LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global miniature ball bearings market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio market research analysts, the global miniature ball bearings market will grow at a CAGR of close to 8% during the forecast period. The rising demand from the automotive market is a major factor driving the market’s growth. Globally, automotive manufacturers use miniature ball bearings in their throttle bodies, fan motors, wiper motors, and anti-lock braking applications. Therefore, as the demand for automotive components increases, it will have a direct impact on the demand for miniature ball bearings. The global automotive market has grown in the past decade. It consists of passenger cars, light commercial vehicles, and heavy commercial vehicles. OEMs are increasing their production of passenger vehicles.
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In this report, Technavio highlights the growth of smart cities as one of the key emerging trends in the global miniature ball bearings market:
Rise of the industrial robotics market
The industrial robotics market is witnessing significant demand from the automotive, electrical and electronics, and F&B sectors. These robots are mostly used in assembly, machine loading and unloading, packaging, welding, painting, and material handling. Developed countries such as the US, Japan, and Germany are among the key contributors to the overall market. Robots are playing an increasingly significant role in contemporary times. Manufacturers realize their potential to reduce costs, increase production, and ensure greater efficiency and competitiveness, as the robots become more adaptable and more intuitive.
“More affordable and portable robotic arms are enabling companies to benefit from automation. By executing tasks in hazardous environments, robots help with health and safety in the workplace, thereby eliminating the risk of injuries. Robotic applications require high-precision bearings with good rotational accuracy and reliability,” says a senior analyst at Technavio for research on automation.
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Global miniature ball bearings market segmentation
This market research report segments the global miniature ball bearings market into the following end users (automotive and industrial) and key regions (the Americas, APAC, and EMEA).
The automotive segment held the largest market share in 2017, accounting for nearly 47% of the market. The market share for this end user is expected to increase nearly 1% by 2022. The fastest growing end user is industrial, which will account for nearly 36% of the total market share by 2022.
APAC was the leading region for the global miniature ball bearings market in 2017, accounting for a market share of nearly 48%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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