Press release
Ball Bearing Market Outlook: Opportunities and Strategies 2024-2033
Ball Bearing Market Outlook
Ball Bearing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $24.03 billion In 2028 At A CAGR Of 3.2% :
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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Ball Bearing Market Major 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 Driver - 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.
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Prominent Trend - 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.
Ball Bearing Market 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Ball Bearing Market Report Structure
3. Ball Bearing Market Trends And Strategies
4. Ball Bearing Market - Macro Economic Scenario
5. Ball Bearing Market Size And Growth
…..
27. Ball Bearing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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