Group
- This report provides a deep insight into the global ball bearing market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the ball bearing industry in any manner.
Key Questions Answered in This Report:
- How has the global ball bearing market performed so far and how will it perform in the coming years?
- What are the key regions in the global ball bearing market?
- What are the major application segments in the global ball bearing market?
- What are the export and import trends in the global ball bearing market?
- What are the various stages in the value chain of the global ball bearing industry?
- What are the key driving factors and challenges in the global ball bearing industry?
- What is the structure of the global ball bearing industry and who are the key players?
- What is the degree of competition in the global ball bearing industry?
- How are ball bearings manufactured?