Increased Average Life of Vehicles: Prime Factor in the increased demand for ball bearings market
According to a new report published by Reports Monitor titled, “Global Ball Bearings Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Ball Bearings market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Ball bearings have wide applications in instruments and machinery for the purpose of reducing the friction and power loss. They are highly engineered component which enables the machines to move at a high speed with maximum efficiency. There are many variations in the ball bearings, depending upon the particular characteristics and specific applications. The ball bearings types are listed as follows: ball bearings, cylindrical and needle ball bearings, tapered roller bearings and spherical roller bearings.
Technological advancement in the automotive sectors such as automated manual transmission, pre-collision technology and others has resulted in the increased demand for the vehicles. This factor has led to the increased production of vehicles, thereby driving the market growth. Increased quality in the vehicles manufactured has been playing a significant role in increasing the lifespan of the vehicles, hence contributing in market growth. However, the fluctuation in the price of raw materials and reduced wear and tear of ball bearing owing to the improvement in the technology may slow down the market growth.
This report provides a detailed analysis of Ball Bearings market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.
The ball bearings market is majorly segmented on the basis of type and applications. Based on the types of ball bearings, market is bifurcated into: ball bearings, cylindrical and needle ball bearings, tapered roller bearings and spherical roller bearings, while on the basis of applications the market is segmented into: Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket and Others
The ball bearing market is analyzed across the regions such as: North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Among the following regions spanned, Asia Pacific is expected to witness a fast growth mainly owing to the increased demand of vehicles in the countries such as India, China and Japan. Moreover the expansion in the mining and construction sector in India has also contributed in the market growth, while North America and European regions is projected to show a stable growth mainly due to the increased investment in the research and development and well established infrastructure.
The major players operating in the market are: Timken Company, Svenska Kullagerfabriken AB, Schaeffler AG. , Jtekt Corporation , NTN Corporation , Iljin Bearing Co., Ltd. , ORS Bearings , CW Bearing , C&U Bearing , RKB Bearings , RBC Bearings
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