Press release
Tapered Roller Bearing Market Size Projected To Reach $12.78 Billion By 2034 With A Cagr Of 2.9%
Tapered Roller Bearing
What Is the Projected Growth of the Tapered Roller Bearing Market?
The tapered roller bearing market size is projected to grow from $11.04 billion in 2024 to $11.4 billion in 2025 at a compound annual growth rate (CAGR) of 3.3%. The historic growth is attributed to a rise in construction activity, demand for construction equipment, investment in mining, infrastructure development, growth of heavy-duty vehicles, and an expanding logistics sector.
The tapered roller bearing market size is expected to reach $12.78 billion in 2029, growing at a CAGR of 2.9%. The growth is attributed to rising electric vehicle adoption, industrial machinery production, heavy machinery use, growth in the automotive sector, the rise of offshore wind farms, and demand for electric commercial vehicles. Trends include product development, technological advancements, specialized roller bearings
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What Are the Different Tapered Roller Bearing Market Segments?
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 Are the Primary Drivers Shaping the Tapered Roller Bearing Market?
The increasing demand for electric commercial vehicles is anticipated to drive the growth of the tapered roller-bearing market. Electric commercial vehicles, which are battery-powered and used for transporting goods or passengers in business or industrial settings, are becoming more popular due to stricter environmental regulations and advancements in battery technology. These vehicles' performance is enhanced by tapered roller bearings, which offer better load-carrying capacity, reduced friction, and increased durability, ensuring smoother operation and longer service life. For example, in 2023, the International Energy Agency (IEA) reported that about 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, representing 4.5% of bus sales and 1.2% of truck sales worldwide. This demand is supporting the tapered roller-bearing market's growth.
Which Companies Are Leading in the Tapered Roller Bearing Market?
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
What Are the Major Trends Shaping the Tapered Roller Bearing Market?
Companies in the tapered roller bearing market are developing low-friction bearings to enhance energy efficiency and performance in industrial and automotive sectors. Low-friction tapered roller bearings minimize friction, reducing energy loss and heat generation. For example, in April 2024, NSK Ltd., a Japan-based bearing manufacturer, launched 7th Generation Low-Friction Tapered Roller Bearings, which improve fuel and electricity efficiency in mobility applications. These bearings reduce rolling friction by 20%, optimize roller numbers, and feature an advanced design for stable performance across a wide temperature range, from -40°C to 200°C.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tapered Roller Bearing Market?
2. What is the CAGR expected in the Tapered Roller Bearing Market?
3. What Are the Key Innovations Transforming the Tapered Roller Bearing Industry?
4. Which Region Is Leading the Tapered Roller Bearing Market?
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