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The global ball bearing market reached a value of US$ 39.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 50.7 Billion by 2027, exhibiting at a CAGR of 4.3% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A ball bearing is a rolling element comprising two ring-like tracks with small rotating metal balls. It is durable and provides a smooth and low friction motion that supports axial and radial loads. It helps maintain an appropriate gap between the rotating parts while offering support to obtain the desired motion. Besides this, it aids in supporting weight, facilitating efficient power transmission, and ensuring proper alignment of movable components. As a result, it is extensively used in the manufacturing of high-speed and rotatory automobile parts, farm and medical equipment, and defense machinery.
Ball Bearing Market Trends
The expanding construction activities in the residential and commercial sectors on account of the rising global population and inflating income levels are catalyzing the demand for ball bearings in construction equipment. Apart from this, the growing demand for electric vehicles (EVs) due to rising environmental concerns is driving the sales of ball bearings worldwide. Additionally, the expansion of windmill farms is escalating the demand for ball bearings as they help improve the reliability, efficiency, and performance of wind turbines. Furthermore, leading manufacturers are focusing on upgrading the functional capacity of ball bearings at lower costs. They are also enhancing the features of the existing bearings, such as lowering torque, reducing weight, decreasing energy consumption, increasing temperature range, strengthening the lifecycle, and refining friction resistance, which is propelling the market growth. Apart from this, the growing awareness about the benefits of ball bearings, such as low maintenance requirement, rigidity, high frictional resistance, and longer life span, is anticipated to expand their application in various end use industries, including aerospace, transportation, and mining.
IMARC Group provides an analysis of the key trends in each sub-segment of the global ball bearing market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on application.
Breakup by Application:
The automobile sector presently accounts for the majority of the market share due to the increasing sales of electric vehicles (EVs).
Regional Insights:
The Asia Pacific holds the largest market share on account of the expanding construction activities and technological innovations in the region.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are
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.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Application, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | NTN Corporation, Timken, JTEKT, SKF and Schaeffler Group |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global ball bearing market reached a value of US$ 39.4 Billion in 2021.
According to the estimates by IMARC Group, the global ball bearing market is expected to exhibit a CAGR of 4.3% during 2022-2027.
Increasing demand for specialized ball bearings based on numerous industry-specific requirements, represents one of the key drivers for the global ball bearing market.
The introduction of lightweight and compact ball bearings that are integrated with advanced sensor units for several digital monitoring applications, represents one of the key trends in the global ball bearing market.
Sudden outbreak of the COVID-19 pandemic has led to the implementation of stringent lockdown regulations across various nations resulting in temporary closure of numerous end use industries for ball bearings, such as aerospace, construction, automobile, shipping, etc., thereby hampering the overall market growth.
On the basis of the application, the market has been bifurcated into automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture sectors. Amongst these, the automobile sector currently accounts for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
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