Market Research Report
Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||662797|
|Published||Content info||90 Pages
Delivery time: 2-3 business days
|Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: June 10, 2019||Content info: 90 Pages||
Miniature ball bearing, also known as instrument bearing, is a machinery component which helps in eliminating rotational friction by supporting axis loads. It consists of an outer ring, inner ring, shields, snap rings and retainers. A miniature ball bearing has its bearing with outer diameter of 22mm or less. The objective of a miniature ball bearing is to aid in determining the rotational accuracy. Apart from this, miniature ball bearing is used in a variety of applications like electrical, medical devices, automotive, etc. According to the latest report by IMARC Group, titled "Miniature Ball Bearing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global miniature ball bearing market reached a value of US$ 1,446 Million in 2018.
Miniature ball bearings are used in the automotive sector for manufacturing mechanical components like fan motors, wiper motors, throttle bodies, etc. Rising demand for automotive components is, therefore directly proportional to the demand for miniature ball bearings. This acts as one of the primary factors propelling the growth of the miniature ball bearing market. In addition, the market for industrial robotics is encountering a remarkable demand from the automotive, electronics and electrical sector. Moreover, rapid urbanisation and industrialisation, and elevated disposable incomes of the consumers represent other factors facilitating the demand for miniature ball bearings. Looking forward, the market value is projected to reach US$ 2,146 Million by 2024, registering a CAGR of 6.7% during 2019-2024.