The new report by Expert Market Research titled, ‘Global Ball Bearing Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global ball bearing market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
|Market Size in 2022||39.97 billion|
|Revenue Forecast in 2028||51.98 billion|
|Growth Rate CAGR||4.5%|
|Major Players||NTN Bearing Corporation, The Timken Company, Schaeffler Group,|
Jtekt Corporation,SKF and others.
Ball bearings exhibit excellent wear resistance, provide low friction, have a long service life, and do not need much lubrication. In this regard, the product is anticipated to witness a high demand in the light-duty and heavy-duty industrial equipment in the forecast period. Moreover, ball bearings are cheap as compared to their friction-reducing counterparts. This factor is likely to provide impetus to the market growth.
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In addition, the increasing application of ball bearings in the sliding doors in the residential sector is anticipated to bolster the market growth in the coming years. Geographically, the Asia Pacific region accounts for a significant share in the market owing to the thriving manufacturing sector in the region.
Ball bearing is defined as the metal ball which is placed between two moving parts of a machine to make the movement smooth. This mechanism is known to reduce the friction by carrying the axial and radial loads between two objects in order to boost the efficiency of operations.
Moreover, the maximum speed permissible to ball bearings depends upon design and size, cage type, and type of lubrication.
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On the basis of application, the market can be segmented into:
The regional markets for ball bearing include:
The key trends in the ball bearing market include the rising application of the product in the precision engineering, owing to the technological advancements in the to be another end use sectors, such as aerospace and defence, and automobile, among others. Over the forecast period, the increasing sales of electric vehicles is likely to be a major propelling factor of the ball bearings. The increasing application of ball bearing in the healthcare industry, in the robotic surgery, is likely to be a key trend for the market. Over the forecast period, the increasing geriatric population is anticipated to propel the demand for ball bearings to bolster the comfort and reduce pain in case of injuries.
The major players in the market are NTN Bearing Corporation, The Timken Company, Schaeffler Group, Jtekt Corporation, and SKF, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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