Leading market players are investing heavily in research and development to expand their product lines, which will help the Rolling element bearings market grow even more. Market participants are also undertaking several strategic activities to expand their global footprint, with important market developments including contractual agreements, mergers and acquisitions, new product launches, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the ball bearing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers’ use in the global ball bearing industry to benefit clients and increase the market sector. Major players in the Radial bearings market, including Brammer PLC, Harbin Bearing Manufacturing Co., Ltd., JTEKT Corporation, HKT Bearings Ltd., NBI Bearings Europe, and others, are attempting to expand market demand by investing in research and development operations.
JTEKT Corp is an equipment company that manufactures and sells power steering systems. The company designs, develops, and markets automotive components, bearings, and machine tools. The company's product offerings include steering systems, bearings, chassis-related parts, unit products and precision machinery, gear skiving centers, and self-manufacturing control systems. It offers products and services in automotive, railway, aerospace, construction machinery, steel, aviation, agricultural machinery, and wind power generation sectors in Asia Pacific, South America, North America, Europe, and other regions. The company has to manufacture plants, sales offices, and other facilities worldwide.
In June 2021, JTEKT Corporation developed ball bearings with high muddy water-resistance seals for agricultural machinery. With such advancements, these machines can operate in harsh working environments too.
NTN Corp offers mechanical parts and equipment. It manufactures and sells mechanical parts and equipment, such as bearings, constant velocity joints, and precision equipment. The product portfolio of the company comprises general-purpose bearings, bearings for office automation, precision roller bearings for machine tools, aerospace bearings, bearing units, and related products. It also offers needle roller bearings, windscreen wipers, various auto tensioners, thrust washers, table units, spindle units, liquid crystal display repair units, optical disk mastering units, and correction units for electrode patterns. In addition, it offers after sales services. The company operates across Americas, Europe, and Asia.
NTN is headquartered in Osaka, Japan. In September 2020, NTN Corporation announced expanding production and delivery of deep groove ball bearings specially designed for electric vehicles (EVs) and hybrid electric vehicles (HEVs).