Single Row Ball Bearing Market - Forecasts from 2023 to 2028

The global single row ball bearing market is expected to grow at a CAGR of 5.04% during the forecast period.

A single-row ball bearing is a type of rolling element bearing used to support radial and axial loads, and it consists of an inner ring, an outer ring, a set of steel balls, and a cage that holds the balls in place. The different types of single-row ball bearings include single-row deep grooves and single-row angular contact, which are used in various applications such as medical diagnostic equipment, electrical motors, thermal imaging cameras, and optical encoders due to their versatility, compact design, and ease of installation. The growing adoption of medical diagnostic equipment and the increasing usage of electrical motors is projected to accelerate the demand for single-row ball bearings, paving the way for their market growth.

The growing adoption of medical diagnostic equipment will propel the single-row ball bearings market growth.

Medical diagnostic equipment, such as imaging devices (MRI, CT scan, ultrasound), laboratory analyzers, and surgical tools, relies on precise and smooth rotational movements for accurate diagnostics and procedures. Single-row ball bearings are critical in facilitating the smooth rotation of various components within these devices, ensuring their efficient and reliable operation. Because of their excellent radial load-carrying capacity, single-row ball bearings support the weight and rotational forces encountered in medical devices. In medical devices, where precision and reliability are paramount, the smooth rotation provided by these bearings is vital for achieving accurate results and prolonging the lifespan of the equipment. The increasing usage of medical devices boosts the demand for single-row ball bearings. According to the Directorate General of Commercial Intelligence and Statistics (DGCI&S), in 2021, India's export of medical and surgical instruments stood at Rs 10,220 crore, and imports stood at Rs 30,699.59 crore. According to the Advanced Medical Technology Association report in 2021, medical device spending in the US increased at an average annual rate of 5.8% in 2019. This shows that the single row ball bearing market will have a great demand in the future.

The surge in the usage of electric motors is augmenting the demand for single-row ball bearings.

Electric motors are employed in diverse applications, including industrial machinery, automotive systems, HVAC equipment, household appliances, etc. These motors rely on smooth rotational motion to convert electrical energy into mechanical power, and single-row ball bearings play a crucial role in facilitating this motion. The smooth rotation achieved by these bearings contributes to electric motors' overall performance and longevity, as it minimizes wear and tear, vibration, and noise. Electric vehicles (EVs) rely heavily on electric motors for propulsion. Their widespread adoption is expected to surge in the coming years and presents a significant opportunity for using single-row ball bearings. According to the China Association of Automobile Manufacturers (CAAM), in 2022, electric vehicle sales share in total passenger cars sold in China was around 26%, double the previous year. According to the European Automobile Manufacturers Association, in 2021, the share of battery electric cars and plug-in hybrids increased from 0.4% in 2019 to 1.1% in 2020.

The Asia-Pacific region is expected to hold a significant market share throughout the forecast period.

The Asia-Pacific region is anticipated to constitute a major market share due to the growing EV industry in major economies such as China, India, and Japan, coupled with the increasing usage of medical diagnostic equipment and the growing medical sector in the region. In 2021, the Department of Pharmaceuticals of India updated the Public Procurement Order (PPO) to include 19 medical devices. This is expected to improve domestic medical device manufacturing (and support Make in India) and lower import costs by Rs. 4,000 crores (US$ 538.62 million). In 2022, the Ministry of Finance (MOF), the State Taxation Administration (STA), and the Ministry of Industry and Information Technology (MIIT) of China announced that purchases of new energy vehicles (NEVs) that occur between January 1 to December 31, 2023, will continuously be exempted from vehicle purchase tax. Such positive developments boost the demand for single-row ball bearings in the Asia Pacific, fostering regional growth.

Market Developments:

• August 2022: SKF introduced a new hybrid deep groove ball bearing with higher operational speed, more flexibility in the design choices, and low noise suitable for applications such as rail industry traction motors, electric machines, and drives.
• January 2022: NSK, a global leader in bearing manufacturing, announced the acquisition of Alliance Bearing Repair and Reclaim, LLC. to provide service and support bandwidth to effectively manage bearing life cycle costs for their customers.

Market Segmentation:

By Type

• Single Row Deep Groove
• Single Row Angular Contact

By Material

• Steel
• Ceramic

By Application

• Medical Diagnostic Equipment
• Electrical Motors
• Thermal Imaging Cameras
• Optical Encoders
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Others