Ball Bearing Market Highlights -
Global Ball Bearing Market is projected to be valued approximately at USD 25 Billion by 2025, with a 4% CAGR during the forecast period.
Ball Bearings Market are rolling-element bearing that uses balls to maintain the separation between the bearing races. These are mainly used to reduce the friction between moving rotary parts and to support rotating parts to obtain desired motion. Ball bearings are used in various industry verticals such as automotive, aerospace, railway, and heavy machinery. Developing infrastructure of wind turbines from emerging markets such as China Brazil, Mexico, and India, increasing demand for high-performance bearings for agriculture equipment, and the rise in industrialization globally are the key factors driving the growth of the market.
Market Drivers -
Asia-Pacific dominated the ball bearing market in terms of share:
Based on region, the ball bearing market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2019, the global market was led by the Asia-Pacific, followed by Europe and North America. Among all the regions, Asia-Pacific is expected to hold the largest share and is projected to register the highest growth rate over the forecast period. This growth is attributed to the enhancements in the infrastructure of electric vehicles and the growing number of windmill farms in emerging markets such as China and India.
China is one of the major markets, and the sales in the country are expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production coupled with a strong aftermarket for industrial equipment and motor vehicle repair. Moreover, the robust construction and mining equipment industry in India is estimated to facilitate growth through 2025. Europe is anticipated to witness favorable growth during the forecast period, owing to sustainable economic growth and increased investment.
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Furthermore, in the mature markets of the US, Western Europe, and Japan, the demand is driven by the rebounding production of motor vehicles and a healthy fixed investment environment. Increased sales of high-value bearings, such as large-diameter, custom-built bearings used in heavy machinery and wind turbines are also expected to drive the growth in North America. In the Middle East and Africa, the rapid development of city infrastructures is positively influencing the overall growth.
The global ball bearing market has been segmented based on type and application. Based on type, the global market is divided into deep-groove ball bearings, angular contact ball bearings, self-aligning ball bearings, thrust ball bearings, and others. The self-aligning bearing product segment is expected to grow significantly in the coming years. This is attributed to the increasing demand from the applications including machine tools such as paper and textile processing machinery. Based on application, the global ball bearing market is segmented into automotive, electronics, aerospace defense, construction, and others. The automotive segment has accounted for a significant share in the global ball bearing market over the assessment period owing to the growing sales of passenger cars and commercial vehicles in the developed and developing regions.
Key Players
The key players operating in the global ball bearing market are NTN Corporation, Nachi-Fujikoshi Corp, Schaeffer Group, NSK Ltd., The Timken Company, Myonic GmbH, LYC Bearing Corporation, The Danaher Corporation, GKN Plc, SKF, THB Bearing, Luoyang Huigong Bearing Technology Co., Ltd., among others.
Scope of the Report
This report provides an in-depth analysis of the global ball bearing market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, and the Rest of the World. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global ball bearing market by type, application, and region.
Type
Deep-Groove Ball Bearings
Angular Contact Ball Bearings
Self-Aligning Ball Bearings
Thrust Ball Bearings
Others
Application
Automotive
Electronics
Aerospace Defense
Construction
Others
By Region
North America
Asia-Pacific
Europe
Rest of the World
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