As per the latest report by IMARC Group, titled “Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global miniature ball bearing market reached a value of US$ 1,446 Million in 2018. Miniature ball bearings are machinery components which have an outer diameter of 22mm or less. They are composed of an inner and outer ring, shields, snap rings, balls and retainers. Miniature ball bearings are capable of carrying high loads owing to which they are employed for relocating heavy objects. Moreover, on account of their high-precision rotary components, these ball bearings are also useful in determining rotational accuracy. As a result, miniature ball bearings find applications in telecommunication equipment, household electrical appliances and automotive components.
Lubricated miniature ball bearings help in reducing the friction created between two surfaces by ensuring smooth system operation, decreasing noise, and providing low and uniform torque. Moreover, these bearings operate at a faster pace with minimum vibration and increased accuracy. In addition, they are small and light weighted owing to which they find applications in industries such as medical, instrumentation, semiconductor equipment, and robotics. This is one of the major factors which is propelling the consumption for of miniature ball bearings worldwide. Further, due to their versatile properties, miniature ball bearings form an indispensable component in the automotive sector. Growing popularization of electric vehicles is expected to increase the demand for miniature ball bearings in the coming years. Looking forward, the market value is projected to reach US$ 2,146 Million by 2024, registering a CAGR of 6.7% during 2019-2024.
- On the basis of type, dust cover miniature ball bearings dominate the market, representing the most popular product type. They are followed by open miniature ball bearings and others which include flanged outer and extended inner miniature ball bearings.
- Based on applications, the market has been divided into automotive, industrial, aerospace, household electrical appliances, medical, robotics and others. Currently, the automotive segment accounts for the majority of the market share.
- Region-wise, Asia Pacific is the leading market for miniature ball bearings owing to the escalating sales of passenger vehicles. Other regions are Europe, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the miniature ball bearings market has been examined with some of the prominent players being Minebea Mitsumi Inc., NSK Ltd., Kitanihon Seiki Co. Ltd., CW Bearing Gmbh and GRW Bearing Gmbh.
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