November 15, 2019
According to the research report titled ‘Global Ball Bearing Market Analysis: By Bearing Type (Radial Deep Grove, Angular Contact, Insert Bearing, Self Align Bearing, Thrust ball, Miniature Bearing), By End-User Industry, By Distribution Channel, By Region, By Country (2018 Edition) Forecast to 2023’ available with Market Study Report LLC, the global ball bearing market is estimated to grow substantially with a CAGR of 5.41% during the period of 2018-2023.
For the record, a ball bearing is a type of rolling-element fitting that uses metal balls to keep the bearing races separate. It is used in various equipment and applications that involves moving parts to lower rotational friction and to support axial loads. Growing industrialization and expansion of transportation industry in emerging economies, coupled with automotive industry transformation and process industries digitalization will drive the global ball bearing market in the upcoming years.
Based on bearing type, ball bearing market is segmented into miniature bearing, thrust ball, self-align bearing, insert bearing, angular contact, and radial deep grove. While speaking of end-user spectrum, the market is classified into process industries and transportation, wherein process industries include mining, general industrial, metals, energy, construction, pulp/paper, cement, and defense, while transportation involves rail, civil aerospace, off-highway & heavy trucks, passenger vehicles, and others. In terms of distribution channel, the market is fragmented into retail distribution and OEM.
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Considering geographical landscape, the global ball bearing market is divided into regions which include Europe, Americas, APAC, and Middle East & Africa, with key focus on countries namely, Canada, Brazil Germany, Italy, China, Japan, US, UK, Mexico, France, and India. The report cites that Asia-Pacific ball bearing market will hold the largest regional share throughout the forecast timeframe, due to emerging economic conditions combined with growing industrialization across nations like Indonesia, China, and India.
The major players in ball bearing market are Schaeffler Group, SFK, NSK, Timken, NTN, JTEKT, Minebea Mitsumi, NRB Bearings, C&U, LYC Bearings, and Nachi Fuhjikoshi.
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