Miniature ball bearing, also known as instrument bearing, is a machinery component which helps in eliminating rotational friction by supporting axis loads. It consists of an outer ring, inner ring, shields, snap rings and retainers. A miniature ball bearing has its bearing with outer diameter of 22mm or less. The objective of a miniature ball bearing is to aid in determining the rotational accuracy. Apart from this, miniature ball bearing is used in a variety of applications like electrical, medical devices, automotive, etc. According to the latest report by IMARC Group, titled “Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global miniature ball bearing market reached a value of US$ 1.66 Billion in 2020.
Miniature ball bearings are used in the automotive sector for manufacturing mechanical components like fan motors, wiper motors, throttle bodies, etc. Rising demand for automotive components is, therefore directly proportional to the demand for miniature ball bearings. This acts as one of the primary factors propelling the growth of the miniature ball bearing market. In addition, the market for industrial robotics is encountering a remarkable demand from the automotive, electronics and electrical sector. Moreover, rapid urbanisation and industrialisation, and elevated disposable incomes of the consumers represent other factors facilitating the demand for miniature ball bearings. Looking forward, IMARC Group expects the global miniature ball bearing market to exhibit moderate growth during the next five years.
This report provides a deep insight into the global miniature ball bearing market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the miniature ball bearing industry in any manner.
The global miniature ball bearing market reached a value of US$ 1.66 Billion in 2020.
According to the estimates by IMARC Group, the global miniature ball bearing market will exhibit moderate growth during the next five years.
Rapid industrialization, coupled with the increasing adoption of mechanical components across diverse industries, represents one of the key drivers for the global miniature ball bearing market.
The emergence of electric and hybrid vehicles, along with the introduction of industrial robots, will continue to further augment the market for miniature ball bearing in the coming years.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous end-use industries for miniature ball bearing.
On the basis of type, the market has been bifurcated into open miniature ball bearings, dust cover miniature ball bearings, and others (flanged outer, extended inner). Currently, dust cover miniature ball bearings dominate the market with the largest share.
On the basis of application, the market has been bifurcated into automotive, industrial, aerospace, household electrical appliances, medical, robotics and others. Among these applications, automotive accounts for the largest segment.
Region-wise, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where Asia Pacific accounts for the majority of the global market.
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