Tapered Roller Bearing Market Report 2024

This Tapered Roller Bearing market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The tapered roller bearing market size has grown steadily in recent years. It will grow from $10.77 billion in 2023 to $11.04 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The growth observed during the historical period can be attributed to several factors, including an uptick in construction activity, a rising demand for construction equipment, increased investment in mining projects, infrastructure development, the expansion of heavy-duty vehicles in transportation, and a growing logistics sector.

The tapered roller bearing market size is expected to see steady growth in the next few years. It will grow to $12.43 billion in 2028 at a compound annual growth rate (CAGR) of 3%. The anticipated growth during the forecast period can be attributed to several factors, including the increasing acceptance of electric vehicles, a rise in industrial machinery production, growing utilization of heavy machinery and equipment, an expanding automotive industry, a higher number of offshore wind farms, and a demand for electric commercial vehicles. Key trends expected in this period include product development and upgrades, the introduction of new advanced solutions, technological advancements, the integration of specialized roller bearings in vehicles, innovations in technology, the use of advanced materials, and the incorporation of lubrication systems.

The increasing demand for electric commercial vehicles is anticipated to drive the growth of the tapered roller bearing market in the future. Electric commercial vehicles are battery-powered transportation options designed for carrying goods or passengers, often utilized for business or industrial purposes. The surge in demand for these vehicles is mainly fueled by stricter environmental regulations and advancements in battery technology that improve compliance with emission standards. Tapered roller bearings enhance the performance of electric commercial vehicles by providing greater load-carrying capacity, reducing friction, and increasing durability, all of which contribute to smoother operation and a longer service life. For example, a 2023 report from the International Energy Agency (IEA), a France-based organization, revealed that around 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, representing approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Thus, the demand for electric commercial vehicles is propelling the tapered roller bearing market.

Key players in the tapered roller bearing market are concentrating on developing innovative products, such as low-friction tapered roller bearings, to boost energy efficiency and overall performance across various industrial and automotive applications. Low-friction tapered roller bearings are specially engineered to minimize friction during operation, leading to reduced energy loss and heat generation. For instance, in April 2024, NSK Ltd., a Japan-based bearing manufacturer, launched its 7th Generation Low-Friction Tapered Roller Bearings aimed at improving fuel and electricity efficiency across a range of mobility applications, including internal combustion, hybrid, and electric vehicles. This new generation boasts an average 20% reduction in rolling friction due to optimized roller numbers and advanced design techniques, enhancing powertrain efficiency at all vehicle speeds. Additionally, the improved internal clearance and cage design ensure stable performance across a wide temperature range, from -40°C to 200°C.

In February 2023, The Timken Company, a U.S.-based manufacturer of tapered roller bearings, acquired American Roller Bearing Company for an undisclosed amount. This acquisition aims to strengthen Timken’s portfolio of engineered bearing solutions by integrating ARB's customer base, market presence, and operational capabilities. American Roller Bearing Company specializes in the manufacture of tapered roller bearings and is also based in the U.S.

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.

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.

The countries covered in the tapered roller bearing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A tapered roller bearing is a specific type of rolling-element bearing engineered to manage both radial and axial loads, making it particularly suitable for applications involving heavy loads. The rollers within the bearing have a conical shape and are positioned at an angle between the inner and outer raceways (or rings), which allows them to effectively support loads from both directions.

The primary types of tapered roller bearings include single-row tapered roller bearings, double-row tapered roller bearings, four-row tapered roller bearings, and others. Single-row tapered roller bearings consist of a single row of tapered rollers and are recognized for their capability to handle both radial and axial loads. These bearings come in various sizes, including < 200MM, 200-300MM, 300-600MM, and >600MM, and are used in a wide range of applications, such as in automotive, heavy machinery, aerospace, medical, and other sectors.

The tapered roller bearing market research report is one of a series of new reports that provides tapered roller bearing market statistics, including tapered roller bearing industry global market size, regional shares, competitors with a tapered roller bearing market share, detailed tapered roller bearing market segments, market trends and opportunities, and any further data you may need to thrive in the tapered roller bearing industry. This tapered roller bearing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The tapered roller bearing market consists of sales of tapered roller thrust bearings, matched tapered roller bearings, integral tapered roller bearings, medium angle tapered roller bearings, and steep angle tapered roller bearings. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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