Ball Bearing Market Trends, Industry Analysis 2022-28
The global ball bearing market was valued USD 19.3 Bn in 2021 and is poised to grow with a CAGR of 2.4% over 2022-2028. The ball bearing is a type of rolling-element bearing that uses balls to keep the bearing races separated. These races are commonly employed to reduce friction and surface contact between moving planes. For moving machine parts, ball bearings typically fulfil three functions: they carry loads, reduce friction, and provide positioning. Ball bearings' primary function is to support radial and axial loads. Because of their size, they have a reduced load capacity. The interior diameter, exterior diameter, and width of a ball bearing can be measured in three ways. Bearings are mechanical assemblies that include rolling components and carry weights, and are used to place these rolling elements between rings. By minimising motor friction, it improves the performance of the equipment. Agriculture, food processing, industrial machinery, material handling, medicines, printing, railways, and transportation are just a few of the industries that employ ball bearings.
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Continuous technological developments and improvements are occurring in the bearing sector. Furthermore, businesses in the automotive components industry are increasingly aligning their operations with the changing regulatory framework. Another window of opportunity has opened up for competitors in the bearing industry, thanks to the growing interest in electric vehicles. As a result, innovations are projected to acquire significant traction. Furthermore, some market participants are increasingly concentrating on the development of wear-resistant bearings with a significant load capacity. The increased need for smooth motion in the automobile industry over the last few years is a major trend that will likely influence the rate of bearing innovation. In 2020, the global bearing market was expected to develop at a rapid rate year over year. However, as the COVID-19 epidemic continues to spread over the world, the market is projected to experience some volatility, especially in 2020. Due to the new coronavirus's rapid spread, various countries throughout the world implemented strict lockdown measures to prevent the virus from spreading.
The global ball bearing market segmentation:
1) By Product: Deep groove, Angular contact, Self-aligning and Others
2) By End-user: Automotive industry, Heavy industry, Aerospace and railway industry and Others
Due to increased development of the construction, mining, and automotive industries, Asia Pacific held the greatest revenue share and is likely to maintain its lead during the forecast period. The coronavirus pandemic has had a tremendous influence on the market, with many manufacturing enterprises experiencing negative consequences as a result of lockdown situations in advanced economies like China and Japan, among others. The automobile industry, which consumes the most bearings of all other industries, has seen a significant decline in car manufacturing, owing to supply chain interruptions and restrictions on people's movement.
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Some of the major key players in the Ball Bearing Market are AB SKF, Harbin Bearing Manufacturing Co. Ltd., JTEKT Corp., Luoyang Huigong Bearing Technology Co. Ltd., LYC Bearing Corp., MinebeaMitsumi Inc., NSK Ltd., NTN Corp., Schaeffler AG, The Timken Co.
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