Global Ball Bearing Market | Industry Share, Size, Industry Analysis, Business Growth And Share
Global Ball Bearing Market was valued at US$ 44.2 Bn. in 2020. Global Ball Bearing Market size is estimated to grow at a CAGR of 8.32%.
Ball Bearing Market Overview:
The market report for Ball Bearing provides a comprehensive analysis of the competition together with data on market share and company profiles for the top international rivals. The study's scope covers a thorough analysis of the Ball Bearing Market as well as the variables affecting regional variances in the sector's growth.
Market Scope:
Extensive primary research was conducted to collect data and verify key figures once market engineering, which involved market statistics calculations, market size estimates, market projections, market breakdown, and data triangulation, was finished. Top-down, bottom-up, and other data triangulation approaches were frequently used throughout the market engineering process to conduct market estimates and forecasting for the overall market segments and sub-segments described in this study. All data gathered during the market engineering process is subjected to extensive qualitative and quantitative analysis in order to give crucial information throughout the study.
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Drivers:
During the forecast period, higher market growth is anticipated as a result of rising demand for precision ball bearings brought on by industrial automation. The demand for precision ball bearings has grown as a result of an uptick in demand from numerous industries, including aerospace and machine tools. Global product demand is anticipated to increase as a result of the growing demand for ball bearings in industrial robotics. Global installations of standalone industrial robots increased by 12 percent to 2.7 million in 2017, according to the IFR International Federation of Robotics. With 373,000 units shipped globally in 2019, new robot sales are still very strong. Modern technologies in office automation, medical equipment, and audio-visual equipment are predicted to drive demand for ball bearings.
Segmentation:
The ball bearing market is divided based on type into thrust ball bearings, self-aligning ball bearings, angular contact ball bearings, deep groove ball bearings, and others. In 2020, the Deep-Groove ball bearing market segment accounted for 43.7 percent of the total market. Their wide range of end-users, including the automotive and electronics industries among others, are adopting them more frequently due to their simplicity, design, low operating temperature, and low friction characteristics. Deep groove ball bearings are becoming more popular in applications for agriculture, rail, and aerospace due to their ability to carry axial and radial loads with excellent durability and minimal maintenance requirements.
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Key Players:
Both primary and secondary research are carried out to determine the market's leaders and forecast market revenue. The in-depth interviewees for the main study included CEOs, marketing executives, and seasoned front-line workers, to name just a few notable thought leaders and subject matter experts. In-depth interviews with significant thought leaders and business experts, including CEOs, marketing executives, and seasoned front-line personnel, were done as part of the primary research.
Reviewing the annual and financial reports of the major manufacturers was done as part of the secondary study. To compute percentage splits, market shares, growth rates, and global market breakdowns, secondary data is used. The outcomes of these calculations are then contrasted with original information. The following companies dominate the Ball Bearing market:
• NSK
• NTN
• JTEKT
• Schaeffler
• C&U Group
• Federal Moghul Holding Corporation
• JTEKT Corporation
• NKE AUSTRIA GmbH
• SKF AB
• THK Company
• TIMKEN Company
• Asahi Seiko
• Graham Corporation
• Ingersoll Rand
• LYC Bearing
• MinebeaMitsumi
• Nachi Fujikoshi
• RBC Bearings
Regional Analysis:
The specific market driving forces and changes in market legislation affecting present and future market trends are also included in the regional market research report for Ball Bearing . In order to assess the potential market as a whole and identify profitable patterns to build a stronger foundation, current and upcoming trends are researched. The current environment and expected trends form the foundation of the regional market's evaluation.
COVID-19 Impact Analysis on Ball Bearing Market:
The growth of end-user industries using Ball Bearing declined between January 2020 and May 2020 as a result of a halt in operations. These nations included China, the United States, the United Kingdom, Spain, France, Italy, and Spain. As a result, both the market for Ball Bearing manufacturers and the earnings of businesses involved in these industries saw a dramatic fall. The market's growth in 2020 was impacted by this. End-user business demand for Ball Bearing has been significantly reduced as a result of lockdowns and an increase in COVID-19 incidents globally.
Key Questions Answered in the Ball Bearing Market Report are:
- What market sector represented the most percentage of Ball Bearing in 2021?
- To what extent is the marketplace competitive?
- What are the main elements impacting the development of the Ball Bearing market?
- Which region commands the largest market share in Ball Bearing ?
- What is the expected CAGR for the market from 2022 to 2029?
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