Global Tapered Roller Bearing Market Data 2024, Forecast To 2033
12 Nov, 2024
The tapered roller bearing market has grown steadily in recent years. It is expected to rise from $10.77 billion in 2023 to $11.04 billion in 2024, with a CAGR of 2.6%. The market's growth is driven by increased construction activity, rising demand for construction equipment, increased investment in mining and infrastructure, the growth of heavy-duty vehicles in transportation, and the expansion of the logistics sector. The tapered roller bearing market is forecast to grow to $12.43 billion by 2028, at a CAGR of 3.0%. Growth drivers include increased electric vehicle adoption, higher industrial machinery production, rising heavy machinery use, and demand for electric commercial vehicles. Key trends include product development, technological advancements, advanced material incorporation, and lubrication systems integration.
Major Driver In The Tapered Roller Bearing Market
The demand for electric commercial vehicles is expected to enhance the tapered roller-bearing market. These vehicles, essential for business operations, are becoming increasingly popular due to stricter environmental regulations and improved battery technology. Tapered roller bearings enhance the performance of electric vehicles by increasing load capacity and durability. According to the International Energy Agency, around 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, constituting about 4.5% of total bus sales and 1.2% of truck sales, signaling robust demand in this sector.
Request A Free Sample Of The Tapered Roller Bearing Market ReportTapered Roller Bearing Market Competitive Landscape
Alibaba Group, Schaeffler Technologies AG and Co., JTEKT Corporation, SKF Canada Ltd., NSK Ltd., NTN Corporation, Timken Company, Wafangdian Bearing Group Corp., Nachi-Fujikoshi Corp., RBC Bearings Incorporated, C and U Group, National Engineering Industries Ltd., GMB Corporation, Zhejiang Tianma Bearing Group Co. Ltd., Luoyang Boying Bearing Co Ltd., ZWZ Group, Lilly Bearing Manufacturing Co. Ltd., KML Bearings Co. Ltd., Boca Bearing Company, LYC Bearing Corporation, MBS Bearing Co. Ltd., Nanjing ShengKaiTe Bearing Co Ltd., Shanghai Xin Equation Bearing Co. Ltd., TPI Bearings Co. Ltd., ZKL Group
Key Tapered Roller Bearing Market Trend
Companies in the tapered roller bearing market are working on innovative solutions, such as low-friction tapered roller bearings, to improve energy efficiency and performance in industrial and automotive applications. Low-friction tapered roller bearings are designed to minimize friction during operation, reducing energy loss and heat generation. For example, in April 2024, NSK Ltd., a Japan-based bearing manufacturer, launched 7th Generation Low-Friction Tapered Roller Bearings to improve fuel and electricity efficiency in various mobility applications, including internal combustion, hybrid, and electric vehicles. The new generation reduces rolling friction by 20%, enhancing powertrain efficiency across all vehicle speeds and ensuring stable performance across a wide temperature range.
Purchase The Global Tapered Roller Bearing Market Report Directly And Get A Swift DeliveryGlobal Tapered Roller Bearing Market Segmentation
The tapered roller bearing market covered in this report is segmented –
1) By Type: Single-Row Tapered Roller Bearings, Double-Row Tapered Roller Bearings, Four-Row Tapered Roller Bearings, Other Types
2) By Size: <200MM, 200-300MM, 300-600MM, >600MM
3) By Application: Automotive, Heavy Machinery, Aerospace, Medical, Other Applications
By Geography:The regions covered in the tapered roller bearing market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the tapered roller bearing market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Tapered Roller Bearing Global Market Report 2024 furnishes information about the global tapered roller bearing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.