Global Ball Bearing Market Size, Share And Growth Analysis For 2024-2033
The Business Research Company’s Ball Bearing Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
LONDON, GREATER LONDON, UNITED KINGDOM, October 8, 2024 /EINPresswire.com/ -- The ball bearing market has experienced robust growth in recent years, expanding from $40.12 billion in 2023 to $42.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to industrialization, automotive industry growth, aerospace industry demand, globalization, energy sector development.
What Is The Estimated Market Size Of The Global Ball Bearing Market And Its Annual Growth Rate?
The ball bearing market is projected to continue its strong growth, reaching $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to sustainability focus, miniaturization trends, supply chain resilience, customization demands, predictive maintenance.
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Growth Driver Of The Ball Bearing Market
The increasing automotive industry is expected to propel the growth of the ball bearings market going forward. The automotive industry refers to the business sector that encompasses the design, development, manufacturing, marketing, and sales of vehicles. Automotive industry uses ball bearings as components in wheel hubs, axles, transmission systems, and engines to reduce friction and provide smooth, precise motion for vehicles.
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Which Market Players Are Steering the Ball Bearing Market Growth?
Key players in the market include NTN Bearing Corporation, The Timken Company, Schaeffler AG, Jtekt Corporation, SKF AB, LYC Bearing Corporation, NSK Ltd., Nachi Fujikoshi Corp., Myonic GmbH, Luoyang Huigong Bearing Technology Co. Ltd., ISB Industries Pvt. Ltd., THB Bearings Co. Ltd., Federal Moghul Holding Corporation, THK Company, Brammer plc, Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Ltd., NBI Bearings Europe SA, RBC Bearings Inc., Rexnord Corporation, RHP Bearings Europe Ltd., MinebeaMitsumi Inc., AST Bearings LLC, New Hampshire Ball Bearings Inc., Precision Bearings Pvt. Ltd., C&U Group Co. Ltd., CW Bearing USA Inc., General Bearing Corporation, Kinex Bearings AS, NKE Austria GmbH, RKB Europe SA, Sapporo Precision Inc., Shanghai Shi Kun Bearing Co. Ltd., Sven Wingquist AB, TMB Bearings Group Co. Ltd., Wafangdian Bearing Group Corp. Ltd., Zhejiang Tianma Bearing Co. Ltd., ZVL Slovakia AS.
What Are the Dominant Trends in Ball Bearing Market Overview?
Major companies operating in the ball bearings market are focusing on sustainable products to provide reliable services to customers. Sustainable ball bearings are designed for longevity, energy efficiency, and minimal environmental impact throughout their lifecycle.
How Is The Global Ball Bearing Market Segmented?
1) By Type: Self-Aligning Bearing, Deep Grove Ball Bearing, Angular Contact Ball Bearing, Other Types
2) By Vehicle Type: Passenger Cars, Commercial Vehicles, Two - Whellers
3) By Distribution Channel: Original Equipment Manufacturers (OEMs), Aftermarket
4) By Application: Automotive, Industrial Machinery, Mining And Construction, Medical, Others Applications
Geographical Insights: Asia-Pacific Leading The Ball Bearing Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Ball Bearing Market Definition
Ball bearing refers to bearings that are mostly used in machinery for speed rotation and help in maintaining an appropriate gap between the rotating parts while assisting in achieving the desired motion. These are used in various applications which have a high speed and a low load. This device offers a smooth, low-friction motion that can support both axial and radial loads. These can also be found in many everyday objects, such as skateboards, blenders, bicycles, DVD players, and photocopiers.
Ball Bearing Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global ball bearing market report covering trends, opportunities, strategies, and more
The Ball Bearing Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ball bearing market size, ball bearing market drivers and trends, ball bearing market major players and ball bearing market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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