Europe Ball Bearings Market to Hit USD 5.50 billion by 2027; Rising Demand for Long-lasting Industrial Machine Components to Aid Market Growth: Fortune Business Insights™
Key Companies Covered in Europe Ball Bearings Market are THB Bearings (China), SKF (Sweden), ISB Industries (Italy), Luoyang Huigong Bearing Technology Co. Ltd. (China), Myonic GmbH (Germany), Schaeffler AG (Germany), The Timken Company (United States), NTN Bearing Corporation (United States), Koyo (Japan), LYC Bearing Corporation (China), Nachi Fujikoshi Corp (Japan), NSK Ltd. (Japan).
Pune, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The Europe ball bearings market size is projected to reach *USD 5.50 billion by 2027*, exhibiting a CAGR of 1.9% during the forecast period. Introduction of Industry 4.0 technologies in the production of bearings will create huge opportunities in the market, observes *Fortune Business Insights™* in its report, titled “*Europe Ball Bearings Market *Size, Share & COVID-19 Impact Analysis, By Product Type (Self Aligning Ball Bearings, Deep Grove Ball Bearings, Angular Contact Ball Bearings & Others), By Application (Automotive, Industrial machinery, Mining & Construction, Medical & Others), and Country Forecast, 2020-2027”. Smart manufacturing powered by Industry 4.0 technologies such as artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) is gaining traction across Europe.
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The main reasons behind the rapid adoption of intelligent technologies in the region is the increasing focus on enhancing workplace efficiency and productivity as well as establish environmentally sustainable manufacturing processes. Some of largest manufacturing companies in Europe are speedily deploying Industry 4.0 tools to produce industrial equipment. Schaeffler AG, for instance, has been utilizing a machine tool at its plant in Hoechstadt, Germany that is equipped with numerous sensors and is engaged in producing high-precision bearings. These roller bearings will, in turn, be used in operating the company’s machine tools. Similarly, in 2019, SKF installed Industry 4.0 technologies at its bearings plant in Italy to augment its innovation capabilities. Employment of smart technologies by European manufacturers will boost the ball bearings market growth in the region.
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According to the report, the value of the market stood at USD 4.92 billion in 2019. The highlights of the report include:
· In-depth understanding of the key market segments and their performance;
· Careful profiling of the major market players and detailed study of their main strategies;
· Comprehensive analysis of the different market drivers and challenges; and
· Granular study of the regional developments impacting the growth of the market.
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*Driving Factor*
*Extensive Utilization of Ball Bearings in Automobiles to Support Market Growth*
The Europe ball bearings market growth is anticipated to experience a stable trajectory owing to the extensive usage of bearings by automakers in the region. For example, the 2021 BMW M3 and M4 models feature lightweight wheel bearings with a higher camber range and a unique swivel bearing. European carmakers are also developing bearings for electric cars, although the bearing requirements for these vehicles are much lower compared to regular cars. For example, the Volkswagen Golf contains only 50 bearings. In general, ball bearings are widely used by the automotive industry to ensure smooth functioning of vehicles. In case of steering, for instance, bearings provide the necessary support to the steering unit, which runs from the cabin to the engine area. The indispensability of ball bearings in automobiles will enable stable growth of this market. More importantly, Europe is home to some of the largest automotive companies in the world and these companies are strengthening their products with next-gen automotive components, which favor this market.
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*Regional Insights*
*Germany to be the Leading Country Backed by Advanced Manufacturing Technologies*
At USD 1.64 billion in 2019, Germany is set to dominate the Europe ball bearings market share during the forecast period owing to the deployment of cutting-edge manufacturing technologies in the country. Moreover, the demand for efficient bearing solutions is steadily rising from various end-use industries such as food processing, construction, and pharmaceutical, creating conducive environment for the growth of the market in Germany.
In Italy and the United Kingdom, the adoption of advanced bearings is getting stoked by the growing intensity of operations in the mining, aerospace, and construction industries. On the other hand, the market in France is expected to undergo a period of dynamic growth on account of the increasing investments in businesses specializing in industrial machineries in the country.
*Competitive Landscape*
*Key Players to Compete by Launching Innovative Offerings*
With an aim to further entrench their position, key players in the market are engaged in an intense yet healthy competition. This competition is characterized by the frequent launch of innovative bearing products by the companies, which is not only diversifying their portfolios but is also allowing them to expand into untapped regional markets.
*Industry Developments:*
· *June 2020: *SKF announced an investment of SEK 400 million to set up a new ball bearing manufacturing plant in China. The investment is a part of the company’s strategic expansion in China’s manufacturing sector.
· *July 2019:* Schaeffler AG announced that it will be successively incorporation new rolling features in its entire 241-series spherical roller bearings with bore elements of 500mm and above. The new rollers will be more robust due to the optimized micro-geometry on the ends of the rollers.
*List of Key Companies Profiled in the Europe Ball Bearings Market Report:*
· THB Bearings (China)
· ISB Industries (Italy)
· Luoyang Huigong Bearing Technology Co. Ltd. (China)
· Myonic GmbH (Germany)
· NTN Bearing Corporation (United States)
· LYC Bearing Corporation (China)
· Nachi Fujikoshi Corp (Japan)
· NSK Ltd. (Japan)
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*Quick Buy – **Europe Ball bearing** Market **Research Report: *https://www.fortunebusinessinsights.com/checkout-page/104314
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*Detailed Table of Content:*
· *Introduction*
· *Definition, By Segment*
· *Research Methodology/Approach*
· *Data Sources *
· *Key Takeaways*
· *Market Dynamics*
· *Macro and Micro Economic Indicators*
· *Drivers, Restraints, Opportunities and Trends*
· *Impact of COVID-19*
· Short-term Impact
· Long-term Impact
· *Competition Landscape*
· *Business Strategies Adopted by Key Players*
· *Consolidated SWOT Analysis of Key Players*
· *PESTLE Analysis*
· *Porter’s Five Force Analysis*
· *Supply chain Analysis *
· *Europe Ball Bearings Market Share Analysis and Matrix, 2019*
· *Key Market Insights and Strategic Recommendations*
· *Profiles of Key Players (Would be provided for 10 players only)*
· *Overview*
· Key Management
· Headquarters etc
· *Offerings/Business Segments*
· *Key Details **(Key details are subjected to data availability in public domain and/or on paid databases)*
· Employee Size
· Key Financials
· Past and Current Revenue
· Gross Margin
· Geographical Share
· Business Segment Share
· *Recent Developments*
· *Primary Interview Responses*
· *Annexure / Appendix*
· *Europe Ball Bearings Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027*
· *By Product Type (Value)*
· Self-aligning Ball Bearings
· Deep Groove Ball Bearings
· Angular Contact Ball Bearings
· Others (Thrust Bearings, etc.)
· *By Application (Value)*
· Automotive
· Industrial machinery
· Mining & Construction
· Medical
· Others (Aerospace, etc.)
· *By Country (Value)*
· United Kingdom
· Germany
· France
· Switzerland
· Italy
· Rest of Europe
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*TOC Continued..*
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*Have a Look at Related Research Insights:*
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Cross Roller Bearings Market Size, Share and Industry Analysis by Type (Single Inner and Split Outer Ring, Split Inner and Single Outer Ring, Others), By Dimension (18 to 50mm, 50 to 150mm, 150 to 250 mm, 250 to 400 mm, 400 to 630 mm, 630 to 800 mm, >800 mm), By Industrial Vertical (Industrial Machinery, Medical Systems, Robotics, Semiconductor Manufacturing Equipment) and Regional Forecast 2019-2026
Roller Bearings Market Size, Share and Industry Analysis By Product Type (Tapered, Spherical, Cylindrical, Others), By Application (Automotive, Industrial Machinery, Aerospace, Others) and Regional Forecast, 2019 - 2026
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