Ball Bearing Global Market Report 2024

The global ball bearing market has grown strongly in recent years. It will grow from $40.12 billion in 2023 to $42.4 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The expansion observed during the historical period can be attributed to several factors, including industrialization, the growth of the automotive industry, demand from the aerospace sector, the impact of globalization, and developments in the energy sector. These elements collectively contributed to the growth and adoption of ball bearings during the specified historical period.

The global ball bearing market is expected to see strong growth in the next few years. It will grow to $52.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be attributed to a focus on sustainability, trends towards miniaturization, the emphasis on supply chain resilience, increasing demands for customization, and the implementation of predictive maintenance practices. Key trends expected in the forecast period encompass the integration of smart manufacturing and Industry 4.0 practices, heightened attention to sustainability and environmental considerations, technological advancements in materials, and a dedicated focus on maintenance and reliability within the ball bearings market.

The anticipated surge in demand for electric vehicles (EVs) is poised to drive the growth of the ball bearing market in the future. Ball bearings play a pivotal role in improving vehicle performance by reducing friction, particularly among tires, aiding in the efficient movement of vehicles with reduced power consumption. The escalating population of electric vehicles directly fuels the demand for ball bearings. According to the International Energy Agency's July 2023 report, electric vehicle sales reached 10 million in 2022, projected to rise further to 14 million in 2023. This uptrend in electric vehicle demand serves as a significant driver for the growth of the ball bearing market.

The expanding automotive industry is expected to be a key catalyst propelling the growth of the ball bearings market. Ball bearings are integral components used in various automotive applications, including wheel hubs, axles, transmissions, and engines, to minimize friction and ensure smooth and precise motion. The surge in global motor vehicle production, as reported by the European Automobile Manufacturers Association in May 2023, reaching 85.4 million units in 2022 (a 5.7% increase from 2021), underscores the sector's rapid growth. Additionally, Brand Finance plc's February 2022 report highlighted a substantial 10% increase in unit sales within the automobile sector, totaling approximately 78 million units in 2022. This remarkable growth in the automotive industry significantly contributes to driving the expansion of the ball bearings market.

Technological advancements stand out as a prominent trend shaping the ball bearing market landscape. Leading companies in this sector are focused on introducing innovative technologies to gain a competitive edge. For instance, NSK Ltd., a Japan-based bearings manufacturer, introduced a third-generation ultra-high-speed ball bearing in 2021. Leveraging cutting-edge simulation technology, this bearing is designed for electric vehicle (EV) motors, capable of operating at speeds exceeding 1.8 million dmN. Recognized as the world's fastest grease-lubricated deep groove ball bearing for automotive applications, this innovative bearing, driven by simulation technology, contributes to increasing vehicle range and reducing energy (fuel) consumption, aligning with the market's demand for enhanced performance and efficiency.

Key players in the ball bearings market are increasingly focusing on sustainable product offerings to deliver reliable services to their customers. Sustainable ball bearings, engineered for durability, energy efficiency, and reduced environmental impact across their lifecycle, are gaining prominence. For instance, in November 2022, igus, a German-based technical product manufacturer, introduced the xiros deep groove ball bearing - a green ball bearing crafted from recycled plastic renowned for its durability. The xiros bearing employs recycled plastics via the injection molding process, ensuring corrosion resistance, exceptional chemical resistance, non-magnetic properties, and electrical insulation. The outer rings utilize dyed xirodur B180, while the cage is made from recycled iglidur material. Widely applicable across sectors like machine tools, automotive, and medical industries, the xiros deep groove ball bearing stands as a sustainable solution meeting various industrial needs.

In a strategic move, the Timken Company, a US-based manufacturer specializing in bearings and power transmission products, completed the acquisition of the American Roller Bearing Company in February 2023, for an undisclosed sum. This acquisition is aimed at expanding Timken's portfolio of engineered bearings and industrial motion products. The American Roller Bearing Company, another US-based manufacturer, specializes in producing anti-friction bearings and ball bearings. Timken's acquisition of this company strengthens its position in the market and broadens its offerings, further enhancing its capabilities to cater to diverse industrial needs, especially in the realm of engineered bearings and related products.

Major companies operating in the ball bearing market report are NTN Bearing Corporation, The Timken Company, Schaeffler AG, Jtekt Corporation, SKF AB, LYC Bearing Corporation, NSK Ltd., Nachi Fujikoshi Corp., Myonic GmbH, Luoyang Huigong Bearing Technology Co. Ltd., ISB Industries Pvt. Ltd., THB Bearings Co. Ltd., Federal Moghul Holding Corporation, THK Company, Brammer PLC, Harbin Bearing Manufacturing Co. Ltd., HKT Bearings Ltd., NBI Bearings Europe SA, RBC Bearings Inc., Rexnord Corporation, RHP Bearings Europe Ltd., MinebeaMitsumi Inc., AST Bearings LLC, New Hampshire Ball Bearings Inc., Precision Bearings Pvt. Ltd., C&U Group Co. Ltd., CW Bearing USA Inc., General Bearing Corporation, Kinex Bearings AS, NKE Austria GmbH, RKB Europe SA, Sapporo Precision Inc., Shanghai Shi Kun Bearing Co. Ltd., Sven Wingquist AB, TMB Bearings Group Co. Ltd., Wafangdian Bearing Group Corp. Ltd., Zhejiang Tianma Bearing Co. Ltd., ZVL Slovakia AS

Asia-Pacific was the largest region in the ball bearing market in 2023. The regions covered in the ball bearing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ball bearing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of ball bearings in the market include self-aligning bearings, deep groove ball bearings, angular contact ball bearings, and others. Self-aligning bearings are utilized in applications where misalignment occurs due to mounting or shaft deflection. They are recommended when shaft and housing alignment is challenging or when the shaft may bend during operation. Various vehicle types, including passenger cars, commercial vehicles, and two-wheelers, make use of ball bearings. Distribution channels for ball bearings encompass original equipment manufacturers (OEMs) and the aftermarket. Applications of ball bearings span across automotive, industrial machinery, mining and construction, medical, and other sectors.

The ball bearing market report is one of a series of new reports provides ball bearing statistics, including ball bearing industry global market size, regional shares, competitors with a ball bearing market share, detailed ball bearing market segments, market trends and opportunities, and any further data you may need to thrive in the ball bearing industry. This ball bearing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ball bearing market consists of sales of single-row bearings, double-row bearings, multi-row bearings. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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