Global Ball Bearing Market Expected to Rise at 4.3% CAGR during 2022-2027
The global ball bearing market size reached US$ 39.4 Billion in 2021. Looking forward, the market expects to reach US$ 50.7 Billion by 2027, exhibiting at a CAGR of 4.3% during 2022-2027, according to the latest report by IMARC Group.
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.
Competitive Landscape:
Some of the leading players operating in the market are: NTN CORP (6472.T), Timken Company (The) (TKR), JTEKT CORPORATION (JTEKY), SKF AB (SKFRY), SCHAEFFLER AG INH. VZO (SHA.DE)
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Global Ball Bearing Industry Drivers/Constraints:
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.
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Market Breakup by Application
1. Automobile
2. General Engineering
3. Mining and Construction
4. Railways, Aerospace and Shipping
5. Agriculture
6. Others
Market Breakup by Region
1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America
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