Global Ball Bearing market growth 2024, Forecast To 2033
29 Feb, 2024
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.
Global Ball Bearing Market Key Driver
The growing demand for electric vehicles (EVs) is driving the growth of the ball bearing market. Electric vehicles, entirely or partially powered by electricity, are experiencing a surge in popularity, contributing to increased demand for ball bearings. Ball bearings play a crucial role in enhancing vehicle performance by reducing friction among tires, enabling smoother movement with less power consumption. According to the International Energy Agency, sales of electric vehicles reached 10 million in 2022, with an expected increase to 14 million in 2023. Therefore, the rising demand for electric vehicles is propelling the growth of the ball bearing market.
Get A Free Sample Of The Global Ball Bearing Market ReportGlobal Ball Bearing Market Segments
The global 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
By Geography: The regions covered in the ball bearing market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Ball Bearing Industry Players
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
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Ball Bearing Market Overview
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.
Ball Bearing Global Market Report 2023 provides data on the global ball bearing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ball bearing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.