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Spherical Roller Bearings Market 2024 - By Analysis, Industry Trends, Growth And Forecast To 2033
Spherical Roller Bearings Market
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According to The Business Research Company's, The spherical roller bearings market size has grown steadily in recent years. It will grow from $5.1 billion in 2023 to $5.32 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to increasing traction in industrial sectors, an increase in demand for economical spherical roller bearings with zero friction, a surge in usage of spherical roller bearings in renewable energy applications, demand for renewable energy, and a flourishing automotive industry.
The spherical roller bearings market size is expected to see steady growth in the next few years. It will grow to $6.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to demand for bearings in wind turbines, electric vehicles, and machinery, demand for bearings in construction machinery, automotive manufacturing, and industrial equipment, demand for high-precision bearings for robotics, machinery, and precision equipment, rapid expansion of machinery and motor vehicle production, and surging demand for small single-aisle aircraft and helicopters. Major trends in the forecast period include advanced bearings specifically designed to enhance uptime, technological advancements, innovation in spherical roller bearings, developing innovative products, and technologically advanced solutions.
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Market Drivers and Trends:
Rising demand for electric commercial vehicles is expected to propel the growth of the spherical roller bearings market going forward. Electric commercial vehicles, such as trucks and buses, are powered exclusively by electric batteries rather than conventional fuel sources. The rising demand for electric commercial vehicles is driven by environmental regulations, sustainable transportation solutions, lower operational costs, e-commerce, and last-mile delivery. Spherical roller bearings enhance the performance of electric commercial vehicles by providing greater load-carrying capacity and reducing friction. This improves the vehicles' efficiency, reliability, and durability, especially in demanding operating conditions. For instance, in January 2024, according to a report published by The U.S. Energy Information Administration (EIA), a US-based agency, according to Wards Intelligence data, the combined sales of hybrid vehicles, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) in the United States, light-duty vehicle (LDV) sales reached 16.3% in 2023, an increase from 12.9% in 2022. Therefore, rising demand for electric commercial vehicles is driving the spherical roller bearings market.
Major companies operating in the spherical roller bearings market are focused on developing innovative solutions with sustainable components such as food-grade grease and seal to meet the specific hygiene and safety standards required in food and beverage processing environments. Food-grade grease and an integral seal enhance both machine performance and hygiene standards, featuring corrosion-resistant materials, high durability, and the ability to withstand frequent washdowns. For instance, in November 2023, AB SKF, a Sweden-based bearing manufacturing company, launched SKF dpherical roller bearing with food safety features, the first spherical roller bearings specifically designed for the food and beverage industry. The bearing is pre-filled with NSF Category H1 grease, specifically designed for food industry applications. It features a high-performance nitrile butadiene rubber contact seal that is both FDA- and EC-approved, protecting water, detergent, and contaminants. Additionally, the blue color of the seal helps in easily spotting any fragments that might accidentally enter the food.
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Major Key Players of the Market:
Schaeffler Technologies AG & Co. KG , JTEKT Corporation, AB SKF, MinebeaMitsumi Inc., NSK Ltd., NTN Corporation, The Timken Company, Nachi-Fujikoshi Corp., RBC Bearings Incorporated, C&U Group, National Engineering Industries Ltd., Wafangdian Bearing Group Corporation, NRB Bearings Ltd., Fersa Bearings S.A.U., Mineral circles bearings, BTL-UK Ltd., ABTech Inc., MARC Bearings Pvt Ltd., Rudra Bearings Pvt. Ltd., ZKL Group, KG Bearing India LLP, Shanghai Xin Equation Bearing Co. Ltd., KEC Bearings Pvt Ltd., Boca Bearings Co.
Spherical Roller Bearings Market 2024 Key Insights:
• The spherical roller bearings market size is expected to see steady growth in the next few years. It will grow to $6.36 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Rising Demand For Electric Commercial Vehicles To Accelerate Growth In The Spherical Roller Bearings Market
• Advancements In Food-Grade Spherical Roller Bearings Innovations For Hygiene And Safety In Food Processing
• Asia-Pacific was the largest region in the spherical roller bearings market in 2023
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