Double-Row Ball Bearing Market Size, Share, Opportunities, And Trends By Type (Double-Row Deep Groove, Double-Row Angular Contact), By Material (Steel, Ceramic), By End-User (Automotive, Industrial, Construction, Mining, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jul 2023
- Report Code : KSI061615316
- Pages : 134
The double-row ball bearings market is projected to grow at a CAGR of 10.25% to reach US$10768.774 million in 2028 from US$5437.375 million in 2021.
A double-row ball bearing is a type of rolling element bearing that consists of two rows of balls arranged at an angle to each other, and this design enables the bearing to accommodate higher radial and axial loads compared to single-row ball bearings. Double-row ball bearings can be double-row deep grooves or double-row angular contact types and are used in various applications where there is a need to support both radial and axial loads simultaneously. Double-row ball bearings are used in the automotive, industrial, mining, and construction sectors as they prove increased load-carrying capacity and improved rigidity. The rising automotive production and construction activities are boosting double-row ball-bearing demand, fostering market growth.
Growing automotive production is expected to boost the double-row ball bearings market growth.
The automotive industry constantly strives for improved performance and efficiency, and double-row ball bearings offer several advantages that align with these goals. Double-row ball bearings increase load-carrying capacity, allowing vehicles to handle higher loads and operate more efficiently. This is particularly important for heavy-duty applications in commercial vehicles and off-road vehicles. Additionally, double-row ball bearings enhance critical automotive systems' stability and reliability, such as wheel hubs, transmissions, and steering mechanisms. Electric vehicles (EVs) rely on electric motors, which often use double-row ball bearings in construction. The growth in automotive production will accelerate the demand for double-row ball bearings. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the production of commercial vehicles increased by up to 1.41% from 2021 to 2022. According to the Society of Indian Automobile Manufacturers (SIAM), in 2022, the production of commercial vehicles in India increased from 0.85 million in 2021 to 1.35 million in 2022. According to the Society of Indian Automobile Manufacturers (SIAM) annual report 2020-2021, electric car registrations increased by 41% in 2020, and around 3 million were sold globally.
Increasing construction activities will positively impact the double-row ball bearings market growth.
The construction industry demands equipment that can handle heavy loads, operate reliably, and withstand harsh conditions. Construction equipment such as excavators, loaders, cranes, and compactors rely heavily on double-row ball bearings for efficient operation. These bearings are utilized in critical components like gearboxes, hydraulic systems, and rotating mechanisms. Double-row ball bearings offer the necessary load-carrying capacity, durability, and resistance to impact and vibrations, making them ideal for construction machinery. The construction industry's growth will boost the demand for double-row ball bearings. According to India Brand Equity Foundation (IBEF), in 2023, about 42% of the projects in the National Infrastructure Pipeline (NIP) are under implementation, signifying an increase in construction work. Another 19% is under the development stage, while a significant 31% is still in the conceptual stage. According to U.S. Census Bureau, in 2022, construction spending in the USA rose by 9.3% between November 2020 and November 2021.
The Asia-Pacific region is expected to hold a significant market share throughout the forecast period.
The Asia-Pacific region will account for a major market share owing to a rise in infrastructure development in countries like China and India, growing automotive production coupled with the presence of established bearing manufacturers. In 2021, the Chinese government launched the "New Energy Vehicle Industrial Development Plan for 2021 to 2035" to build a green, robust, and internationally competitive auto industry, and it sets a target of an approximately 20% share for new energy vehicles (NEVs) in new vehicle sales by 2025. In 2022, under Union Budget 2022-23, the Indian government allocated Rs. 10 lakh crore (US$ 130.57 billion) to improve the infrastructure sector. Such positive developments in the automotive and construction sector are anticipated to drive the demand for double-row ball bearings, accelerating regional market growth.
- Double-Row Angular Contact Ball Bearing: This product by NSK Americas (NSK Ltd.) was designed especially for pumps because of their 30° contact angle. They can accommodate higher axial loads generating longer life, minimizing downtime, and reducing maintenance costs.
- SKF double-row angular contact ball bearings: Such products by SKF with less axial space and stiff bearing arrangement can be used for applications where two single-row angular contact ball bearings arranged back-to-back take up too much axial space.
- Double-row cylindrical bearings: Such double-row ball bearings by Timken Company are designed for additional strength in carrying radial loads and are available in the same size range as single-row products and can be used in gear drives, crop shear, rolling mills, and machine tool applications.
- March 2020: Texspin launched double-row taper roller bearings manufactured with specialized cryogenic heat treatment and advanced sealing design to maintain a freewheel end solution.
Double-Row Ball Bearing Market Scope:
|Market Size Value in 2021||US$5437.375 million|
|Market Size Value in 2028||US$10768.774 million|
|Growth Rate||CAGR of 10.25% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Type, Material, End-User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||JTEKT Corporation, KG Bearing, NACHI-FUJIKOSHI CORP, NBC Bearing Company (CK Birla Group), NSK Americas (NSK Ltd.), NTN Corporation, RBC Bearing Incorporated, SKF, Timken Company|
|Customization Scope||Free report customization with purchase|
- By Type
- Double-Row Deep Groove
- Double-Row Angular Contact
- By Material
- By End-User
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Process
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. DOUBLE-ROW BALL BEARING MARKET BY TYPE
5.2. Double-Row Deep Groove
5.3. Double-Row Angular Contact
6. DOUBLE-ROW BALL BEARING MARKET BY MATERIAL
7. DOUBLE-ROW BALL BEARING MARKET BY END-USER
8. DOUBLE-ROW BALL BEARING MARKET BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. JTEKT Corporation
10.2. KG Bearing
10.3. NACHI-FUJIKOSHI CORP
10.4. NBC Bearing Company (CK Birla Group)
10.5. NSK Americas (NSK Ltd.)
10.6. NTN Corporation
10.7. RBC Bearing Incorporated
10.9. Timken Company
NBC Bearing Company (CK Birla Group)
NSK Americas (NSK Ltd.)
RBC Bearing Incorporated
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