ID: MRFR/AM/8606-HCR | 120 Pages | Author: Swapnil Palwe | May 2023
The Ball Bearing Market size was valued at USD 19.1 billion in 2022. The ball bearing industry is projected to grow from USD 19.94 Billion in 2023 to USD 28.26 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.45% during the forecast period (2023 - 2032). Rising demand for bearings with higher efficiency, lower maintenance requirements, and longer service life are the major market drivers improving the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for ball bearing is driven by the digitalization of the essential approaches to embrace wireless options across industry verticals. The bearing is digitized by calculating its lubrication state and vibration pattern. These measures are analyzed to take remedial actions in case of potential issues. The integration of sensors with bearings developed into smart bearings. For industrial applications, the sensor calculates these bearings' direction, speed, temperature, and vibration. Also, the introduction of real-time-enabled Internet of Things (IoT) and Artificial intelligence (AI) is helping the end-users to follow the conditions of their bearings at all times. Moreover, the technological evolution towards EVs is found to be positive. It is due to electric vehicles having bearings with more developed technology than the traditional car with an Internal Combustion (IC) engine.
Additionally, the increasing use of ceramic balls in applications requiring high-grade electrical insulation remains the main driver for Ball Bearing Market development. The change in emphasis on decreased reliance on transport using petrol or other fossil fuels has been seen in developing nations. This, combined with a rise in social consciousness, has contributed to a rise in the electric vehicle industry, which has an impact on the demand for ceramic ball bearings. Other factors driving the industry growth include growing investment in rail and aerospace, rising wind power output, and the need for lightweight bearings in the automotive sector. All these factors are positively impacting the growth of the industry.
Extending construction activities in the residential and commercial sectors due to the rising global population and inflating income levels catalyze the demand for ball bearings in construction equipment. Apart from this, the increasing demand for electric vehicles (EVs) due to rising environmental concerns drives ball bearings sales globally. Additionally, the development of windmill farms is escalating the demand for ball bearings as they assist in improving efficiency, wind turbines' reliability, and performance.
Furthermore, leading manufacturers are concentrating on elevating the functional capacity of ball bearings at lower prices. They are also improving the features of the current bearings, such as lowering torque, decreasing weight, reducing energy consumption, improving temperature range, supporting the lifecycle, and refining friction resistance, propelling the market growth. Apart from this, the increasing awareness regarding the benefits of ball bearings, including low maintenance requirement, high frictional resistance, rigidity, and longer life span, is anticipated to expand their application in various end-use industries, including aerospace, transportation, and mining. Thus, driving the ball bearing market revenue.
The Ball Bearing Market segmentation, based on type, includes deep-groove ball bearings, self-aligning ball bearings, angular contact ball bearings, thrust ball bearings, and others. The self-aligning ball bearings segment dominated the market, accounting for major market revenue as these bearings generate less friction than other counterparts, delivering higher speed with less heat. Their outer ring has a spherical raceway whose center of curvature coincides with the bearing's center.
The Ball Bearing Market segmentation, based on application, includes automotive, electronics, aerospace & defense, construction, and others. The automotive category generated the most income (70.4%). The demand for motor vehicles with advanced technological solutions is increasing, necessitating the rise of the vehicle manufacturing industry. The increasing demand for modern automobiles and the vehicle's ability to innovate has elevated the demand for bearings in the automotive sector.
Figure 1: Ball Bearing Market by Application, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific ball bearing market area will dominate this market, owing to the increasing development of the construction, mining, and automotive industry. The public facility enhancement projects in rural areas are expected to drive the market in the region. The increasing demand for vehicles, particularly passenger cars, and two-wheelers, better than a third of the global population concentrated in India and China, supports the sale of automotive bearings. Moreover, China ball bearing market held the largest market share, and the Indian ball bearing market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, South Korea, Italy, Spain, China, Japan, India, Australia, and Brazil.
Figure 2: Ball Bearing Market Share by Region 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Europe ball bearing market accounts for the second-largest market share due to its increasing industrialization and technical advancements. In addition, various innovations in the aerospace and automotive industries have increased the region's demand for ball bearing market. The increasing rate of passenger car production and commercial vehicles drives the ball bearing market in the region. Further, the German ball bearing market held the largest market share, and the UK ball bearing market was the fastest-growing market in the European region.
The Asia-Pacific Ball Bearing Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to improving economic conditions and gradually establishing a manufacturing base in rising economies such as China, Indonesia, and India. Installation of several rotating pieces of equipment in the manufacturing units of various manufacturing industries is also foreseen to bolster the market. Moreover, China’s Ball Bearing market held the largest market share, and the Indian Ball Bearing market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the ball bearing market grow even more. Market participants are also undertaking several strategic activities to expand their global footprint, with important market developments including contractual agreements, mergers and acquisitions, new product launches, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the ball bearing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers’ use in the global ball bearing industry to benefit clients and increase the market sector. Major players in the ball bearing market, including Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., JTEKT Corporation, HKT Bearings Ltd., NBI Bearings Europe, and others, are attempting to expand market demand by investing in research and development operations.
JTEKT Corp is an equipment company that manufactures and sells power steering systems. The company designs, develops, and markets automotive components, bearings, and machine tools. The company's product offerings include steering systems, bearings, chassis-related parts, unit products and precision machinery, gear skiving centers, and self-manufacturing control systems. It offers products and services in automotive, railway, aerospace, construction machinery, steel, aviation, agricultural machinery, and wind power generation sectors in Asia Pacific, South America, North America, Europe, and other regions. The company has to manufacture plants, sales offices, and other facilities worldwide. In June 2021, JTEKT Corporation developed ball bearings with high muddy water-resistance seals for agricultural machinery. With such advancements, these machines can operate in harsh working environments too.
NTN Corp offers mechanical parts and equipment. It manufactures and sells mechanical parts and equipment, such as bearings, constant velocity joints, and precision equipment. The product portfolio of the company comprises general-purpose bearings, bearings for office automation, precision roller bearings for machine tools, aerospace bearings, bearing units, and related products. It also offers needle roller bearings, windscreen wipers, various auto tensioners, thrust washers, table units, spindle units, liquid crystal display repair units, optical disk mastering units, and correction units for electrode patterns. In addition, it offers after sales services. The company operates across Americas, Europe, and Asia. NTN is headquartered in Osaka, Japan. In September 2020, NTN Corporation announced expanding production and delivery of deep groove ball bearings specially designed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).
September 2021: The Timken Company, a global leader in specialized bearings and industrial motion products, has agreed to buy Enpro Industries' division GGB Bearing Technology (GGB). The deal includes exclusive negotiations over GGB's operations in France. This acquisition is anticipated to generate strong synergies and commercial expansion by adding complementary items with solid growth prospects.
|Market Size 2022||USD 19.1 billion|
|Market Size 2023||USD 19.94 billion|
|Market Size 2032||USD 28.26 billion|
|Compound Annual Growth Rate (CAGR)||4.45% (2023-2032)|
|Market Forecast Period||2023-2032|
|Historical Data||2019- 2021|
|Market Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and the Rest of the World|
|Countries Covered||The U.S., Canada, German, France, UK, Italy, South Korea, Spain, China, Japan, India, Australia, and Brazil|
|Key Companies Profiled||Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, and The Timken Company|
|Key Market Opportunities||Technological advancements in seal and lubrication technologies|
|Key Market Dynamics||Increase in demand for specialized bearing solutions that meet different industry-specific requirements.|
The Ball Bearing Market size was valued at USD 19.1 Billion in 2022.
The global market is projected to grow at a CAGR of 4.45% during the forecast period, 2023-2032.
Asia Pacific had the largest share of the global market
The key players in the market are Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings, Schaeffler Group, SKF Corporation, and The Timken Company.
The self-aligning ball bearings category dominated the market in 2022.
Automotive had the largest share of the global market.
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