The Miniature Ball Bearings Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Miniature Ball Bearings Global Market Report 2024, 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.
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.
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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
Technological advancements are a key trend gaining popularity in the miniature ball bearings market. Major companies operating in the miniature ball bearings market are focused on introducing technological solutions to sustain their position in the market. For instance, in April 2021, NSK Ltd., a Japan-based machinery manufacturing company, developed the world’s fastest ball bearing for EV motors (Gen 3) with topology optimization and simulation technology, enabling a more extended vehicle range and higher energy efficiency. It has the first cage designed with topology optimization and leading-edge simulation technology. The bearing is filled with a unique NSK grease that decreases churning resistance and the heat generated by it, extending the life of both the grease and the bearing, and lowering the danger of seizure. The cage used in the bearing is built of a new high-stiffness resin material that is more successful than standard materials at suppressing deformation during high-speed rotation.
The miniature ball bearings market report table of contents includes:
1. Executive Summary
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