Press release
Rising Demand For Electric Commercial Vehicles Fuels Growth In The Tapered Roller Bearing Market : Major Factor in the Transformation of the Tapered Roller Bearing Market in 2025
Tapered Roller Bearing Market Size
The market size of the tapered roller bearing industry has seen consistent growth over the past few years. The market, which was valued at $11.04 billion in 2024, is forecasted to rise to $11.4 billion in 2025 at a compound annual growth rate (CAGR) of 3.3%. The growth observed in the historical period can be credited to several factors. These include an uptick in construction activities, increased demand for construction machinery, rising investment ventures in the mining sector, infrastructure development, the expansion of heavy-duty vehicles in the transport sector, and a booming logistics industry.
The market for tapered roller bearings is predicted to grow steadily in the coming years, reaching $12.78 billion by 2029 with a compound annual growth rate (CAGR) of 2.9%. Several factors contribute to this anticipated growth during the forecasted period including increased adoption of electric vehicles, proliferation in industrial machinery production, an uptick in the consumption of heavy machinery and equipment, expansion in the automotive industry, an upswing in offshore wind farms, and the growing demand for electric commercial vehicles. Notable trends over the forecast timescale encapsulate product evolution and improvement, introduction of innovative solutions, advancement in technology, incorporation of specialized roller bearings in vehicles, technological innovations, usages of high-end materials, and the assimilation of lubrication systems.
What Key Elements Are Boosting Growth in the Tapered Roller Bearing Market?
The tapered roller-bearing market is predicted to expand in response to the rising demand for electric commercial vehicles. These vehicles, which are powered by batteries and used for carrying goods or passengers for business or industrial purposes, are increasingly required due to stringent environmental regulations and evolution in battery technology that support adherence to emission standards. Acting as a performance enhancer for electric commercial vehicles, tapered roller bearings offer increased load-carrying capacity, decreased friction, and enhanced durability, thus, ensuring a more efficient operation process and longer lifespan. A study conducted by the International Energy Agency, an agency located in France, revealed that approximately 66,000 electric buses, and 60,000 medium- to heavy-duty trucks were sold worldwide in 2022. This represented approximately 4.5% of all bus sales and 1.2% of truck sales globally in 2023. Hence, the growing consumption of electric commercial vehicles propels the growth of the tapered roller-bearing market.
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Who Are the Major Industry Players Fueling Tapered Roller Bearing Market Expansion?
Major companies operating in the tapered roller bearing market are 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
Which Key Developments Are Influencing the Tapered Roller Bearing Market?
Leading businesses in the tapered roller bearing market are prioritizing the creation of innovative solutions, such as tapered roller bearings with low-friction properties, to promote energy efficiency and boost overall performance in diverse industrial and automotive uses. These specialized low-friction tapered roller bearings are designed to lower friction during operation, thereby reducing energy wastage and heat production. To illustrate, in April 2024, NSK Ltd., a bearing manufacturer based in Japan, introduced the 7th Generation Low-Friction Tapered Roller Bearings. These are specifically designed to augment fuel and electricity efficiency in different mobility applications, encompassing internal combustion, hybrid, and electric vehicles. This latest generation achieves an average 20% reduction in rolling friction through the strategic manipulation of roller numbers and implementation of progressive design methodologies, leading to enhanced powertrain efficiency at all vehicle speeds. The improved internal clearance and cage design also guarantee steady performance over a broad temperature spectrum, ranging from -40°C to 200°C.
How Is the Segmentation of the Tapered Roller Bearing Market Defined?
The tapered roller bearingmarket 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: 600MM
3) By Application: Automotive, Heavy Machinery, Aerospace, Medical, Other Applications
Subsegments:
1) By Single-Row Tapered Roller Bearings: Standard Single-Row Tapered Roller Bearings, High-Capacity Single-Row Tapered Roller Bearings, Flanged Single-Row Tapered Roller Bearings
2) By Double-Row Tapered Roller Bearings: Standard Double-Row Tapered Roller Bearings, High-Capacity Double-Row Tapered Roller Bearings, Flanged Double-Row Tapered Roller Bearings
3) By Four-Row Tapered Roller Bearings: Standard Four-Row Tapered Roller Bearings, Customized Four-Row Tapered Roller Bearings For Specific Applications
4) Other Types: Cone And Cup Assemblies, Tapered Roller Bearing Units, Specialty Tapered Roller Bearings
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What Is the Leading Region in the Tapered Roller Bearing Market?
Asia-Pacific was the largest region in the tapered roller bearing market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tapered roller bearing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Tapered Roller Bearing Global Market Report?
- Market Size Analysis: Analyze the Tapered Roller Bearing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Tapered Roller Bearing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Tapered Roller Bearing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Tapered Roller Bearing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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