PUBLISHER: The Business Research Company | PRODUCT CODE: 1427908
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427908
Miniature ball bearings are compact bearings designed to handle low loads and achieve high rotational speeds, typically featuring an external diameter of up to 30mm. These bearings find application in various scenarios where space constraints and precise rotational motion are critical.
There are different types of miniature ball bearing products available, with open miniature ball bearings and dust-cover miniature ball bearings being prominent examples. Open miniature ball bearings are devoid of shields or seals that enclose the internal components. They serve specific purposes such as controlling speed, managing load conditions, addressing size availability, and meeting accessibility requirements. These bearings play a crucial role in diverse applications, including but not limited to small motors, information and telecommunications equipment, instrumentation and semiconductor equipment, household electrical appliances, medical devices, industrial machinery, machine tools, robotics, and more. Their versatility makes them integral components in various sectors, contributing to the efficient functioning of a wide range of equipment and systems.
The miniature ball bearings market research report is one of a series of new reports from The Business Research Company that provides miniature ball bearings market statistics, including miniature ball bearings industry global market size, regional shares, competitors with a miniature ball bearings market share, detailed miniature ball bearings market segments, market trends and opportunities, and any further data you may need to thrive in the miniature ball bearings industry. This miniature ball bearings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the past can be credited to the growth of the electronics and semiconductor sector, the widening scope of the automotive industry, advancements in medical equipment, the progress in industrial automation and robotics, and the trend towards 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 anticipated growth in the upcoming period can be ascribed to the increasing prominence of electric vehicles, the proliferation of medical robotics and surgical devices, the advent of Industry 4.0 and smart manufacturing, heightened utilization in drones and UAVs, and the expanding role of robotics in consumer applications. Key trends projected for the forecast period encompass advancements in renewable energy technologies, the emergence of 5G technology, collaborative development initiatives with end-users, the integration of e-commerce platforms for bearings, the digitalization and IoT integration, as well as progress in lubrication technologies.
The escalating demand within the automotive domain is anticipated to amplify the miniature ball bearings market. The automotive sector encompasses entities and operations engaged in the production of vehicle components, including body parts and engines, along with their wholesale, retail, and maintenance services. Miniature ball bearings play a pivotal role in various vehicular components, ranging from motors and drivetrains to powertrain systems and supplementary parts. They facilitate fluid rotation, diminish friction, and provide crucial support to the mobile components within vehicular mechanisms. As an illustration, as per Statistics Canada, an authoritative Canadian agency, the cumulative count of registered motor vehicles in Canada surged to 26.2 million in 2021, marking a 1.9% escalation from the preceding year. Furthermore, data from the International Energy Agency indicates that the sale of electric cars witnessed a robust growth of 4% in 2021, with the count doubling to 6.6 million compared to 2020, pushing the aggregate of electric vehicles on the roads to 16.5 million. Consequently, the accelerating adoption of electric vehicles is poised to propel the miniature ball bearings market.
The burgeoning trend of industrialization is forecasted to further stimulate the miniature ball bearings market's expansion. Industrialization represents the shift of an economy or society from predominantly agrarian and artisanal activities to a more industrially oriented and manufacturing-centric framework. Given their petite dimensions, precision, and operational efficiency, miniature ball bearings are favored in industrial settings, ensuring the smooth functioning of compact machinery and sophisticated mechanical assemblies. As an example, Eurostat, the EU's Luxembourg-based statistical agency, reported a 0.5% and 0.4% uptick in industrial production for the euro area and the broader EU in June 2023, respectively, compared to the prior month. Hence, the upward trajectory of industrialization is set to bolster the miniature ball bearings market.
Technological advancements stand out as a prominent trend gaining traction in the miniature ball bearings market, with major industry players strategically focusing on the introduction of innovative solutions to maintain and enhance their market positions. An illustrative example is NSK Ltd., a Japan-based machinery manufacturing company, which, in April 2021, achieved a breakthrough by developing the world's fastest ball bearing for EV motors (Gen 3). Leveraging topology optimization and simulation technology, this advancement enabled an extended vehicle range and increased energy efficiency. The bearing features a pioneering cage designed through topology optimization and cutting-edge simulation technology, filled with a unique NSK grease that reduces churning resistance and associated heat generation. This design prolongs the life of both the grease and the bearing while minimizing the risk of seizure. Moreover, the cage, constructed from a novel high-stiffness resin material, demonstrates superior effectiveness in suppressing deformation during high-speed rotation.
Major companies in the miniature ball bearings market are actively engaged in creating innovative solutions, such as miniature ball bearing cages, to cater to evolving customer demands. A case in point is AB SKF, a Sweden-based manufacturing company, which introduced the Hybrid deep groove ball bearing in August 2022. Specifically designed to deliver increased power in miniature motors, this hybrid bearing incorporates a high-performance two-piece polymer cage, pushing the boundaries of design flexibility.
In February 2023, Solve Industrial Motion Group, a US-based machinery manufacturing company, successfully acquired SPB-USA LLC for an undisclosed sum. This acquisition positions Solve Industrial Motion Group to expand the distribution of its products, including miniature bearings, to a broader market encompassing OEM (original equipment manufacturer) and MRO (maintenance, repair, and operations) customers. SPB-USA LLC, a US-based building material company, adds a diverse range of equipment, including miniature ball bearings, high-precision miniature, thin-section, and radial ball bearings, to the combined portfolio, enabling the fulfillment of specific customer needs.
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
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.
The countries covered in the miniature ball bearings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The miniature ball bearings market consists of sales of deep groove ball bearings, thrust ball bearings, angular contact ball bearings, miniature radial ball bearings, and flanged ball bearings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Miniature Ball Bearings Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on miniature ball bearings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for miniature ball bearings ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The miniature ball bearings market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.