Needle Roller Bearings Global Market Report 2024 - 2033

"The Business Research Company recently released a comprehensive report on the Global Needle Roller Bearings Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The needle roller bearings market size has grown strongly in recent years. It will grow from $4.62 billion in 2023 to $4.93 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increasing demand for precision engineering, expansion of the renewable energy sector, rising demand in the automotive sector, rise in investment projects in mining, infrastructure development, and increase in the number of offshore wind farms.

The needle roller bearings market size is expected to see strong growth in the next few years. It will grow to $6.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to the rising popularity of electric vehicles, increasing adoption in medical devices, expanding the aerospace industry, expansion of the industrial machinery sector, and growth of industrial automation. Major trends in the forecast period include technological advancements in bearing manufacturing, innovations in high-performance bearings, advancements in bearing materials and lubricants, innovations in manufacturing techniques, developments in the optimization of geometry components, and product innovations.

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Market Drivers and Trends:

The rising popularity of electric vehicles is expected to propel the growth of the needle roller bearings market going forward. Electric vehicles are vehicles powered by electric motors using energy stored in rechargeable batteries instead of traditional internal combustion engines. They offer eco-friendly transportation by producing zero emissions during operation. The popularity of electric vehicles is due to sustainable transportation, energy efficiency, lower operating costs, reduced noise pollution, and smart charging solutions. Needle roller bearings are used in electric vehicles to reduce friction, support high loads, and enhance the efficiency and compactness of electric motors, transmissions, and other vital components. Their use helps optimize the vehicle's performance, durability, and energy consumption, critical for extending battery life and range. For instance, in January 2024, according to a report published by the U.S. Energy Information Administration (EIA), a US-based federal agency that provides independent, comprehensive data, analysis, and forecasts related to energy in the United States, the combined sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) in the United States accounted for 16.3% of all new light-duty vehicle (LDV) sales in 2023, up from 12.9% in 2022. Therefore, the rising popularity of electric vehicles is driving the needle roller bearings market.

Major companies operating in the needle roller bearings market are focused on developing needle roller bearing units to enhance performance, reduce friction, improve load-carrying capacity, and provide durable solutions across various applications, including automotive, aerospace, and industrial machinery. Needle roller bearing units refer to pre-assembled units that consist of needle roller bearings and associated components designed to provide high load capacity while occupying minimal space. It is designed to meet the demanding conditions of coaxial e-axles, which require greater compactness and higher speeds, thereby helping to improve fuel efficiency and reduce energy costs. For instance, in June 2023, NTN Corporation, a Japan-based company, launched a Needle Roller Bearing Unit for e-axle Planetary Reduction Gear, utilized in electric vehicles (EVs) and hybrid electric vehicles (HEVs). The unit features enhancements that increase its durability against surface damage caused by contamination, achieving approximately 30% longer peeling life through optimized shaft heat treatment. It is designed explicitly for coaxial e-Axle configurations, which integrate the motor, inverter, and reduction gear into a more compact form factor.

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Major Key Players of the Market:

Hartford Technologies Inc., Schaeffler Group, JTEKT Corporation, SKF AB, NSK Ltd., NTN Corporation, Regal Rexnord Corporation, The Timken Company, RBC Bearings Incorporated, C&U Group, NBC Bearings Ltd., Tsubaki Nakashima Co. Ltd., Nippon Thompson Co. Ltd., GlobalSpec LLC, WJB Group LLC, Bearingboys Ltd., SNL Bearings Limited, KG Bearing India LLP, Midland Bearings Ltd., Jota Bearing Co. Ltd.

Needle Roller Bearings Market 2024 Key Insights:

• The needle roller bearings market size is expected to see strong growth in the next few years. It will grow to $6.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Surge In Electric Vehicles Is Fueling Growth In The Needle Roller Bearings Market
• Key Developments In Needle Roller Bearing Units Enhancing Performance And Efficiency In Automotive And Industrial Applications
• Asia-Pacific was the largest region in the needle roller bearings market in 2023

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This release was published on openPR.