Sheridan, Wyoming, USA, March 10, 2020 (Wired Release) – IMARC Group A new research report by IMARC Group, the global ball bearing market reached a value of US$ 34.4 Billion in 2018. The report further projects the market to reach a value of US$ 44.5 Billion by 2024, exhibiting a CAGR of 4.3% over the forecast period. Ball bearing refers to a rolling-element bearing which uses balls for maintaining an appropriate gap between its movable parts. It helps to reduce the rotational friction which is generated by the working of a machine. The major components of a ball bearing include an outer ring, an inner ring, steel balls and a cage. Owing to its simple design, durability as well as low maintenance expenses and operating temperature, ball bearing is extensively used in aircrafts, automobiles, medical equipment, etc.
Global Ball Bearing Market Drivers/Constraints:
Expanding use of ceramic balls in applications which require high-grade electrical isolation remains the major catalyst for the market growth.
Shifting focus towards reduced dependence on transportation which uses petrol or other fossil fuels has been witnessed in the developed nations. This coupled with increasing social awareness has led to the growth of the electrical vehicles industry, which in turn, is impacting the demand for ceramic ball bearings.
Some of the other forces propelling the market growth include rising investment in railways as well as aerospace, increasing production of wind power and need for light-weight bearing in the automotive sector.
There are various factors that act as a hindrance for the global ball bearing market growth such as wide use of pre-owned bearing and lack of product differentiation.
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Market Breakup by Application
1. Automobile
2. General Engineering
3. Mining and Construction
4. Railways, Aerospace and Shipping
5. Agriculture
6. Others
On the basis of application, the global ball bearing market is classified as automobile, general engineering, mining and construction, railways, aerospace and shipping, agriculture, and others. Automobile represents the largest application segment accounting for the majority of the global market.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/ball-bearing-market
Market Breakup by Region
1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America
On a geographical front, Asia-Pacific enjoys a leading position in the global ball bearing market with the largest market share. Asia-Pacific is followed by Europe, North America, Middle East and Africa, and Latin America.
Competitive Landscape:
The market is fragmented in nature with the presence of various small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it hard for small players to survive. Some of the leading players operating in the market are:
NTN Corporation
Timken
JTEKT
SKF
Schaeffler Group
Browse related reports:
Miniature Ball Bearing Market: https://www.imarcgroup.com/miniature-ball-bearing-market
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