June 11, 2024 07:00 ET | Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware,, June 11, 2024 (GLOBE NEWSWIRE) -- bearing retainer
The ball bearing market valuation is anticipated to cross USD 24 billion by 2032, as reported in a research study by Global Market Insights Inc. The proliferation of electric vehicles (EVs) is a major driver of business growth.
As the automotive industry moves toward electrification, the need for ball bearings in critical electric vehicle components such as engines, transmissions, and wheels is increasing. This increase in demand reflects the need for efficient and durable bearings to ensure the efficient operation of electric vehicles, which catalyzes the expansion of the ball bearing market. As electric cars continue to gain traction worldwide due to their environmental benefits and technological advances, further market growth is anticipated.
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The angular contact ball bearings segment will expand rapidly through 2032 due to the versatile application and excellent performance characteristics of angular contact ball bearings. Designed to withstand both radial and axial loads, these bearings are essential in high-speed, high-precision environments. ACBBs are widely used in automotive, aerospace, industrial machinery, and other industries. Their ability to support combined loads and operate at higher speeds than other bearing types makes them ideal for applications that require reliable and efficient performance under dynamic conditions, fueling segment growth.
The aerospace and defense segment will hold a large share of the ball bearing market through 2032, as these industries have stringent performance and reliability requirements. Bearings are critical components in aircraft engines, landing gears, and various control systems, where they ensure smooth and efficient operation under extreme conditions. Growing demand for commercial and military aircraft and increasing air travel and defense budgets are significantly contributing to the market expansion. In addition, advances in aerospace technology, including the development of unmanned aerial vehicles (UAV) and space exploration equipment, are creating new opportunities for ball manufacturers.
Europe ball bearing market will witness a demand boost through 2032, driven by the established automotive, aerospace, and industrial machinery industries. The region's strong focus on technological innovation and quality manufacturing practices has made it a key market for high-precision, high-performance ball bearings. Countries such as Germany, France, and the UK are major contributors to the market, and Germany is a hub for automotive and industrial machinery. The presence of leading ball manufacturers and extensive R&D strengthens Europe's market position. In addition, the region's commitment to sustainability and energy efficiency encourages the adoption of advanced carrier technologies in renewable energy projects, thereby inducing industry growth.
Major companies in the ball bearing market include NSK Ltd, Schaeffler AG, Timken Company, NTN Corporation, Minebea Mitsumi Inc., JTEKT Corporation, RBC Bearings Incorporated, THK Co., Ltd. Their main growth strategies are product innovations and mergers and acquisitions, strategic partnerships, and geographic expansions.
Continuously investing in R&D, these companies strive to develop advanced charging solutions that meet the changing demands of industries such as automotive, aerospace, industrial machinery, and renewable energy. In addition, strategic collaborations and acquisitions allow companies to access new markets, technologies, and opportunities, promoting growth opportunities. Geographical expansion into emerging markets further strengthens their market presence and meets the growing demand for bearings worldwide.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary 2.1 Industry 3600 synopsis Chapter 3 Ball Bearing Market Insights 3.1 Industry ecosystem analysis 3.2 Technological overview 3.3 Regulatory landscape 3.4 Industry impact forces 3.4.1 Growth drivers 3.4.2 Industry pitfalls & challenges 3.5 Growth potential analysis 3.6 Porter’s analysis 3.6.1 Supplier power 3.6.2 Buyer power 3.6.3 Threat of new entrants 3.6.4 Threat of substitutes 3.6.5 Industry rivalry 3.7 PESTEL analysis Chapter 4 Competitive Landscape, 2023 4.1 Company market share analysis 4.2 Competitive positioning matrix 4.3 Strategic outlook matrix
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About Global Market Insights Inc.
bearing puller Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.