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Thrust Bearings Market Research Report 2024-2033 | Size, Share Analysis,Trends
Thrust Bearings Market Research
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According to The Business Research Company's, The thrust bearings market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.55 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increasing industrialization, growing automotive production, rise in aerospace applications, expansion of heavy machinery usage, and ease in wind energy installations.
The thrust bearings market size is expected to see strong growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising demand for renewable energy, increasing construction activities, growing oil and gas exploration, expanding e-mobility adoption, and a rise in robotics and automation. Major trends in the forecast period include demand for eco-friendly materials, focus on energy efficiency, rise in electric vehicles, growth in automation in manufacturing, and expansion of offshore energy projects.
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Market Drivers and Trends:
The growing automotive sector is expected to propel the growth of the thrust bearings market going forward. The automotive sector encompasses companies involved in designing, developing, manufacturing, and selling motor vehicles. The automotive industry is gaining traction due to consumer demand, credit availability, adoption of electric vehicles, and consumer preferences for innovative transportation solutions. Thrust bearings are essential to the automotive sector, as they support axial loads and minimize friction in key components such as transmissions and steering systems, improving vehicle durability and performance. For instance, in June 2024, according to a report published by Statistics Canada, a Canada-based national statistical organization, in 2022, the total number of registered road motor vehicles in Canada reached 26.3 million, showing an increase of 0.3% compared to 2021. Therefore, the growing automotive sector is driving the thrust bearings market.
Major companies operating in the thrust bearings market actively focus on developing mounted thrust bearings to meet the increasing demand for more efficient and durable components in various industrial sectors. Mounted thrust bearings, which come pre-assembled and ready for installation, offer advantages such as reduced maintenance time, increased load-carrying capacity, and improved alignment. For instance, in March 2024, Auburn Bearing & Manufacturing, a US-based designer and manufacturer of ball and roller thrust bearings, launched an MT-114RG mounted thrust bearing. This new bearing solution enhances the versatility of the existing T-114RG thrust bearing series by allowing for easier installation options. The MT-114RG can be conveniently threaded onto a shaft, simplifying installation and ensuring secure placement.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
JTEKT Corporation, SKF AB, NTN Corporation, The Timken Company, Nachi-Fujikoshi Corp., RBC Bearings Ltd., C&U Group, Waukesha Bearings Corp, American Roller Bearing Company, NSK Ltd., Kingsbury Inc., Bearings Plus Inc., Scheerer Bearing Corporation, SNL Bearings Ltd., ZKL Group, Boca Bearings Co. Ltd., Adarsh Bearings Pvt Ltd., Gem Bearings, Qibr Bearing Co. Ltd., Astro Bearings Corp
Thrust Bearings Market 2024 Key Insights:
• The thrust bearings market size is expected to see strong growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Rising Automotive Sector Fuels Growth In The Thrust Bearings Market
• Advancements In Thrust Bearings Electrical Erosion-Resistant Enhanced Durability And Performance In Electric Vehicles
• North America was the largest region in the thrust bearings market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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