Press release
Soaring Demand Set to Propel Roller Bearings Market to $29.14 Billion by 2029
Roller Bearings
What Is the Expected CAGR for the Roller Bearings Market Through 2025?
In recent years, the market size of roller bearings has shown significant growth. It is projected to expand from $22.34 billion in 2024 to $23.63 billion in 2025, at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period is attributed to factors such as increased adoption of high-performance industrial machinery, rising demand for electric commercial vehicles, growth in the production of high-performance industrial machinery, increased use of heavy machinery in the construction industry, and the expansion of the automobile sector which extensively requires roller bearings.
What's the Projected Size of the Global Roller Bearings Market by 2029?
The market for roller bearings is projected to experience robust growth in the upcoming years, with a prediction to expand to a value of $29.14 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. This surge during the forecast period is attributed to the heightened use of heavy equipment and machinery, an increase in offshore wind farms, elevated demand brought on by manufacturing industries, a growing population, and enhanced consumer disposable income. Notable trends throughout the forecast period comprise breakthroughs in technology, tailored roller bearings, technical evolutions in vehicular systems, incorporation into manufacturing procedures, and proactive maintenance technologies.
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Top Growth Drivers in the Roller Bearings Industry: What's Accelerating the Market?
The surge in vehicle manufacturing is set to fuel the expansion of the roller bearings market in the future. What we mean by vehicle production is the creation of motor vehicles, such as automobiles, trucks, coaches, and motorcycles, in production plants or assembly lines. Economic growth in emerging nations, heightened consumer buying power, and government incentives pushing for the adoption of electric cars are leading to an increase in vehicle production. Roller bearings play a vital role in vehicles as they minimize friction and wear on moving parts, allowing for smoother operation and improving the durability of components. For example, a report in May 2023 from The European Automobile Manufacturers' Association (ACEA), a Belgium-based entity, indicated that the European Union manufactured 10.9 million passenger cars in 2022, representing an 8.3% increase from the prior year. Consequently, the growth of the roller bearings market is being spurred by the rising production of vehicles.
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What Trends Will Shape the Roller Bearings Market Through 2029 and Beyond?
Leading firms in the roller bearings industry are prioritizing the development of inventive merchandise, like super precision cylindrical roller bearings, to boost efficiency and enhance reliability in high-speed and high-accuracy in sectors like aerospace, automotive, and machinery. Super precision cylindrical roller bearings are high-quality bearings that deliver extraordinary precision, sturdiness, and load-bearing ability. For example, in March 2024, Schaeffler Technologies AG & Co. KG, a roller bearings producer based in Germany, introduced the NJ23-ILR series- a new generation of cylindrical roller bearings for high-end industrial gearboxes and construction equipment. The NJ23-ILR line marked a 24% jump in dynamic load rating in comparison to its forerunner, considerably lengthening its service life. The NJ23-ILR bearings can be swapped with the current DIN 5412-1 designs, making replacement easier in multiple applications without the need for significant alterations. These fresh offerings demonstrate Schaeffler's dedication to enhancing performance and promoting sustainability in bearing technology in varied industrial uses.
What Are the Main Segments in the Roller Bearings Market?
The roller bearingsmarket covered in this report is segmented -
1) By Product Type: Tapered, Spherical, Cylindrical, Others Product Types
2) By Distribution Channel: Online, Offline
3) By End-User: Automotive, Electrical, Construction, Agriculture, Other End Users
Subsegments:
1) By Tapered Roller Bearings: Single Row Tapered Roller Bearings, Double Row Tapered Roller Bearings, Four Row Tapered Roller Bearings, Tapered Roller Bearing Assemblies
2) By Spherical Roller Bearings: Double Row Spherical Roller Bearings, Self-Aligning Spherical Roller Bearings, Spherical Roller Bearings With Seals, Spherical Roller Bearing Assemblies
3) By Cylindrical Roller Bearings: Single Row Cylindrical Roller Bearings, Double Row Cylindrical Roller Bearings, Multi-Row Cylindrical Roller Bearings, Cylindrical Roller Bearing Assemblies
4) By Other Product Types: Needle Roller Bearings, Thrust Roller Bearings, Radial Roller Bearings, Combination Roller Bearings
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Which Top Companies are Driving Growth in the Roller Bearings Market?
Major companies operating in the roller bearings market are Schaeffler Technologies AG and Co. KG, JTEKT Corporation, Minebea Mitsumi Inc., SKF Ab, NSK Ltd., The Timken Company, Nachi-Fujikoshi Corp, RBC Bearings Incorporated, SNL Bearings Limited, IKO International Inc., National Engineering Industries Ltd., Wafangdian Bearing Group, NTN Bearing Corporation, NRB Bearings Limited, Fersa Bearings, Zhejiang Tianma Bearing Group, Luoyang LYC Bearing Co. Ltd., Bimetal Bearings Limited, Menon Bearings Limited, HCH Bearing, ISB Industries, Galaxy Bearings Limited, MBP Bearings Pvt. Ltd., Boca Bearings, Harbin Bearing Manufacturing Co. Ltd
Which Regions Will Dominate the Roller Bearings Market Through 2029?
Asia-Pacific was the largest region in the roller bearings market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the roller bearings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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