LONDON–(COMMERCIAL THREAD) – The global ball bearing market is expected to grow by $ 4.16 billion according to Technavio. This marks a significant market slowdown from 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period and the market is expected to grow. at a CAGR of over 3%.
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Read the 120-page report with table of contents on “Ball Bearing Market Analysis Report by Product (Deep Groove, Angular Contact, Self-alignment, and Others), Geography (APAC, Europe, North America, North America) South and MEA), end-user (automotive industry, heavy industry, aerospace and rail industry, and others), and segment forecast, 2020-2024 â.
The market is driven by new product launches. In addition, the presence of favorable government policies is expected to boost the growth of the ball bearings market.
The market has seen several technological developments and product innovations over the years. Suppliers focus on improving product characteristics in terms of lifespan, weight, power consumption and more to stay ahead of the competition. For example, in January 2019, SKF launched UC series ball bearings with improved adjusting screw locking systems that provide 16% more holding power than conventional products. Likewise, in October 2019, JTEKT Corp. has developed a creep resistance feature for ball bearings mainly used in electric vehicle transmissions. The launch of these innovative products is fueling the growth of the global ball bearing market.
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Five major ball bearing companies:
AB SKF operates through segments such as industry and automotive. The company offers low friction deep groove ball bearings optimized for low noise and low vibration, which enables high rotational speeds.
Harbin Bearing Manufacturing Co. Ltd.
Harbin Bearing Manufacturing Co. Ltd. operates through a unified segment. The company offers deep groove ball bearings and spherical ball bearings.
JTEKT Corp. operates through segments such as management business, transmission business, bearing business and machine tool and mechatronics business. The company offers deep groove ball bearings which are the most commonly used bearings.
Luoyang Huigong Bearing Technology Co. Ltd.
Luoyang Huigong Bearing Technology Co. Ltd. operates through a unified segment. The company offers deep groove ball bearings, single row angular contact ball bearings and double row angular contact ball bearings.
LYC Bearing Corp.
LYC Bearing Corp. operates in the bearing products segment. The company offers deep groove ball bearings and spherical ball bearings.
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Ball Bearing Market Product Outlook (Revenue, USD Billion, 2020-2024)
Geographic Outlook of Ball Bearing Market (Revenue, USD Billion, 2020-2024)
Ball Bearing Market End User Outlook (Revenue, USD Billion, 2020-2024)
Aerospace and rail industry
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