The global ball bearings market to grow at a CAGR of 4.58% during the period 2017-2021.
Global Ball Bearings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Increased use of precision ball bearings to dampen noise. Over the few years, noise has become an issue and Occupational Safety and Health Administration (OSHA) has put a limit at 80 decibels. Factories, warehouses, and distribution centers have an inherently noisy environment. In addition, the increasing speed of motion to raise the productivity, increases the noise level beyond permissible limits. Thus, reducing the noise is an immediate requirement for machine equipment.
The growth in the manufacturing sector, construction activities, high energy demand, economic growth in developing countries, rising disposable income of consumers, and increasing standard of living are a few factors that will lead to rapid investments in end-user industries and subsequently increase the demand for ball bearings during the forecast period.
The changing dynamics of the global ball bearing market and shifting preferences of consumers are forcing vendors to integrate additional technological features to hold the market dominance. The lack of product differentiation and increasing penetration of advanced technology, such as IoT in the consumer segments, have enforced ball bearing manufacturers to incorporate the latest technologies in ball bearings.
Further, the report states that one of the major factors hindering the growth of this market is Counterfeit products in ball bearings market. Counterfeit is a major challenge for the global ball bearings market. China is the major country producing counterfeit bearings. Counterfeit products are made with poor quality materials without adhering to the standards. These are only an imitation of the original products and can drastically affect the performance of the equipment. Though the entire bearings market suffers from this, around 70% of the counterfeited bearings comprise only ball bearings.