Global Ball Bearing Market Overview 2018 - Share, Size, Analysis, Report and Forecast Till 2023
This can be accredited to their applications in wind power generation and other heavy industries, along with increased consumer preferences for motor vehicles.
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. A ball bearing is a rolling-element bearing which constitutes of four major parts, namely, an outer ring, an inner ring, steel balls and a cage. It uses metal balls in the form of a ring to maintain separation between the inner and outer parts of the bearings. They are used to support rotating parts and facilitate smooth operation of machines by reducing friction. Some of the other benefits provided by ball bearings are power saving, reduction of fire hazards, enhanced production, and increased lifespan of the associated machinery. The size of the ball bearings varies depending on their applications which range from use in hard disk drives and electric fans to car axles and wheels.
Highlights of the global ball bearing market:
Demand for wind power generation remains the key growth-inducing factor.
The automobile sector is the largest end-use segment.
Asia-Pacific is the leading market for ball bearings.
The global ball bearing market is driven by the surgtr54yrbon emissions, it has resulted in a large number of wind turbine installations around the world. Additionally, rapid technological advancements have shifted consumer preferences towards electric vehicles, leading to an increased use of ball bearings in this sector. Additionally, considerable developments in railways, especially in the emerging markets such as China, India, Taiwan, South Korea, etc. has positively influenced the market. Moreover, escalated industrial activities in these regions have also contributed to the demand for ball bearings. Owing to the above-mentioned factors, the market is expected to reach a volume of 47 Billion Tons by 2023, exhibiting a CAGR of 6.2% during 2018-2023.
The global ball bearing market is segmented on the basis of end-use, covering automobile, general engineering, mining and construction, railways, aerospace and shipping, and agriculture. Amongst these, the automobile sector dominates the market. On the basis of region, Asia-Pacific represents the largest market, holding the majority of the total global share. Other major regions include Europe, North America, Middle East and Africa, and Latin America. On evaluating the competitive landscape, it is found that NTN Corporation, Timken, JTEKT, SKF and Schaeffler Group are the key players operative in the market.
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The report by IMARC Group has examined the global ball bearing market on the basis of:
Mining and Construction
Railways, Aerospace and Shipping
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