What Is The Overview Of The Global Tapered Roller Bearing Market?
A tapered roller bearing is a type of rolling-element bearing designed to handle both radial and axial loads, making it ideal for applications involving heavy loads. The rollers in the bearing are conical in shape, and they are positioned at an angle between the inner and outer raceways (or rings), allowing them to support loads from both directions effectively.
Tapered Roller Bearing Global Market Report 2024 provides data on the global tapered roller bearing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tapered roller bearing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Tapered Roller Bearing Market Expected To Grow In Size And Annual Rates?
The tapered roller bearing market has grown steadily, with a forecasted increase from $10.77 billion in 2023 to $11.04 billion in 2024, reflecting a CAGR of 2.6%. The market growth is attributed to increased construction activities, demand for construction equipment, investment in mining projects, growing heavy-duty vehicle use, and expanding logistics. By 2028, the market is expected to grow to $12.43 billion at a CAGR of 3.0%. Factors contributing to growth include acceptance of electric vehicles, higher industrial machinery production, demand for heavy machinery, growth in the automotive industry, and increasing offshore wind farm installations. Key trends include product innovation, advanced bearing solutions, material integration, and improved lubrication systems.
What Main Forces Are Fueling Expansion In The Tapered Roller Bearing Market?
The growing demand for electric commercial vehicles is fueling the expansion of the tapered roller bearing market. Electric commercial vehicles, driven by stricter environmental regulations and advancements in battery technology, rely on tapered roller bearings for improved load capacity, reduced friction, and enhanced durability. According to a 2023 report from the International Energy Agency, approximately 66,000 electric buses and 60,000 medium- and heavy-duty electric trucks were sold globally in 2022, comprising 4.5% of total bus sales and 1.2% of truck sales. This rising demand is accelerating the tapered roller bearing market.
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What Are The Primary Segments In The Global Tapered Roller Bearing Market?
The tapered roller bearing market 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: <200MM, 200-300MM, 300-600MM, >600MM
3) By Application: Automotive, Heavy Machinery, Aerospace, Medical, Other Applications
Which Key Trends Are Driving Changes In The Tapered Roller Bearing Market?
In the tapered roller bearing market, major players are innovating with low-friction tapered roller bearings to enhance energy efficiency and optimize performance in industrial and automotive applications. These bearings are engineered to reduce friction during operation, minimizing energy loss and heat generation. For instance, in April 2024, NSK Ltd., a Japanese bearing manufacturer, unveiled its 7th Generation Low-Friction Tapered Roller Bearings. Designed for use in internal combustion, hybrid, and electric vehicles, these bearings achieve a 20% average reduction in rolling friction through optimized design, improving powertrain efficiency across various speeds and temperatures ranging from -40°C to 200°C.
What Is The Leading Region In The Tapered Roller Bearing Market?
Asia-Pacific was the largest region in the tapered roller bearing market in 2023. 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.
