The Business Research Company’s report on the Ball Bearing Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the ball bearing market further?
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 movement 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.
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What are the key factors influencing the forecasted market size of the ball bearing industry?
The ball bearing market size has grown strongly in recent years. It will grow from $41.8 billion in 2024 to $43.96 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. 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 $55.84 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. 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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Who are the leading competitors in the ball bearing market?
Major companies operating in the ball bearing market 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
Which emerging trends are set to transform the ball bearing market landscape?
Technological advancements have emerged as a key trend gaining popularity in the ball bearing market. Major companies operating in the ball-bearing sector are focused on introducing new technologies to gain a competitive advantage. For instance, in August 2022, SKF, a Sweden-based bearing and seal manufacturing company, launched Hybrid deep groove ball bearing. This advanced bearing design combines the benefits of steel and ceramic materials, offering enhanced performance, reduced weight, and increased durability. The hybrid construction allows for lower friction and improved resistance to wear, making it ideal for demanding applications in various industries, including automotive and aerospace. With this launch, SKF aims to meet the growing demand for efficient and reliable components that can withstand extreme operating conditions.
How do different geographies compare in terms of market share and growth potential in the ball bearing market?
Asia-Pacific was the largest region in the ball bearing market in 2024. 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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Which major segments of the ball bearing market are experiencing the fastest growth?
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 – Wheelers
3) By Distribution Channel: Original Equipment Manufacturers (OEMs), Aftermarket
4) By Application: Automotive, Industrial Machinery, Mining And Construction, Medical, Others Applications
Subsegments:
1) By Self-Aligning Bearing: Spherical Roller Bearings, Self-Aligning Ball Bearings
2) By Deep Groove Ball Bearing: Single Row Deep Groove Ball Bearings, Double Row Deep Groove Ball Bearings
3) By Angular Contact Ball Bearing: Single Row Angular Contact Ball Bearings, Double Row Angular Contact Ball Bearings, Four-Point Contact Ball Bearings
4) By Other Types: Thrust Ball Bearings, Miniature Ball Bearings, Hybrid Ball Bearings
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How is the ball bearing market defined?
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.
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