Ball bearing is a type of rolling-element bearing which has small freely rotating metal balls in the form of a ring. This composition helps to maintain separation between the inner and outer parts of the bearings. The 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 operation due to their simple design. Owing to these properties, they are widely used for high speed and rotatory applications in various industries. According to IMARC Group’s latest report, titled “Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global ball bearing market reached a volume of 33 Billion Tons in 2017.
Rapid advancements in the field of technology have increased customer preference towards electric vehicles. As a result, the rising use of ball bearings in electric vehicles is projected to enhance their demand in the upcoming years. Further, wind turbines require maintenance-free and high-quality bearings that reduces carbon emission and save energy, thereby creating a huge demand for ball bearings in this sector. Moreover, emerging countries such as China, India, Taiwan, South Korea, etc. are witnessing considerable development in various sectors such as railways, wind energy and automotive. Increasing industrial activities in these regions are further contributing to the growth of the market. According to the report, the market is expected to reach a volume of 47 Billion Tons by 2023, exhibiting a CAGR of 6.2% during 2018-2023.
The report has segmented the market on the basis of end-use into automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture. Among these, the automobile sector accounts for the majority of the total market share. Region-wise, the report covers Asia-Pacific, Europe, North America, Middle East and Africa, and Latin America. Currently, Asia-Pacific represents the largest market, holding the majority of the total global share. The report has further analysed the competitive landscape of the market with some of the key global players being NTN Corporation, Timken, JTEKT, SKF and Schaeffler Group.
This report provides a deep insight into the global ball bearing industry 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.
Key questions answered in this report:
- How has the global ball bearing market performed so far and how will it perform in the coming years?
- What are the key regions in the global ball bearing market?
- What are the major end-use segments in the global ball bearing market?
- What are the import and export trends of ball bearing?
- What are the various stages in the value chain of the global ball bearing market?
- What are the key driving factors and challenges in the global ball bearing market?
- What is the structure of the global ball bearing market and who are the key players?
- What is the degree of competition in the global ball bearing market?
- How are ball bearings manufactured?