Miniature Ball Bearing Market Size Worth US$ 2.31 Bn by 2026
LOS ANGELES, Oct. 23, 2019 -- The global miniature ball bearing market is expected to grow at a CAGR of 9.0% in terms of revenue during the period 2018 to 2026.
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Miniature ball bearing, also known as instrument bearing, is a component which helps by supporting axis loads to reduce rotational friction. This consists of an inner ring, outer ring barriers, retainers and snap rings. A miniature ball bearing has an internal bearing of 22 mm or less in diameter. The purpose of a miniature ball bearing is to determine the frequency of the rotation. In addition, miniature ball bearings have a variety of applications such as medical devices, electrical, automotive, etc.
Major driving factors for miniature ball bearings are increasing global demand for robots, rising use of miniature ball bearings in the automotive industry, and increasing demand for automotive components is consequently increasing demand for miniature ball bearings. Throughout developing countries, industrialization is growing; living standards are rising, and increasing consumers disposable incomes are other factors driving the miniature ball bearings market.
In 2018, Asia-Pacific market accounted for major share in terms of revenue i.e. US$ 642 Mn and also likely to grow at the fastest CAGR during forecast period. Asia-Pacific is a hub of manufacturing miniature ball bearings. Major demand of miniature ball bearings comes from gearboxes, medical sector, automobiles, pumps, industrial and among others. The miniature ball bearing market carters are linked directly with the automotive and industrial sectors to the replacement product requirement. The demand for miniature automotive bearings is much more common in this region. In many Asian countries, the filling of government to manufacturing sectors has led to an increase in the miniature ball bearing market. The industrial application of miniature ball bearing products is massive; it requires a specific miniature ball bearing to be produced. Increasing infrastructure and industrialization has led to growth in the Asia-Pacific market for miniature ball bearings.
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Some of the leading competitors are NSK Ltd., AB SKF, Kitanihon Seiki Co., Ltd., The Timken Company, NTN Corporation, GRW High Precision Ball Bearings, Pacamor Kubar Bearings, Inc, Huanchi Bearing Group Co., Ltd, Shanghai Lily Bearing Manufacturing Co., Ltd, MINEBEA MITSUMI Inc, FAG Kugelfischer GmbH and others. Furthermore, MINEBEA MITSUMI Inc. hold over 55% of share in miniature ball bearing market. The company mainly produces miniature ball bearings as well as other high-precision components. Liquid crystal backlights used in smartphones, lighting systems and other items are also manufactured and sold by the company.
The company operates in two segments: the segment of machined components and the segment of electronic devices and components. The category of machined components comprises bearings, products connected to bearings and components that are machined. This section of electronic devices and components comprises rotary components; electronic devices and components, and components for calculation. These products include various devices such as switches, sensors and connectors for input, conversion and power. The products are components used for modern homes and offices in various products, including tools by data and telecommunications, electrical equipment and automobiles.
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The Timken Company, NTN Corporation, SKF AB holds around 35% of share in miniature ball bearing market. The Timken Company is developing a growing range of engineered bearings and power transmission products that improve global machinery and equipment quality and efficiency to push the world forward. The company has completed the acquisition of ABC Bearing Ltd, a manufactured of cylindrical & spherical, tapered roller bearings and slewing rings, based in India. The acquisition was done for expanding their presence in India and enhancing their export capabilities to serve global markets.
- The global miniature ball bearings market is expected to increase from USD 1,170.2 Mn in 2018 at a CAGR of 8.9% during 2018 -2026, in terms of value
- The dust over miniature ball bearings type segment is expected to show highest CAGR during the forecast period owing to its high penetration into various industries
- On the basis of application, the household electrical appliances segment is expected to show highest CAGR during the forecast period owed to increasing purchasing power and improving lifestyle of the population
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