Global Ball Bearing Market was valued at US$ 9.7 Bn in 2019 and is expected to reach US$ 17.2 Bn by 2026, at a CAGR of 6.57% during a forecast period.
The report includes the analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
To know about the Research Methodology:- Request Free Sample Report
Global Ball Bearing Market Dynamics
Bearings are used for reducing energy loss caused by friction in moving parts of machinery and to improve the efficiency and speed of the equipment.
Major driving factors of the market are the rise in construction activities, growth in the manufacturing sector, huge demand for energy, growing economy in developing countries, the growing standard of living, and rising disposable income of consumers are some factors that are rising investments in industries and successively increase the demand for ball bearings during the forecast period.
Accidents cases are rising in the industry and to resolve this problem, the ball-bearing demand is being increased in the industry to improve efficiency. And performance is another factor for propelling the market growth. The innovation in technology and design of ball bearings are emerging trends of the ball bearing market. The rising use of ball-bearings in EVs is also fueling the market as EVs are increasing across the globe.
Global Ball Bearing Market Segment Analysis
On the basis of type, deep groove ball bearings are expected to hold the largest share of the market as they are particularly versatile. The deep groove ball bearings are the most widely used bearing type. These types of bearings are suitable for high speeds, accommodate radial & axial loads in both directions, and require little maintenance. These factors are also boosting the market. Based on the application, the automobile industry is expected to hold the largest share of the market during the forecast period due to the amplified usage of ball bearing in the automotive industry. Ball-bearing demand is rising as the number of automation industries is increased and automation trend has also increased across the globe.
Global Ball Bearing Market Regional Insights
The report contains drivers and restraints of the market that are influencing the market. Additionally, it provides the expected opportunities of the market. In terms of region, Asia Pacific is estimated to hold the largest share of the market during the forecast period due to increasing industrialization in developing countries of this region. Usage of EV and heavy machinery, Construction activities are also increased in this region boosting the ball bearing market in this region. China and India are expected to hold the largest share of the market in the region. China has an advanced market, increasing investments, increasing GDP, numerous motor vehicles market and strong income from the manufacturing industries which are the major factors that drive the market of a ball bearing.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
Global Ball Bearing Market, Key Highlights:
• Global Ball Bearing Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Ball Bearing Market
• Global Ball Bearing Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Ball Bearing Market strategic analysis with respect to individual growth trends, future prospects along the contribution of various sub-market stakeholders have been considered under the scope of the study.
• Global Ball Bearing Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Ball Bearing Market are also profiled.
Global Ball Bearing Market Scope: Inquire before buying
Global Ball Bearing Market, by Type:
• Deep-Groove ball bearing
• Angular-contact ball bearing
• Self-aligning ball bearing
• Thrust ball bearing
Global Ball Bearing Market, by Application:
• Food & Beverage
• Oil & Gas
• Power generation
Global Ball Bearing Market, by Distribution Channel:
• Retail Distribution
Global Ball Bearing Market, by Region:
• North America
• Middle East & Africa
• South America
Global Ball Bearing Market Key Players:
• C&U Group
• Federal Moghul Holding Corporation
• JTEKT Corporation
• NKE AUSTRIA GmbH
• SKF AB
• THK Company
• TIMKEN Company
• Asahi Seiko
• Graham Corporation
• Ingersoll Rand
• LYC Bearing
• Nachi Fujikoshi
• RBC Bearings