Ball Bearing Market Size & Share, by Type (Deep Groove Ball Bearings, Angular Contact Ball Bearings, Others); Application (Automotive, Industrial Machinery, Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing need to enhance functioning of electric vehicles – Electric vehicles have gained immense popularity over the years.  As stated by the International Energy Agency, in 2023, the sale of electric vehicles reached 14 million units up from units sold in 2022. Electric vehicle motors operate at speeds around 999 and over 15,000 rpm leads to the formation of extremely thin grease coating between a bearing's race causing rolling components to fail. Consequently, this hampers the functioning of the electric vehicles, as a result, the ball bearing component is gaining importance since it offers high-speed capabilities.
  
  To cater to such issues, one of the prominent key players in the ball bearing market, Electro Static Technology has developed bearing protection rings, including AEGIS, that do not need maintenance and endure throughout the lifespan of the motor, regardless of rpm.
• Increasing popularity of smart technology in ball bearing - Smart bearings have received significant interest lately as a result of the growing industrial digitalization. The role of such bearings is to increase reliability and lower maintenance costs. The low consumption of electricity and improvements in the miniaturization of wireless sensor nodes (WSNs) have contributed to the acceptance of self-powered technologies as a viable approach for achieving independent WSNs in smart bearings.
• Surging use of ball bearings in healthcare - Ball bearings are considered to be tiny lifesavers utilized in medical technology during heart surgery. They play a significant role in micro-blood pumps, which are less taxing on patients than heart-lung machines. Furthermore, the integration of polymer-based ball polymer is also growing in this sector on account of growing concern for hygiene. For instance, in May 2022 Igus, a global leader in motion plastics, expanded its selection of high-performance polymers for application in medical devices with the launch of Xiros MT180. Xiros MT180is a material for light, sanitary, dry-running deep groove ball bearings.

Challenges

• Rising price of ball bearing - Trade policy changes, instabilities in the ecology of supply and demand and uncertainty in foreign exchange rates, may all have a negative effect on the amount that aluminum and steel bearing materials cost. Furthermore, regular lubrication must be performed for the component components—which comprise cages, shields, seals, and other elements—to ensure minimal wear and smooth operation.
• Rising distribution of counterfeit products - One of the factors affecting the sales of the ball bearings across various sectors is the rising availability of counterfeit products. Many fake goods are offered for sale at affordable costs to customers which has increased their popularity.