High demand from automotive industry and increasing applications in various industries such as automotive, medical, machine tools, robotics and others are the major factors driving the global market growth. In addition, rapid industrialization, urbanization, and improved spending capacity of consumers are also driving the growth of miniature ball bearings market. The miniature ball bearing refers to bearing with outer diameter 20mm or less. Miniature ball bearings, like all other ball bearings, are designed to reduce friction and to handle payloads so that heavy weights can be relocated easily by means of some application such as cranes, etc. The product innovations present a challenge to bearing manufacturers since there are ever increasing demands to offer bearings with accuracy, high performance, and reliability. Technological innovations in automobile sector have led to the introduction of small motors, compressors and alternators which require miniature ball bearings.
The global market of miniature ball bearing is expected to reach the market value around 2.30 billion by 2026 and is expected to grow at a CAGR of 9.0% in terms of revenue during the period 2018 - 2026.
Focus On Developing Bearings That Can Fit Into Limited Space
Miniature ball bearings are advantageous in a wide range of applications. These bearings are tremendously suitable in applications such as electrical, automotive, and medical devices where the space is partially available or limited. Apart from improving the quality of bearings, the focus is also being put by various OEMs on finding cost effective and environment friendly solutions. Berkeley Lab's Materials Sciences Division (MSD) Berkeley, California USA, developed smallest bearings which are a few billionths of a meter in size. These bearings find their applications in microscopic machines. In 2015, Minebea Mitsumi Inc. developed smallest commercially available steel ball bearing.
Insights on Market Segments
The miniature ball bearing market is segmented based on type, application, and geography. Based on type, it is classified into open miniature ball bearings, dust over miniature ball bearings, and others (flanged outer and extended inner). Based on application, the market is divided into small motors, information and telecommunications equipment, instrumentation and semiconductor equipment, household electrical appliances, medical, industrial, automotive, machine tools, robotics, others. Furthermore, the others segment comprises aircraft application, gear heads, office automation equipment and tape guide assemblies. By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World.
The Asia-Pacific Represents Major Share in the Miniature Ball Bearing Market
Asia-Pacific was the largest market in the global miniature ball bearing market in 2015, and is expected to continue its dominance till 2026. This regional market held more than 55.0% share in 2015, in terms of volume. Major demand of miniature ball bearings comes from gearboxes, pumps, automobiles, industrial and medical sector among others. The miniature ball bearing business carters to the requirement of replacement market directly linked to automotive and industrial sectors. Industrial miniature bearing market is far more spread. The government fillip to manufacturing sectors in many Asian countries has led to the increase in miniature ball bearing business. The industrial applications of miniature ball bearing products are enormous, which calls for manufacturing of a specialized miniature ball bearing. The increase in infrastructure and industrialization has led to the growth of Asia-Pacific miniature ball bearing market.
The major companies profiled in the report include Minebea MITSUMI Inc., Huanchai Bearing Group Co., Ltd, Pacamor Kubar Bearings, Inc, Kitanihon Seiki Co., Ltd., Shanghai Lily Bearing Manufacturing Co., Ltd, The Timken Company, SKF AB, NTN Corporation, NSK Ltd., GRW High Precision Ball Bearings, and FAG Kugelfischer GmbH among others.
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