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Report Overview
The global ball bearing market was valued at USD 41.77 Billion in 2024. The industry is expected to grow at a CAGR of 4.50% during the forecast period of 2025-2034. The market growth is mainly due to the increasing use of electric vehicles (EVs). Greater miniaturization of the components of electric motor, drive, and battery parts of EVs makes it necessary to operate under higher demands for efficiency and torque, resulting in agradual demand for high-performance and durable ball bearings. In turn, all these factors have resulted in the market attaining a valuation of USD 64.87 Billion by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
- The world wind capacity is expected to triple by 2030 as per the recet study published by International Renewable Energy Agency (IRENA), which signals an increased demand worldwide for reliable, high-performance bearings used in turbines. With the rise of renewable energy, ball bearing market companies can therefore capitalize on this trend by bringing out specialized bearing products designed for renewable energies applications, which are high on durability and energy efficiency enhancement.
- The automotive sector remains a major consumer of ball bearings for the emergence of electric vehicle (EV). As per the reports of European Commission, EV sales have shown significant growth in the EU. Over 2 million electric cars in 2023. The shift to EVs, characterized by the highly efficient motors, drivetrains, and other car component set bearings, represents the largest market expansion opportunity for ball bearing manufacturers.
- Growing investment on automation and robotics has been heavily made by Middle East and Africa (MEA) government in order to diversify their respective economies. Vision 2030 of Saudi Arabia is an example. An increase in demand for high-precision ball bearings is expected to be driven in advanced manufacturing and automation as these are highly accurate components employed in robotics, conveyors, and automated machinery. Therefore, companies in the ball bearing market can target opportunities by producing specialized products, boosting the global ball bearing market growth.
Competitive Landscape
NTN, Timken, Schaeffler, and Jtekt are among the main ball bearing market players that are focusing on the product quality, innovation, and great customer service by offering an extensive list of bearings for different market segments. Small-scale ball bearing companies are increasingly specializing their products to cater to different industries including automotive, aerospace, and industrial applications, driving new technological advancements and market expansion.
Key Industry Players
Key players in the market include:
NTN Bearing Inc., founded in 1918, is dedicated to producing high-quality bearing products that are specially designed to cater automotive, industrial, and aerospace applications. Amongst its array of products are ball bearings, roller bearings, and custom solutions.
Established in 1899, in the United States, The Timken Company specializes in power transmission systems and bearings. The company produces extreme-performance, durable bearings for industries like automotive, aerospace, and energy and emphasizes on innovative designs and customer support.
Founded in 1946, Schaeffler Group is known for designing and innovatively manufacturing high-end ball bearings for automotive, industrial, and aerospace applications. The company offers highly effective energy-saving and long-lasting bearing solutions for this diversity of applications worldwide.
Jtekt Corporati, created in 2006, has gained recognition for advanced bearing solutions to automotive, industrial, and precision equipment markets. The high-productivity firm draws much attention from industrial innovators and creators of the highest quality solutions designed for optimal performance-custom ball bearings, roller bearings, and precision components.
Other key players in the ball bearing market report are SKF, among others.
Ball Bearing Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the ball bearing market reached an approximate value of USD 41.77 Billion.
The market is projected to grow at a CAGR of 4.50% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 64.87 Billion by 2034.
The major drivers of the market are growing use of ceramic balls in applications requiring high-grade electrical insulation, rising disposable incomes, rapid urbanisation, growing living standards, and increasing investments in rail and aerospace industries.
The increasing generation of wind power, favourable policies by various governments, and the growing electrification of vehicles are expected to be key trends guiding the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various applications of ball bearings in the market are automobile, general engineering, mining and construction, railways, aerospace, and shipping, and agriculture, among others.
The key players in the global ball bearing market are NTN Bearing Corporation, The Timken Company, Schaeffler Group, Jtekt Corporation, and SKF, among others.
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