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The ball bearings market share is expected to increase by USD 4.12 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.43%.
This ball bearings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ball bearings market segmentations by product (deep groove, angular contact, self-aligning, and others), end-user (automotive industry, heavy industry, aerospace and railway industry, and others), and geography (APAC, Europe, North America, South America, and MEA). The ball bearings market report also offers information on several market vendors, including AB SKF, Harbin Bearing Manufacturing Co. Ltd., JTEKT Corp., Luoyang Huigong Bearing Technology Co. Ltd., LYC Bearing Corp., MinebeaMitsumi Inc., NSK Ltd., NTN Corp., Schaeffler AG, and The Timken Co. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The new product launches is notably driving the ball bearings market growth, although factors such as covid-19 impacts may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ball bearings market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ball Bearings Market Driver
One of the key factors driving the ball bearings market is the rising demand for wind power generation. Ball bearings are used for integrating various wind turbine components such as the gearbox, generator, and pitch and yaw systems. Therefore, rising number of wind turbine installations is expected to propel the demand for ball bearings. Furthermore, wind turbines are a valuable and efficient means of harnessing sustainable energy and help reduce carbon emissions. Wind turbine manufacturers are developing high-capacity turbines that can generate more power. Moreover, the wind turbine market is one of the key end-users for ball bearings. Besides, offshore wind generation is a relatively new technology. Technavio expects the cost of this technology to decline during the forecast period, which may encourage widespread adoption. This is expected to create demand for the installation of new offshore wind turbines, which may drive the demand for ball bearings. In addition, wind turbines require maintenance-free and high-quality ball bearings for enhancing turbine reliability and performance. The growing number of windmill farms worldwide is creating a huge demand for ball bearings.
Key Ball Bearings Market Trend
Rise in adoption of industrial robotics is another factor supporting the ball bearings market growth in the forecast period. A key reason for the growth of the market is the increasing interest in deploying industrial robots. Robots are mainly used for assembling, machine loading and unloading, packaging, welding, painting, and material handling. Several investments are being made in the deployment of automation solutions in industries. Furthermore, affordable and portable robotic arms are helping companies benefit from automation. Robots help ensure health and safety in workplaces by executing tasks in hazardous environments, thereby eliminating the risk of injuries. Robotic applications require high precision ball bearings with good rotational accuracy and reliability. Moreover, the adoption of industrial robots in the UK, Germany, and China, among other countries, is rising. There is a significant demand from several end-user industries, which include automotive and heavy industries across the Americas, APAC, and EMEA. Besides, there are working conditions that require robots to work in extreme or controlled environments. In such scenarios, relubrication facilities supply ball bearings with specialized lubricants for use in high temperatures. Thus, the rise in the adoption of industrial robotics will drive the market for ball bearings during the forecast period.
Key Ball Bearings Market Challenge
Penetration of counterfeit and used ball bearing products will be a major challenge for the ball bearings market during the forecast period. Multiple counterfeit products are sold at competitive prices. Moreover, many price-sensitive end-users are unaware of branded products and buy such products because they are cheap, attractive, and copies of big brands. Furthermore, the penetration of counterfeit products is high in emerging countries such as India and China. For instance, in Chennai, India, the police seized counterfeit ball bearings worth $450,000 in 2017. The counterfeit bearings were sold under the brand name SKF. Counterfeit products not only reduce customer loyalty but also devalue established vendors and reduce their profitability. Additionally, the rising adoption of used ball bearings is further adversely affecting the revenue generated from the sales of new ones. Moreover, used ball bearings are widely available online on various web portals, such as the e-commerce portal of Alibaba Group Holding Ltd. Furthermore, significant differences in the prices of used bearings compared with that of new bearings can encourage many end-users to invest in used ball bearings. Therefore, the growing adoption of used ball bearings is expected to negatively impact the growth of the global ball bearings market during the forecast period.
This ball bearings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global ball bearing market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ball bearings market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the ball bearings market encompasses successful business strategies deployed by the key vendors. The ball bearings market is fragmented and the vendors are deploying growth strategies such as new product launches and agreements with potential end-usersto compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ball bearings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ball bearings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global industrial machinery market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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