Bearing ball market vendors to focus more on auto sector

These key vendors account for a 91% share of the overall market.

Anju Ajaykumar, a lead analyst at Technavio for research on tools and components, said, “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.”

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 industrialisation, 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.