The roller bearings market has expanded notably, expected to grow from $21.24 billion in 2023 to $22.34 billion in 2024, with a CAGR of 5.2%. Contributing factors include adoption in high-performance machinery, demand for electric commercial vehicles, increased construction industry use, and the automotive sector's need for roller bearings.
The roller bearings market is expected to grow to $27.68 billion by 2028, at a CAGR of 5.5%. Growth is driven by the increasing use of heavy machinery, the rise of offshore wind farms, demand from manufacturing industries, and rising disposable incomes. Trends include technological advancements, customized roller bearings, developments in automotive systems, integration into manufacturing processes, and predictive maintenance technologies.
Major Driver In The Roller Bearings Market
The rising production of vehicles is projected to stimulate the roller bearings market, as economic growth and government incentives for electric vehicles boost vehicle manufacturing. Roller bearings are essential components for reducing friction in vehicles, thus prolonging the lifespan of parts. The European Union produced 10.9 million passenger cars in 2022, an 8.3% increase from the previous year, as reported by the ACEA in May 2023. This increase in vehicle production supports the demand for roller bearings, fueling the market's expansion.
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Roller Bearings Market Competitive Landscape
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
Key Roller Bearings Market Trend
Leading companies in the roller bearings market are focused on developing high-performance products like super precision cylindrical roller bearings to improve performance and reliability in high-speed, high-accuracy industries such as aerospace, automotive, and machinery. For example, in March 2024, Schaeffler Technologies AG & Co. KG, a Germany-based manufacturer, introduced the NJ23-ILR series of cylindrical roller bearings, offering a 24% increase in dynamic load rating, which extends the product’s operational life. The series is compatible with existing DIN 5412-1 designs, making it easy to replace without major modifications, reflecting the company’s commitment to advancing bearing technology.
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Global Roller Bearings Market Segmentation
The roller bearings market 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
By Geography:The regions covered in the roller bearings market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the roller bearings market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Roller Bearings Global Market Report 2024 furnishes information about the global roller bearings market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
