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Oct 14, 2024

Global Ball Bearing Market Worth USD 58.2 Billion By 2030 At CAGR 4.2% As Revealed In New Report

Ball Bearing Market Size Was Valued at USD 41.9 Billion in 2022, and is Projected to Reach USD 58.2 Billion by 2030, Growing at a CAGR of 4.2% From 2023-2030. Market Overview: The Ball Bearing market

Ball Bearing Market Size Was Valued at USD 41.9 Billion in 2022, and is Projected to Reach USD 58.2 Billion by 2030, Growing at a CAGR of 4.2% From 2023-2030.

Market Overview:

The Ball Bearing market is a vital component of various industries, including automotive, aerospace, machinery, and manufacturing. Ball bearings are crucial for reducing friction between moving parts, enhancing efficiency, and extending the lifespan of machinery and equipment. The market is characterized by a wide range of applications, from small-scale consumer products to large industrial machinery.

Top Key Players in Ball Bearing Market:

The Timken Company (US), RBC Bearings Inc (US), Rexnord Corporation (US), The United States Ball Corp. (US), Barden (US), Schaeffler Group (GERMANY), ZKL (Germany), ISB Industries (Italy), skf corporation (Sweden), NTN Corporation (Japan), jtekt corporation (Japan), IKO Nippon Thompson (Japan), Nachi-Fujikoshi Corp. (Japan), NSK Global (Japan), Tsubaki (Japan), MinebeaMitsumi (Japan), ASAHI Seiko (Japan), RUBIX GROUP INTERNATIONAL LIMITED (UK), SKF India (India), NTN SNR India (India), Harbin Bearing Manufacturing Co., Ltd. (China), HKT Bearings Ltd (Korea), C&U Group (China), FB Bearings (China), TWL Bearing (China)

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Market Dynamics and Factors:

Market Driver:

One significant driver fueling the growth of the ball bearing market is the increasing demand for automation across industries. Automation requires precise, reliable, and efficient machinery, driving the need for high-performance ball bearings. As industries strive to improve productivity, reduce downtime, and optimize processes, the demand for advanced ball bearing solutions continues to rise.

Market Opportunity:

An emerging opportunity in the ball bearing market lies in the development and adoption of renewable energy technologies.

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Segmentation Analysis of the Ball Bearing Market:

By Type

By Machine Type

By Size

By Distribution Channel

By End-User

Ball Bearing Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

China and Japan are driving the growth of the bearing market in Asia-Pacific, where sales numbers are expected to increase in the upcoming years due to robust expansion in automobile and machinery manufacturing, as well as an aftermarket for industrial equipment and auto repair. Sales of automotive bearings are expected to increase in Asia-Pacific countries, mainly in India, China, and Japan in the coming years. The growing demand for vehicles, especially passenger cars and two-wheelers by more than a third of the world's population concentrated in India and China, is supporting the sale of automotive bearings.

By Region

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Key Industry Developments in the Ball Bearing Market:

In 2022, The Timken Company, a global leader in engineered bearings and industrial motion products, acquired GGB Bearing Technology (GGB), a division of Enpro, Industries. This acquisition assists the company in enhancing its bearing portfolio with complementary products.

In June 2022, NTN Corporation developed sensor integrated bearing “Talking Bearing™” that incorporates sensors, power generation units, and wireless devices into the bearing and wirelessly transmits information on temperature, vibration, and rotational speed. It enables more advanced condition monitoring and early anomaly detection.

In May 2023, SKF announced a consolidation of its spherical roller bearing manufacturing to secure the long-term competitiveness on the European markets. It is also heavily investing in upgrading machinery and manufacturing processes.

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