Technavio released its latest market research report entitled “Global Ball Bearing Market 2020-2024″ (Graphic: Business Wire)
       Technavio released its latest market research report entitled “Global Ball Bearing Market 2020-2024″ (Graphic: Business Wire)
       LONDON–(BUSINESS WIRE)–According to Technavio data, the global ball bearing market is expected to grow by US$4.16 billion. Due to the impact of the COVID-19 pandemic in the first half of 2020, this marks a significant slowdown in the market compared to 2019 growth expectations. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a compound annual growth rate of more than 3%.
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       Read the 120-page report containing TOC “By product (deep groove, angular contact, self-aligning and others), geography (Asia Pacific, Europe, North America, South America and MEA), end-user (automotive industry, heavy industry, aerospace and Railway industry, etc.), and market segment forecasts for 2020-2024″.
       The market is driven by new product launches. In addition, favorable government policies are expected to promote the growth of the ball bearing market.
       Over the years, the market has witnessed a number of technological developments and product innovations. Suppliers focus on improving the characteristics of products in terms of service life, weight, energy consumption, etc., in order to maintain a leading position in the competition. For example, in January 2019, SKF launched the UC series ball bearing with an enhanced set screw locking system, which has a 16% increase in holding force compared to traditional products. Similarly, in October 2019, JTEKT developed a creep resistance function for ball bearings mainly used in electric vehicle transmissions. The launch of such innovative products is driving the growth of the global ball bearing market.
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       AB SKF operates its business through sectors such as industry and automotive. The company provides low-friction deep groove ball bearings, optimized for low noise and low vibration, and can achieve high speeds.
       Harbin Bearing Manufacturing Co., Ltd. operates its business through a unified division. The company provides deep groove ball bearings and self-aligning ball bearings.
       JTEKT Corp. operates its business through the steering business, transmission system business, bearing business, and machine tool and mechatronics business. The company provides deep groove ball bearings, which are the most commonly used rolling bearings.
       Luoyang Huigong Bearing Technology Co., Ltd. operates its business through a unified branch. The company provides deep groove ball bearings, single row angular contact ball bearings and double row angular contact ball bearings.
       LYC Bearing Corp. operates its business through the bearing products division. The company provides deep groove ball bearings and self-aligning ball bearings.
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       Global bearing market-by product (antifriction bearings, magnetic bearings and other bearings), end users (automotive, aerospace, railway, shipbuilding, heavy industry and other industries) and geography (Asia Pacific, Europe, MEA, North and South America).
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       Technavio Research Jesse Maida Media and Marketing Director United States: +1 844 364 1100 United Kingdom: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
       Technavio Research Jesse Maida Media and Marketing Director United States: +1 844 364 1100 United Kingdom: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/