Miniature ball bearings refer to small-sized bearings designed to manage low loads and high rotational speeds with up to 30mm of external diameter. They are used in various applications where space is limited and precise rotational motion is required.
Sizing and Forecast
The miniature ball bearings market size has grown strongly in recent years. It will grow from $1.9 billion in 2023 to $2.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to electronics and semiconductor industry growth, automotive industry expansion, medical equipment advancements, industrial automation and robotics, miniaturization in consumer electronics.
The miniature ball bearings market size is expected to see strong growth in the next few years. It will grow to $2.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rise of electric vehicles, medical robotics and surgical devices, industry 4.0 and smart manufacturing, increased use in drones and uavs, expansion of robotics in consumer applications. Major trends in the forecast period include renewable energy technologies, emergence of 5g technology, collaborative development with end-users, e-commerce platforms for bearings, digitalization and iot integration, advancements in lubrication technologies.
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Segmentation & Regional Insights
The miniature ball bearings market covered in this report is segmented –
1) By Product: Open Miniature Ball Bearing, Dust Cover Miniature Ball Bearing, Other Products
2) By Specificity: Speed, Load Conditions, Size Availability, Accessibility Requirements
3) By Application: Small Motors, Information And Telecommunications Equipment, Instrumentation And Semiconductor Equipment, Household Electrical Appliances, Medical, Industrial, Machine Tools, Robotics, Other Applications
North America was the largest region in the miniature ball bearings market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the miniature ball bearings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand in the automotive sector is expected to boost the miniature ball bearings market. The automotive industry refers to organizations and activities involved in manufacturing automobile parts, such as body pieces and engines. It also encompasses wholesale, retail, and service of motor vehicles. It also includes motor vehicle wholesale, retailing, and servicing. Miniature ball bearings are essential components in various parts of vehicles, including motors, drivetrains, powertrain systems, and auxiliary components. These bearings enable smooth rotation, reduce friction, and support the moving parts within vehicle systems. For instance, according to Statistics Canada, a Canada-based Government agency, the total number of registered road motor vehicles in Canada climbed to 26.2 million in 2021, a 1.9% rise over 2020. Further, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales set a new high in 2021, climbing by 4%. Sales double to 6.6 million compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the growing adoption of electric vehicles will drive the growth of the miniature ball bearings market.
Key Industry Players
Major companies operating in the miniature ball bearings market report are Schaeffler Group USA Inc., United States Ball Corp., AB SKF, The MinebeaMitsumi Group, NSK Ltd., NTN Corporation, TFL Bearings, The Timken Company, THK America Inc., Motion Industries Inc., RBC Bearings, China Huanchi Bearing Group Co. Ltd., WD Bearing Group, NMB Technologies Corporation, CW Bearing GmbH, Kitanihon Seiki Co. Ltd., BNL Bearings, Wuxi Shenxi Bearing Manufacturing Co. Ltd., Lily Bearing, Bishop-Wisecarver, Wuxi MBY Bearing Technology Co. Ltd., Pacamor Kubar Bearings Inc., Torque Transmission, Zhejiang Tianma Bearing Group Co. Ltd., Spyraflo Inc., GRW Bearing GmbH
The miniature ball bearings market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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