Press release
Ball Bearing Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | Schaeffler AG, Jtekt Corporation, SKF AB, LYC Bearing Corporation, NSK Ltd.
Ball Bearing Global Market
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.
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.
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The Surging Demand For Electric Vehicles Fuels Growth In The Ball Bearing Market
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.
Competitive Landscape -
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
Advancements In Technology Drive Innovations In The Ball Bearing Market
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 2021, NSK Ltd., a Japan-based manufacturer of bearings, launched a third-generation ultra-high speed ball bearing based on leading-edge simulation technology for electric vehicle (EV) motors that can operate at more than 1.8 million dmN. This new bearing is the world's fastest grease-lubricated deep groove ball bearing that is used for automotive applications. The leading-edge simulation technology helps to increase the vehicle range and lower energy (fuel) consumption.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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