Global Ball Bearing Market to Grow at 3.8% During 2024-2032, Catalyzed by Arrival of Sensor-Integrated Variants

June 19, 2018 | Heavy Industry

According to the latest report by IMARC Group, titled "Ball Bearing Market Report by Application (Automobile, General Engineering, Mining and Construction, Railways, Aerospace and Shipping, Agriculture, and Others), and Region 2024-2032," the global ball bearing market reached a value of US$ 43.7 Billion in 2023. Ball bearings, a type of rolling-element bearings, are utilized to reduce the friction between moving rotary parts of an instrument or equipment. They are used to maintain an appropriate gap between the rotating parts while offering support to obtain the desired motion. Consisting of an outer ring, an inner ring, steel balls and a cage, these components offer smooth and low friction motion by supporting both axial and radial loads. They are also used for efficiently transmitting power and ensuring proper alignment of movable components. Ball bearings are characterized by enhanced durability and low maintenance, owing to which they are widely used for numerous applications, including automobile parts, farm and medical equipment, and defense machinery.

Global Ball Bearing Market Trends:

The global market is primarily driven by the increasing demand for specialized ball bearings that are well-suited for various industry-specific requirements, coupled with significant growth in the end use sectors. These components are extensively employed as an indispensable component in wind turbines. Good quality bearings are essential in enhancing the reliability and performance of the turbines, which is facilitating their uptake on the global level. The versatile nature of these bearings has also led to their widespread adoption in the automotive sector. In line with this, a significant increase in the adoption of electric vehicles (EVs), owing to rising environmental consciousness, is also contributing to the market growth. Product innovations and extensive research and development (R&D) have led to the introduction of variants integrated with advanced sensor units, which is acting as another major growth-inducing factor. These units aid in digital monitoring of axial movement, rotation speed, deceleration, acceleration, and load-carrying capacity of the product, which has contributed to their widespread adoption among end users. The introduction of lightweight and compact ball bearings in the market is further expected to provide a boost to the market growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 62.0 Billion by 2032, growing at a CAGR of 3.8% during 2024-2032.

Market Summary:

  • On the basis of the application, the market has been divided into automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture sectors. At present, the automobile sector exhibits a clear dominance in the market.
  • On the geographical front, Asia Pacific holds the leading position in the market. Some of the other key regions include North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include NTN Corporation, The Timken Company, JTEKT Group, SKF Group, and Schaeffler Group.

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Global Ball Bearing Market to Grow at 3.8% During 2024-2032, Catalyzed by Arrival of Sensor-Integrated Variants
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