The global ball bearing market reached a value of US$ 37.8 Billion in 2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years. A ball bearing, also known as an anti-friction component, is a type of rolling-element which has two ring-like tracks with small, freely rotating metal balls between them. These metal balls provide a smooth and low friction motion by supporting both axial and radial loads. Ball bearings are easy to maintain and are durable in operations due to their simple design. They also help in supporting weight, facilitating efficient transmission of power and ensuring proper alignment of movable components. Owing to these properties, ball bearings are extensively used for high speed and rotatory applications in numerous industries.
Global Ball Bearing Market Drivers/Constraints:
On the basis of application, the market has been segmented into automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture sectors. Among these, the automobile sector accounts for the majority of the market share.
Region-wise, Asia Pacific represents the leading market for ball bearings, holding the largest share. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
The competitive landscape of the global ball bearing market has also been analyzed in the report. Some of the leading players operating in the market 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.
The global ball bearing market reached a value of US$ 37.8 Billion in 2020.
According to the estimates by IMARC Group, the global ball bearing market is expected to exhibit moderate growth during the next five years.
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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