According to a recent market study published by Growth Market Reports, titled, "North America Angular Contact Ball Bearing Market by Product Types, Contact Angles, Applications, Precision, Sales Channels and Country: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 1,812 Million in 2019 and is expected to grow at a healthy growth rate of 3.7% by the year 2027. The North America angular contact ball bearing market is anticipated to grow significantly during forecast period. Growing applications in the automotive industry and increasing demand for high precision angular ball bearing are some of the factors contributing to market growth.

North America Angular Contact Ball Bearing Market has been segmented based on Product Types, Contact Angles, Applications, Precision, Sales Channels and Country. In terms of Product Types, the North America angular contact ball bearing market is segmented into single row angular contact, and double row angular contact. On the basis Contact Angles, the North America angular contact ball bearing market is segmented into 15°, 25°, 30°, 40°, and others. Based on applications, the market is categorized as agriculture machinery, engineering machinery, automotive, and others. On the basis of Precision, the market is classified into high precision angular contact ball bearing, and standard angular contact ball bearing. In terms of Sales Channels, the North America angular contact ball bearing market is divided into Online, and Offline. On the basis of Country, the market is categorized as US and Canada.

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Increasing demand for angular contact ball bearing across numerous industry verticals is expected to boost the market during the forecast period. Moreover, the increasing adoption of precision engineering in the manufacturing and industrial sectors for operating in extreme work conditions is anticipated to fuel the market in the coming years.

Growing focus on product innovation to gain a competitive edge in the market is anticipated to create lucrative opportunities for the market players in the North America angular contact ball bearing market in the coming years. For instance, NSK Ltd., a Japan-based bearing manufacturer for numerous industries, announced the launch of a new machine tool spindle bearing technology to improve spindle reliability and productivity. Similarly, the US based power transmission and bearing product manufacturer launched an angular contact ball bearing for compressor, pump, electric motor, and other industrial applications. The angular contact ball bearing features robust seals and high-speed capability. Innovations in products are anticipated to fuel the North America angular contact ball bearing market during the forecast period.

As per Growth Market Reports industry analyst Akshay Udavant “The spread of COVID-19 has had a negative impact on the North America angular contact ball bearing market players on many fronts and outside factors, including a temporary fluctuation in consumer demand and potential effects on the angular contact ball bearing market from an uncertain economic perspective. Furthermore, the pandemic has affected the supply chain and the readiness of the workforce, both of which can impact production volumes. In this challenging environment, most companies in various sectors are taking concrete steps. Governments are taking strict measures, which are hampering the overall growth of the market. Companies can make strategic cuts in the number of employees and their pays to meet short and longer-term requirements.”

Key Takeaways from the Study

  • Significant growth of the renewable energy sector in the US is anticipated to boost the demand for angular contact ball bearing during the forecast period. Moreover, government initiatives in the US to support the growth of the renewable energy industries drive the demand for angular contact ball bearings.
  • Rising investments in manufacturing industries to improve the overall efficiency of production processes is anticipated to drive the market in the US. Furthermore, growing application of angular contact ball bearing in engineering machinery is projected to fuel the market in the US.
  • The market in Canada is anticipated to expand at a substantial CAGR during the forecast period due to increasing demand for angular contact ball bearing from automotive, machinery, and other manufacturing industries.
  • Expansion of the agriculture industry is expected to fuel the demand for angular contact ball bearing products in the next few years. The demand for angular contact ball bearing products required for agricultural machinery is expected to increase during the forecast period, as Canada is a major distributor of malt globally and a major producer of wheat and canola.

Report Scope

Report Metric

Details

Market Value in 2019

USD 1,812.0 Million

Market Growth Rate (from 2020 to 2027)

3.7%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Product Types, Contact Angles, Applications, Precision, Sales Channels and Country

Region Scope

US and Canada

Key Companies Profiled

SKF, American Roller Bearing Company, AST Bearings, JTEKT Corporation, Nachi America Inc., NKE AUSTRIA GmbH, NSK Ltd., NTN BEARING CORPORATION OF AMERICA, Schaeffler Group, and The Timken Company

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Automotive, engineering & agriculture machinery manufacturing, and others
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: American Bearing Manufacturers Association, Bearing Specialists Association, and Others