Miniature Ball Bearings Market Size is Expected to Hit US$ 4.18 Billion by 2030
Miniature ball bearings Market Size 2022-2030, Market Share Analysis, Growth, Trends, Covid 19 Outbreak Impact Research Report Added by Precedence Research.
The global miniature ball bearings market size is projected to hit USD 4.18 billion by 2030. Furthermore, the CAGR from 2022 to 2030 is positioned to be at a CAGR of 9.5%.
The report contains 150+ pages with detailed analysis. The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2022 to 2030.
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Miniature ball bearing or instrument bearing are compact machined components, which is extensively used in the manufacturing of various downsized machines and equipment. Miniature ball bearing is designed for operating in small equipment and very useful in a variety of applications such as automotive, crusher industry, textile industry, heavy machinery equipment, electronics, and aerospace industry. The major functions of a miniature ball bearing includes supporting the load, reduced friction, and positioning moving machine components like wheels or shafts.
Crucial factors accountable for market growth are:
- Growing demand for compact and mini machines and equipment
- Rapid industrialization in developing economies
- Rising demand for miniature ball bearings from aerospace and automotive industries
- Rising popularity of electric vehicles
- Increasing demand from the medical equipment manufacturing units
- Rising consumer expenditure in household electrical appliances
The growing demand from the aerospace, industrial, and automotive industries is exponentially driving the growth of the miniature ball bearing market. Technological advancements in the field of medical equipment, robotics, and computers is augmenting the development of efficient and cost-effective production of miniature ball bearings. Moreover, with the rapid growth and development in technology, the demand for the small and compact machines is on the rise across various industries, which is boosting the demand for the miniature ball bearings.
There are certain problems associated with the miniature ball bearings. The miniature ball bearing might not provide satisfactory results even after it is correctly mounted and operated. The problems like excessive noise production, reduction in accuracy, and grease deterioration may be faced that may result in extra costs for the user. This may restraint the growth of the miniature ball bearing market.
The introduction of chrome steel and tungsten carbide in the production of miniature ball bearings is providing lucrative opportunities to the market players. Use of chrome steel helps in production of high-precision bearing that incorporates quieter, improved hardness, and wear resistant properties in the miniature ball bearing. Moreover, the use of tungsten carbide offers durability and long fatigue life to the miniature ball bearings. These innovations seem to offer new growth opportunities to the vendors in the upcoming years.
Generally, in factories or manufacturing units, the environment is noisy. Sometimes the noise levels rises beyond the permissible limits. According to the Occupational Safety and Health Administration, the permissible noise is restricted to 80 decibels. Higher noise is not good for the workers’ health. The reduction of noises in equipment and machines are much needed. The high rotational speed of ball bearings is required in order to increase productivity. This is a major challenge faced and development of efficient precision miniature ball bearings is the need.
- In April 2021, NSK Ltd. has developed ultra-high speed ball bearing for its use in the motors of electric vehicles. This third generation ball bearing is capable of operating at around 1.8 million dmN. It is claimed that this ball bearing is the fastest grease lubricated bearing for the automotive and it provides longer range and improve fuel efficiency. This will drive the growth of the miniature ball bearing market due to the rapid growth of the electric vehicle industry.
- In May 2019, CW Bearing exhibited at CWIEME Berlin 2019. This is a fair that brings together the expert engineers, supply chain professionals, and industry specialists. CW Bearing showcased it wide range of precision miniature ball bearing products. This move will help in the growth and higher adoption of precision ball bearings in the miniature ball bearing market.
- Dust cover segment led the global miniature ball bearing market with remarkable revenue share 45% in 2020. Rising popularity for compact and small sized equipment and machineries are uplifting the segment growth.
- By application, automotive segment held the major revenue share 39% in the global miniature ball bearing market in 2020 owing to the higher demand and the growing popularity of the electric vehicles is further fueling the segment growth.
- Asia Pacific dominated the global miniature ball bearing market in 2020 and projected to augment the market in the coming years. The prime factor attributed for its growth is technological advancement in the region along with government initiatives supporting the developments of industries. Countries such as China and India are attracting FDIs and are emphasizing on creating global manufacturing hub in the region.
- North America is projected as the most opportunistic region during the forecast period. This attributed to the faster adoption of new technologies in North America. Moreover, increased investment on technological advancements and innovations in the region is further propelling the growth of the market. North America is also expected to be the fastest-growing market for electric vehicles that is expected to significantly contribute to the growth of the miniature ball bearing market in the foreseeable future.
The miniature ball bearings market report provides an understanding of the market composition and explains the role of established players and regional contributors. It is essential for the market players to make calculative moves and focus on client acquisition and retention. The detailed company profiles will provide the necessary intelligence to the reader. In order to maintain their share, the market players are focusing on strategies such as cross-border expansion, product differentiation, and so on.
Some of the key players in the global miniature ball bearings market include:
- NSK Ltd.
- Kitanihon Seiki Co. Ltd.
- Minebea Mitsumi Inc.
- GRW Bearing GmbH
- CW Bearing GmbH
- Cixing Group Co. Ltd
- Shanghai Lily Bearing Manufacturing Co.
- FAG Kugelfischer GmbH
- PacamorKubar Bearings, Inc.
Segments Covered in the Report
- Open Miniature Ball Bearing
- Dust Cover Miniature Ball Bearing
- Household Appliances
- Office Automation
- Information and Telecommunications
- North America
- Asia Pacific
- South Korea
- Rest of the World
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