The roller bearings global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Roller Bearings Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The roller bearings market size has grown strongly in recent years. It will grow from $21.24 billion in 2023 to $22.34 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to the adoption of high-performance industrial machinery, demand for electric commercial vehicles, growth in production of high-performance industrial machinery, an increase in usage of heavy machinery in the construction industry, and the and the growing automobile sector, which heavily demands the roller bearing.
The roller bearings market size is expected to see strong growth in the next few years. It will grow to $27.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to growing usage of heavy machinery and equipment, increasing number of offshore wind farms, growing demand from manufacturing industries, increasing population, and rising disposable income of consumers. Major trends in the forecast period include technological advancements, customized roller bearings, technical developments in automotive systems, integration into manufacturing processes, and predictive maintenance technologies.
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Scope Of Roller Bearings Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Roller Bearings Market Overview
Market Drivers –
The rising vehicle production is expected to propel the growth of the roller bearings market going forward. Vehicle production refers to manufacturing motor vehicles, including cars, trucks, buses, and motorcycles, in factories or assembly plants. Vehicle production is rising due to economic growth in developing countries, increasing consumer purchasing power, and government incentives promoting the adoption of electric vehicles. Roller bearings are crucial for vehicles as they reduce friction and wear between moving parts, enabling smoother operation and extending the lifespan of components. For instance, in May 2023, according to a report published by The European Automobile Manufacturers’ Association (ACEA), a Belgium-based organization, the European Union produced 10.9 million passenger cars in 2022, marking an 8.3% increase from the previous year. Therefore, rising vehicle production is driving the growth of the roller bearings market.
Market Trends –
Major companies operating in the roller bearings market are focusing on developing innovative products, such as super precision cylindrical roller bearings, to enhance performance and improve high-speed and high-accuracy reliability in industries such as aerospace, automotive, and machinery. Super precision cylindrical roller bearings are high-performance bearings that provide exceptional accuracy, rigidity, and load-carrying capacity. For instance, in March 2024, Schaeffler Technologies AG & Co. KG, a Germany-based Roller Bearings manufacturing company, launched the new cylindrical roller bearings of series NJ23-ILR, a series of rolling bearings for heavy-duty industrial gearboxes and construction machinery. The NJ23-ILR series boasts a 24% increase in dynamic load rating compared to its predecessor, significantly extending its operational life. The NJ23-ILR bearings are interchangeable with existing DIN 5412-1 designs, facilitating easy replacement in various applications without extensive modifications. These new products reflect Schaeffler’s commitment to improving performance and sustainability in bearing technology across various industrial applications.
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
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Regional Insights –
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 regions covered in the roller bearings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Roller Bearings Market Report Structure
3. Roller Bearings Market Trends And Strategies
4. Roller Bearings Market – Macro Economic Scenario
5. Roller Bearings Market Size And Growth
…..
27. Roller Bearings Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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