The global ball bearings market is expected to grow by USD 4.16 billion as per Technavio. This marks a significant market slow down compared to the 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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Technavio has announced its latest market research report titled Global Ball Bearings Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Ball Bearings Market Analysis Report by Product (Deep groove, Angular contact, Self-aligning, and Others), Geography (APAC, Europe, North America, South America, and MEA), End-user (Automotive industry, Heavy industry, Aerospace and railway industry, and Others), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/ball-bearings-market-industry-analysis
The market is driven by new product launches. In addition, the presence of favorable government policies is anticipated to boost the growth of the ball bearings market.
The market has witnessed several technological developments and product innovations over the years. Vendors are focusing on improving the characteristics of the products in terms of service life, weight, energy consumption, and others to stay ahead of the competition. For instance, in January 2019, SKF launched UC range ball bearings with enhanced set screw locking systems that provide 16% higher holding power compared to conventional products. Similarly, in October 2019, JTEKT Corp. developed a creep resistance feature for ball bearings primarily used in the transmissions of EVs. The launch of such innovative products is fueling the growth of the global ball bearings market.
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Major Five Ball Bearings Companies:
AB SKF
AB SKF operates its business through segments such as Industrial and Automotive. The company offers deep groove ball bearings that have low friction and are optimized for low noise and low vibration which enables high rotational speeds.
Harbin Bearing Manufacturing Co. Ltd.
Harbin Bearing Manufacturing Co. Ltd. operates its business through a unified segment. The company offers deep groove ball bearings and self-aligning ball bearings.
JTEKT Corp.
JTEKT Corp. operates its business through segments such as Steering Business, Driveline Business, Bearing Business, and Machine Tools and Mechatronics Business. The company offers deep groove ball bearing which is the most commonly used rolling bearing.
Luoyang Huigong Bearing Technology Co. Ltd.
Luoyang Huigong Bearing Technology Co. Ltd. operates its business 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 its business through the bearing products segment. The company offers deep groove ball bearing and self-aligning ball bearings.
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Ball Bearings Market Product Outlook (Revenue, USD Billion, 2020-2024)
- Deep groove
- Angular contact
- Self-aligning
- Others
Ball Bearings Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- APAC
- Europe
- North America
- South America
- MEA
Ball Bearings Market End-user Outlook (Revenue, USD Billion, 2020-2024)
- Automotive industry
- Heavy industry
- Aerospace and railway industry
- Others
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