NEW YORK , June 22, 2022 /PRNewswire/ -- The "Ball Bearings Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
Technavio expects the market to observe an incremental growth of USD 4.12 billion between 2020 and 2025. The market observed a YOY growth of 0.77% in 2021 and the growth momentum is expected to accelerate at a CAGR of 3.43% during the forecast period.
Get more highlights on the potential growth difference, YOY growth rates, and other important statistics in the market. View Our Sample Report
The rising demand for wind power generation is one of the key factors driving the growth of the market. The growing need for reducing carbon emissions has increased the adoption of sustainable energy solutions across the world. This has resulted in an increase in the number of wind turbine installations and windmill farms globally. All these factors are consequently creating a significant demand for ball bearings, thereby driving the growth of the market.
Learn about additional key drivers, trends, and challenges impacting the market growth. Read Our Sample Report Now
The ball bearings market report is segmented 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).
By product, the demand for deep groove ball bearings was significant in 2021. The growth of the segment can be attributed to the increased demand for deep groove ball bearings in industries such as steel, mining and construction, and papermaking and machinery. Similarly, by end-users, the automotive industry will exhibit high demand for ball bearings during the forecast period. The increasing investment in the development of electric vehicles (EVs) will positively influence the growth of the segment.
APAC will be the leading region with 60% of the market's growth during the forecast period. The presence of prominent automotive OEMs in the region is creating huge growth opportunities for market players. In addition, the increased sales of passenger vehicles in emerging economies such as China and India are fostering the growth of the regional market.
View Our Sample Report for additional insights into the contribution of other segments and regional opportunities in the market.
Some Companies Mentioned with their Offerings
Gain access to more vendor profiles with their key offerings available with Technavio. View Our Sample Report
Accelerate at a CAGR of 3.43%
APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA
China, US, Japan, Germany, UK, and Canada
Leading companies, competitive strategies, consumer engagement scope
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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email:media@technavio.com Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/usd-4-12-bn-growth-expected-in-ball-bearings-market--driven-by-rising-demand-for-wind-power-generation--technavio-301572206.html
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.