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Global Insights 2024: Trends and Opportunities in the Tapered Roller Bearing Market
tapered roller bearing market size
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According to The Business Research Company's, The tapered roller bearing market size has grown steadily in recent years. It will grow from $10.77 billion in 2023 to $11.04 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to an increase in construction activity, burgeoning demand for construction equipment, a rise in investment projects in mining, infrastructure development, the growth of heavy-duty vehicles in transportation, and a growing logistics sector.
The tapered roller bearing market size is expected to see steady growth in the next few years. It will grow to $12.43 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to increasing acceptance for electric vehicles, increasing industrial machinery production, growing usage of heavy machinery and equipment, rising automotive industry, increasing number of offshore wind farms, and demand for electric commercial vehicles. Major trends in the forecast period include product development and upgrade, new advanced solutions, technological advancements, integrating specialized roller bearings in vehicles, technological innovations, the incorporation of advanced materials, and the incorporation of lubrication systems.
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Market Drivers and Trends:
The demand for electric commercial vehicles is expected to propel the growth of the tapered roller-bearing market going forward. Electric commercial vehicles are battery-powered vehicles designed for transporting goods or passengers, typically used for business or industrial purposes. The rising demand for electric commercial vehicles is primarily driven by stricter environmental regulations and advancements in battery technology, which enhance compliance with emission standards. Tapered roller bearings strengthen the performance of electric commercial vehicles by providing improved load-carrying capacity, reduced friction, and increased durability, contributing to smoother operation and longer service life. For instance, in 2023, according to a report published by the International Energy Agency (IEA), a France-based agency, approximately 66,000 electric buses, and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for around 4.5% of total bus sales and 1.2% of truck sales worldwide. Therefore, demand for electric commercial vehicles drives the tapered roller-bearing market.
Major companies operating in the tapered roller bearing market are focusing on developing innovative solutions, such as low-friction tapered roller bearings, to enhance energy efficiency and improve overall performance in various industrial and automotive applications. Low-friction tapered roller bearings are specialized types designed to minimize friction during operation, resulting in reduced energy loss and heat generation. For instance, in April 2024, NSK Ltd., a Japan-based bearing manufacturing company, launched 7th Generation Low-Friction Tapered Roller Bearings designed to enhance fuel and electricity efficiency across various mobility applications, including internal combustion, hybrid, and electric vehicles. This new generation achieves an average 20% reduction in rolling friction through optimized roller numbers and advanced design techniques, contributing to improved powertrain efficiency across all vehicle speeds. The enhanced internal clearance and cage design also ensure stable performance across a wide temperature range, from -40°C to 200°C.
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Major Key Players of the Market:
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
Tapered Roller Bearing Market 2024 Key Insights:
• The tapered roller bearing market size is expected to see steady growth in the next few years. It will grow to $12.43 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%.
• Rising Demand For Electric Commercial Vehicles Fuels Growth In The Tapered Roller Bearing Market
• Low-Friction Bearings For Enhanced Energy Efficiency And Performance
• Asia-Pacific was the largest region in the tapered roller bearing market in 2023
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