kikiprom · 5 months ago
Ball bearing refers to a rolling-element bearing which uses balls for maintaining an appropriate gap between its movable parts. It helps to reduce the rotational friction which is generated by the working of a machine. The major components of a ball bearing include an outer ring, an inner ring, steel balls and a cage. Owing to its simple design, durability as well as low maintenance expenses and operating temperature, ball bearing is extensively used in aircrafts, automobiles, medical equipment, etc. A new research report by IMARC Group, titled “Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” estimates that the global bearings market reached a volume of 33 Billion Tons in 2017. The report further projects the market to reach a volume of 47 Billion Tons by 2023, exhibiting a CAGR of 6.2% over the forecast period. On the basis of application, the global ball bearings market is classified as automobile, general engineering, mining and construction, railways, aerospace and shipping, agriculture, and others. Automobile represents the largest application segment accounting for the majority of the total global share. On a geographical front, Asia-Pacific enjoys a leading position in the global bearing store market with the largest market share. Asia-Pacific is followed by Europe, North America, Middle East and Africa, and Latin America. The market is fragmented in nature with the presence of various small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it hard for small players to survive.
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