What Is The Current and Historic Market Size Analysis Of The Tapered Roller Bearing Market?
The tapered roller bearing market has seen considerable growth due to a variety of factors.
• In recent times, we've witnessed a consistent growth in the size of the tapered roller bearing market. It's expected to expand from $11.04 billion in 2024 to $11.4 billion in 2025, with a compound annual growth rate (CAGR) of 3.3%.
The historic phase's growth is credited to a surge in construction activities, an increasing demand for construction machinery, higher investment in mining projects, infrastructure development, the proliferation of heavy-duty vehicles in the transport sector, and the expanding logistics industry.
What are the Market Size and Expected Growth Rates for the Tapered Roller Bearing Market?
The tapered roller bearing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for tapered roller bearings is projected to experience consistent growth. It is anticipated to rise to $12.78 billion by 2029, with a compound annual growth rate (CAGR) of 2.9%.
The projected growth in this period can be credited to various factors, such as the rising acceptance for electric vehicles, escalated production of industrial machinery, the increased utilization of heavy machinery and equipment, flourishing automotive industry, growing number of offshore wind farms, and the surge in demand for electric commercial vehicles. The forthcoming period will witness significant trends including product evolution and upgrades, innovative advanced solutions, technological breakthroughs, integration of specialized roller bearings in vehicles, technological innovations, the use of advanced materials, and installation of lubrication systems.
Which Key Drivers Are Propelling The Tapered Roller Bearing Market's Growth?
The tapered roller-bearing market's growth is projected to be driven by the increasing demand for electric commercial vehicles. These battery-operated vehicles, which are mainly used for business or industrial applications, are designed to transport goods or passengers. The growing appeal for these vehicles is primarily due to stringent environmental regulations and innovative advancements in battery technology that promote adherence to emission standards. Tapered roller bearings enhance the functionality of electric commercial vehicles by offering superior load-bearing capability, minimized friction, and increased endurance, resulting in more efficient operations and extended lifespan. In 2023, a report from the International Energy Agency (IEA), a France-based organization, revealed that an estimated 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold internationally in 2022, amounting to approximately 4.5% of total bus sales and 1.2% of global truck sales. Thus, the influx of demand for electric commercial vehicles fuels the growth of the tapered roller-bearing market.
What Are The Key Segments Within The Global Tapered Roller Bearing Market?
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: <200MM, 200-300MM, 300-600MM, >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 Emerging Trends Are Influencing The Growth Of The Tapered Roller Bearing Market?
Top-tier firms in the tapered roller bearing market are currently focusing on the creation of inventive solutions, such as low-friction tapered roller bearings. These advancements aim to increase energy efficiency and enhance performance across several industrial and automotive applications. Low-friction tapered roller bearings are a specialized type that are designed to reduce friction during usage leading to decreased energy wastage and heat production. For example, in April 2024, NSK Ltd., a bearing manufacturing business headquartered in Japan, launched the 7th Generation Low-Friction Tapered Roller Bearings. These are structured to boost fuel and electricity efficiency in a variety of mobility applications, including internal combustion engines, hybrid systems and electric vehicles. This latest generation realizes an average 20% decrease in rolling friction due to an optimized number of rollers and advanced design strategies. This leads to enhanced powertrain efficiency at all vehicle speeds. Further improvements have been made through a more efficient internal clearance and cage design, which ensures stable performance across a large temperature spectrum ranging from -40°C to 200°C.
Who Are the Key Players 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 Regional Insights Into 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.
