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Technavio Says Bearing Ball Market Vendors Will Focus More on the Automotive Sector Due to the Increasing Demand for Electric Vehicles

September 12, 2016 11:43 AM Eastern Daylight Time

LONDON–(BUSINESS WIRE )–According to the latest market study released by Technavio, the global bearing ball marketis expected to grow at a CAGR of close to 5% during the forecast period.

This research report titled ‘Global Bearing Ball Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

According to Anju Ajaykumar, a lead analyst at Technavio for research on tools and components , “Vendors are expected to focus more on the automotive sector, as it is projected to experience major growth due to increased demand for electric vehicles worldwide. This would drive the market for ceramic bearing balls. For instance, SKF , a worldwide manufacturer of ball and roller bearings, has partnered with Tesla to manufacture ceramic ball bearings since 2013.”

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Based on end-user, the report categorizes the global bearing ball market into the following segments:

  • Automotive
  • General engineering
  • Heavy industry
  • Aerospace and defense
  • Others

Global bearing ball market by end-user 2015 (%)

Automotive 47.21%
General engineering 17.59%
Heavy industry 14.27%
Aerospace and defense 10.21%
Others 10.72%

Source: Technavio

The top three revenue generating end-user segments for the global bearing ball market are discussed below:

Global bearing ball market by automotive

The improving economic situation and change in lifestyles together with rising consumer confidence have resulted in higher demand for fuel-efficient and technologically advanced cars equipped with advanced safety features. Low auto loan rates in developing and developed countries are also influencing automotive sales, and driving the automotive market. MNC automobile manufacturers such as Volkswagen , Toyota Motors , Honda Motors , Ford , Tata Motors , BMW , Daimler , and Fiat have made considerable investments in production facilities in developing regions including India, Thailand, and Mexico.

Sustained economic growth, growing industrialization, infrastructure development, and the increase in disposable incomes are boosting the demand for motor vehicles. The growth of the automobile sector directly influences the demand for bearing balls. Moreover, the automotive sector was the highest revenue generating end-user in the global bearing ball market in 2015. For instance, the automotive sector in India is expected to witness major growth due to growing demand for low-cost EVs suited for short-distance commuting.

Global bearing ball market by general engineering

This sector includes medical equipment, lab equipment, machine tools, textile machinery, packaging machinery, and food and beverage machinery. Global economic growth, advances in technology, industrialization, and population growth are leading to demand for general engineering devices and equipment. As these devices and equipment have a variety of bearing applications, the bearing ball market is closely linked to the growth of the general engineering sector.

The major demand for bearing balls is expected to arise from four major end-user industries: food and beverage machinery , packaging machinery , textile machinery , and machine tools . The global bearing ball market by the general engineering sector is expected to grow at a CAGR of more than 4% during the forecast period.

Global bearing ball market by heavy industry

The global bearing ball market by the heavy industry sector is expected to grow at a CAGR of more than 4% during the forecast period.

Heavy industry machinery includes machinery that is used in capital-intensive sectors such as mining, infrastructure development, construction, agriculture, and power generation. Increasing investments in mining, infrastructure development, and construction activities are the major factors influencing the growth of heavy industry machinery. In this segment, ball bearing demand primarily arises from the growth of these activities as heavy industry machinery uses a variety of high-performance bearings to withstand heavy loads, reduce energy consumption, and allow the machines to function efficiently.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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