The Ball Bearing Market size was valued at USD 19.89 Billion in 2023 and is now anticipated to grow to USD 27.03 Billion by 2031, displaying a compound annual growth rate (CAGR) of 3.91% during the forecast Period 2024 - 2031.
The ball bearing market is growing at a significant rate with a variety of factors into play. The key driver is rising demand of machineries across industries for smooth operations. Another driver is innovation in materials with enhanced properties like resistance to wear & durability to operate in extreme temperatures thus lasting longer.
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Another driving factor is integration of sensors allowing real time allowing real time data analysis for predictive maintenance is preventing any failure in the machineries. Moreover, the rising awareness towards sustainability & efficient is pushing ball bearing with high performance to minimize friction causing lower energy consumption and increased efficiency is helping in expanding life span & minimize waste thus keeping in mind over sustainability practices. Similarly with rising adoption of industrial automation & robotics across industries is creating demand for high precision bearings. Also, with globalization & industrialization is creating the demand for ball bearing markets. All these factors are helping in the growth of the market.
Drivers
Smart technologies & digitalization embedding in bearings is driving market towards its growth.
The growth of ball bearing market is seen by digitalization in embracing wireless technology. The digitization of bearings is done by calculation vibration pattern & lubrication state and the calculations are analyzed to take appropriate response. Also, the introduction of AI & IoT is helping in real time monitoring of bearings at all times with rise of EV’s having bearings with more advanced technology than a traditional car.
Growing demand for precision engineering among various industries is helping in driving the growth of the market.
Restraints
High price volatility of steel & aluminum is creating a hinderance in the market growth.
Rise of alternate bearing technologies is creating a restraint in the market growth.
Development of alternate bearing technology like magnetic bearings and air bearings is creating a restraint in a certain way. As these technologies offers advantages like reduced friction, operation at high-speed or suitability at specific environments. All these technologies are growing and becoming cost-effective and in certain condition they may replace ball bearing thus restraining market growth.
Opportunities
The advent of IoT is creating growth opportunities for market growth by providing high-performance bearings incorporated with advanced sensors with real time monitoring.
Rising demand for equipment & machineries across various industries is creating growth opportunities.
Challenges
Rising adoption of automation is declining as the demand for the ball bearing as the machinery requiring ball bearing is reducing thus creating challenge in the market growth.
High presence of counterfeit products creating safety concern is creating challenge in the market growth
The Russia-Ukraine war has a huge impact on the ball bearing market. The war has created disruption in global supply chain with increase in cost of shopping from $30,000 to over $40,000 per 40-foot container. Russia being a key supplier for raw material required for the production of ball bearings like steel & aluminum. The war has created shortage of raw materials which has caused price hikes with steel price hike to 50% & aluminum prices to 40% hike thus lowering down profit margin for manufacturers. The war has also increased the transportation costs with raising cost for war materials as-well-as finished goods. The war has created economic uncertainties which has created a dip in the demand for ball bearings thus impacting the market growth. But on the other side, the war is creating opportunities for the market by empowering for domestic manufacturing thereby reducing reliance over global supply chain. Also, the manufacturers might also look for alternate suppliers for raw materials other than Russia creating market for other suppliers across the world. The war may also look for innovation by exploring new materials for ball bearing with much better properties.
Economic slowdowns have a huge impact on the ball bearing market. The business face financial burden with reduced spending of equipment also including ball bearings and companies may prioritize core operations. The slowdown may lower the production levels which will further reduce the demand for ball bearing impacting the market. For the supply side, the decreased production is creating supply shortage and increasing lead time. Also, the slowdown is causing job loss thus limiting the ability of manufacturers to maintain the production capacity. But on the other side, the reduced maintenance cost & improved efficiency is creating long term benefits for the market. Also, the cost-effectiveness ball bearing provides is making it a feasible option in adoption. Also, the refurbished market may create growth opportunities as companies might look for affordable options.
By Type
Deep-Groove Ball Bearings
Self-Aligning Ball Bearings
Angular Contact Ball Bearings
Thrust Ball Bearings
Others
By Application
Automotive
Agriculture
Electrical
Mining & Construction
Railway & Aerospace
Automotive Aftermarket
Others
The Automotive industry is dominating the market with a share of around 42.6% of the total market. The dominance is because of rise in global automotive production. Also, the growing demand for vehicles equipped with enhanced technology causing a rise in vehicle manufacturing. The rising demand for advanced vehicles is increasing the demand for bearing in the automotive sector. Also, the growing adoption of electric vehicles is helping the growth of the sector.
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The Asia-Pacific region is dominating the market with a share of around 43.8% of the total market. The dominance is because of emerging economies across the region with expansion of automobile & machinery manufacturing across the region. The growing demand for vehicles with 2-wheelers & passenger cars used by 1/3rd of global population subsequently growing the demand for ball bearings in use.
North America is the fastest growing region next to Asia-Pacific because of rising automotive industry in the region.
Regional Outlook
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings and others.
Harbin Bearing Manufacturing Co., Ltd-Company Financial Analysis
In September 2023, Schaeffler AG diversified its product portfolio by introducing new offerings in rotary table bearings, torque motors, and linear motors. This expansion includes the introduction of various sizes for rotary table and rotary axis bearings, complemented by the incorporation of bearing-integrated angular measuring systems. The standardization of torque motors within the RKIB series, now available up to size 690, further strengthens the company's capability to offer a comprehensive range of top-tier solutions.
In November 2023, The Timken Company acquired Engineered Solutions Group. This acquisition is instrumental in enhancing the company’s standing as a provider of comprehensive solutions within the industrial motion and engineered bearings sector.
In December 2023, ENERMAX detected higher-than-expected RMA levels in the REVOLUTION D.F. 2 and REVOLUTION D.F. X product lines. With the new models, the fan bearing issue has been addressed by installing double ball bearings of industrial grade.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 19.89 Billion |
| Market Size by 2031 | US$ 27.03 Billion |
| CAGR | CAGR of 3.91% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Deep-Groove Ball Bearings, Self-Aligning Ball Bearings, Angular Contact Ball Bearings, Thrust Ball Bearings, Others) • By Application(Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., HKT Bearings Ltd., JTEKT Corporation, NBI Bearings Europe, NSK Global, NTN Corporation, RBC Bearings Inc., Rexnord Corporation, RHP Bearings |
| Key Drivers | • Smart technologies & digitalization embedding in bearings is driving market towards its growth. • Growing demand for precision engineering among various industries is helping in driving the growth of the market. |
| Challenges | • Rising adoption of automation is declining as the demand for the ball bearing as the machinery requiring ball bearing is reducing thus creating challenge in the market growth. • High presence of counterfeit products creating safety concern is creating challenge in the market growth |
Ans: The Ball Bearing Market is expected to grow at a CAGR of 26%.
Ans: Ball Bearing Market size was USD 12.52 billion in 2023 and is expected to Reach USD 79.56 billion by 2031.
Ans: Growing demand for precision engineering among various industries is helping in driving the growth of the market.
Ans: High price volatility of steel & aluminum is creating a hinderance in the market growth.
Ans: Asia-Pacific is expected to hold the largest market share in the Ball Bearing market during the forecast period.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Ball Bearing Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Deep-Groove Ball Bearings
9.4 Self-Aligning Ball Bearings
9.5 Angular Contact Ball Bearings
9.6 Thrust Ball Bearings
9.7 Others
10. Ball Bearing Market Segmentation, By Application
10.1 Introduction
10.2 Trend Analysis
10.3 Automotive
10.4 Agriculture
10.5 Electrical
10.6 Mining & Construction
10.7 Railway & Aerospace
10.8 Automotive Aftermarket
10.9 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Ball Bearing Market, By Country
11.2.3 North America Ball Bearing Market, By Type
11.2.4 North America Ball Bearing Market, By Application
11.2.5 USA
11.2.5.1 USA Ball Bearing Market, By Type
11.2.5.2 USA Ball Bearing Market, By Application
11.2.6 Canada
11.2.6.1 Canada Ball Bearing Market, By Type
11.2.6.2 Canada Ball Bearing Market, By Application
11.2.7 Mexico
11.2.7.1 Mexico Ball Bearing Market, By Type
11.2.7.2 Mexico Ball Bearing Market, By Application
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Ball Bearing Market, By Country
11.3.2.2 Eastern Europe Ball Bearing Market, By Type
11.3.2.3 Eastern Europe Ball Bearing Market, By Application
11.3.2.4 Poland
11.3.2.4.1 Poland Ball Bearing Market, By Type
11.3.2.4.2 Poland Ball Bearing Market, By Application
11.3.2.5 Romania
11.3.2.5.1 Romania Ball Bearing Market, By Type
11.3.2.5.2 Romania Ball Bearing Market, By Application
11.3.2.6 Hungary
11.3.2.6.1 Hungary Ball Bearing Market, By Type
11.3.2.6.2 Hungary Ball Bearing Market, By Application
11.3.2.7 Turkey
11.3.2.7.1 Turkey Ball Bearing Market, By Type
11.3.2.7.2 Turkey Ball Bearing Market, By Application
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Ball Bearing Market, By Type
11.3.2.8.2 Rest of Eastern Europe Ball Bearing Market, By Application
11.3.3 Western Europe
11.3.3.1 Western Europe Ball Bearing Market, By Country
11.3.3.2 Western Europe Ball Bearing Market, By Type
11.3.3.3 Western Europe Ball Bearing Market, By Application
11.3.3.4 Germany
11.3.3.4.1 Germany Ball Bearing Market, By Type
11.3.3.4.2 Germany Ball Bearing Market, By Application
11.3.3.5 France
11.3.3.5.1 France Ball Bearing Market, By Type
11.3.3.5.2 France Ball Bearing Market, By Application
11.3.3.6 UK
11.3.3.6.1 UK Ball Bearing Market, By Type
11.3.3.6.2 UK Ball Bearing Market, By Application
11.3.3.7 Italy
11.3.3.7.1 Italy Ball Bearing Market, By Type
11.3.3.7.2 Italy Ball Bearing Market, By Application
11.3.3.8 Spain
11.3.3.8.1 Spain Ball Bearing Market, By Type
11.3.3.8.2 Spain Ball Bearing Market, By Application
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Ball Bearing Market, By Type
11.3.3.9.2 Netherlands Ball Bearing Market, By Application
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Ball Bearing Market, By Type
11.3.3.10.2 Switzerland Ball Bearing Market, By Application
11.3.3.11 Austria
11.3.3.11.1 Austria Ball Bearing Market, By Type
11.3.3.11.2 Austria Ball Bearing Market, By Application
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Ball Bearing Market, By Type
11.3.2.12.2 Rest of Western Europe Ball Bearing Market, By Application
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Ball Bearing Market, By Country
11.4.3 Asia Pacific Ball Bearing Market, By Type
11.4.4 Asia Pacific Ball Bearing Market, By Application
11.4.5 China
11.4.5.1 China Ball Bearing Market, By Type
11.4.5.2 China Ball Bearing Market, By Application
11.4.6 India
11.4.6.1 India Ball Bearing Market, By Type
11.4.6.2 India Ball Bearing Market, By Application
11.4.7 Japan
11.4.7.1 Japan Ball Bearing Market, By Type
11.4.7.2 Japan Ball Bearing Market, By Application
11.4.8 South Korea
11.4.8.1 South Korea Ball Bearing Market, By Type
11.4.8.2 South Korea Ball Bearing Market, By Application
11.4.9 Vietnam
11.4.9.1 Vietnam Ball Bearing Market, By Type
11.4.9.2 Vietnam Ball Bearing Market, By Application
11.4.10 Singapore
11.4.10.1 Singapore Ball Bearing Market, By Type
11.4.10.2 Singapore Ball Bearing Market, By Application
11.4.11 Australia
11.4.11.1 Australia Ball Bearing Market, By Type
11.4.11.2 Australia Ball Bearing Market, By Application
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Ball Bearing Market, By Type
11.4.12.2 Rest of Asia-Pacific Ball Bearing Market, By Application
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Ball Bearing Market, By Country
11.5.2.2 Middle East Ball Bearing Market, By Type
11.5.2.3 Middle East Ball Bearing Market, By Application
11.5.2.4 UAE
11.5.2.4.1 UAE Ball Bearing Market, By Type
11.5.2.4.2 UAE Ball Bearing Market, By Application
11.5.2.5 Egypt
11.5.2.5.1 Egypt Ball Bearing Market, By Type
11.5.2.5.2 Egypt Ball Bearing Market, By Application
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Ball Bearing Market, By Type
11.5.2.6.2 Saudi Arabia Ball Bearing Market, By Application
11.5.2.7 Qatar
11.5.2.7.1 Qatar Ball Bearing Market, By Type
11.5.2.7.2 Qatar Ball Bearing Market, By Application
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Ball Bearing Market, By Type
11.5.2.8.2 Rest of Middle East Ball Bearing Market, By Application
11.5.3 Africa
11.5.3.1 Africa Ball Bearing Market, By Country
11.5.3.2 Africa Ball Bearing Market, By Type
11.5.3.3 Africa Ball Bearing Market, By Application
11.5.2.4 Nigeria
11.5.2.4.1 South Africa Ball Bearing Market, By Type
11.5.2.4.2 South Africa Ball Bearing Market, By Application
11.5.2.5 South Africa
11.5.2.5.1 South Africa Ball Bearing Market, By Type
11.5.2.5.2 South Africa Ball Bearing Market, By Application
11.5.2.6 Rest of Africa
11.5.2.6.1 Rest of Africa Ball Bearing Market, By Type
11.5.2.6.2 Rest of Africa Ball Bearing Market, By Application
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Ball Bearing Market, By Country
11.6.3 Latin America Ball Bearing Market, By Type
11.6.4 Latin America Ball Bearing Market, By Application
11.6.5 Brazil
11.6.5.1 Brazil Ball Bearing Market, By Type
11.6.5.2 Brazil Ball Bearing Market, By Application
11.6.6 Argentina
11.6.6.1 Argentina Ball Bearing Market, By Type
11.6.6.2 Argentina Ball Bearing Market, By Application
11.6.7 Colombia
11.6.7.1 Colombia Ball Bearing Market, By Type
11.6.7.2 Colombia Ball Bearing Market, By Application
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Ball Bearing Market, By Type
11.6.8.2 Rest of Latin America Ball Bearing Market, By Application
12. Company Profiles
12.1 Brammer PLC
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Harbin Bearing Manufacturing Co. Ltd.
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 HKT Bearings Ltd.
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 JTEKT Corporation
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 NBI Bearings Europe
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 NSK Global
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 NTN Corporation
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 RBC Bearings Inc.
12.8.1 Company Overview
12.8.2 Financial
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Rexnord Corporation
12.9.1 Company Overview
12.9.2 Financial
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 RHP Bearings
12.10.1 Company Overview
12.10.2 Financial
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases and Best Practices
15. Conclusion
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