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

  • Report ID: 6293
  • Published Date: Aug 01, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Ball Bearing Market size was valued at USD 26.4 billion in 2023 and is expected to cross USD 50.8 billion by the end of 2036, registering more than 5.6% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of ball bearing is estimated at USD 27.9 Billion.

Surging demand for robotics and automation in the manufacturing industry is expected to increase the sales of ball bearings during the forecast period. Robotic applications require efficient rotational and positioning movement with the least friction, therefore large number of robotics manufacturers are employing precision components, including ball bearings. According to a study by the International Federation of Robotics, there were 553,052 industrial robot installations in factories around the world in 2022, which also indicates a 5% annual growth rate in the same year.


Ball Bearing Market Overview
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Ball Bearing Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing need to enhance functioning of electric vehiclesElectric 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.

Ball Bearing Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5.6%

Base Year Market Size (2023)

USD 26.4 billion

Forecast Year Market Size (2036)

USD 50.8 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Brazil, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Ball Bearing Segmentation

Type (Deep Groove Ball Bearings, Angular Contact Ball Bearings, Self-Aligning Ball Bearings, Thrust Ball Bearings, Others)

The self-aligning ball bearings segment is predicted to register rapid revenue ball bearing market growth during the projected timeframe owing to high usage of self-aligning ball bearings in the construction machinery. Self-aligning ball bearings consist of two rows of balls, one common sphered raceway in the outer ring and 2 uninterrupted grooves in the inner ring that minimize friction and frictional heat. These ball bearings are widely used in the construction machinery due to high chances of shaft alignment in the machinery. Shaft misalignment is one of the most frequently occurring causes of failure in rotating machinery, contributing to close to 29 to 50% of failures. Self-aligning ball bearings accommodate static and dynamic misalignment, provide excellent light load and high-speed performance, and require minimum maintenance.

Application (Automotive, Industrial Machinery, Mining & Construction, Medical, Others)

Automotive segment is projected to capture over 50.2% ball bearing market share by 2036 owing to increasing demand for automobiles with advanced technologies and rapidly expanding automotive manufacturing sector Ball bearing plays a key role in the automotive sector in enhancing the performance of various vehicle components. These help in reducing the friction between moving parts and support radial as well as axial loads. Different types of ball bearings including deep groove ball bearings, angular contact ball bearings, self-aligning ball bearings and double row ball bearings are used in vehicles and many key players are investing in developing and launching more effective products. For instance, in February 2022, Schaeffler, a leading German rolling bearing manufacturer announced the launch of two new bearings for electric vehicles.

Our in-depth analysis of the global ball bearing market includes the following segments:

            Type

  • Deep Groove Ball Bearings
  • Angular Contact Ball Bearings
  • Self-Aligning Ball Bearings
  • Thrust Ball Bearings
  • Others

            Application

  • Automotive
  • Industrial Machinery
  • Mining & Construction
  • Medical
  • Others

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Ball Bearing Industry - Regional Synopsis

APAC Market Statistics

Asia Pacific region in ball bearing market is anticipated to account for revenue share of more than 40.1% by the end of 2036 owing to rising demand for two-wheelers and rapid adoption of advanced ball bearing technology. Over the years, there has been a significant increase in the sales of two wheelers in the region. According to a survey published in Global Fleet, 90% of the global two-wheeler sales occurred in Asia in 2022. Ball bearing reduces the abrasion during the wheel rotation in two-wheelers and accelerate the speed. For instance, it has been investigated that over 89% of global two-wheeler sales occur in Asia.

China ball bearing market is expected to register highest CAGR owing to high usage of ball bearings in railways. According to China Railway Construction Corporation (CRCC), a Chinese construction company has produced the biggest bearing for a tunnel boring machine (TBM) in the entire globe.  

The ball bearing market in India is expected to expand over the forecast period due to the expanding aerospace and defense industries. For instance, in aerospace ball bearing makes significant control surfaces such as rudders and ailerons easier to move with little resistance.

The ball bearing market in Japan is expected to expand in the coming years due to the rising population and growing demand for passenger automobiles Moreover, the growth in population is encouraging infrastructure activities that is influencing adoption for machinery such as cranes and bulldozers that are mostly equipped with ball bearing.

North America Market Analysis

The ball bearing market in North America is expected to witness significant revenue growth during the forecast period owing to presence of leading ball bearing manufacturers and rapid advancements in ball bearing technology.

Rapid growth in urbanization and industrial development, in addition to increasing development of miniature ball bearings is set to influence the ball bearing market expansion in the US.  Miniature bearings are vital in precise instruments and experimental equipment. For example, they are employed in optical instruments, laser devices, medical equipment, measuring devices, and other applications to ensure precise motion control and placement. The market in Canada is growing on account of increasing investment in defense and aerospace. Air transportation has gained significant importance recently in this nation, resulting in growing demand for different types of ball bearings.

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Ball Bearing Market Share
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Companies Dominating the Ball Bearing Landscape

    The ball bearing market has the presence of several major market players. These key players are launching advanced bear balling solutions to maintain their market position. Moreover, their investment in research & development has surged significantly. Some of the key players include:

    • The Timken Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schaeffler AG
    • Brammer PLC
    • Harbin Bearing Manufacturing Co., Ltd.
    • HKT International Group Ltd.
    • JTEKT Corporation
    • NBI Group
    • RBC Bearings Inc.
    • Regal Rexnord Corporation
    • RHP Bearings

In the News

  • In February 2024, Schaeffler recently revealed that it is expanding its operations in the United States by establishing a new manufacturing site that will provide electric mobility solutions for cars.
  • In February 2023, the Timken Company recently purchased the business assets of American Roller Bearing Company (ARB), a North Carolina-based industrial bearing producer.

Author Credits:  Richa Gupta


  • Report ID: 6293
  • Published Date: Aug 01, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of ball bearing was over USD 26.4 billion.

The market size for ball bearing is poised to cross USD 50.8 billion by the end of 2036 expanding at a CAGR of 5.6% during the forecast period i.e., between 2024-2036.

The major players in the market are The Timken Company, Schaeffler AG, Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., and others.

The automotive segment is anticipated to gather a share of 50.2% during 2024-2036.

The Asia Pacific ball bearing market is poised to hold a 40.1% share by the end of 2036.
Ball Bearing Market Report Scope
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