Needle Roller Bearings Market: Global Industry Analysis and Forecast (2022-2029)

Needle Roller Bearings Market was valued nearly US$ 2.26 Bn. in 2021. Needle Roller Bearings Market size is estimated to grow at a CAGR of 9.2% & is expected to reach at US$ 4.57 Bn. by 2029.
Needle Roller Bearings Market Overview:
The roller bearing family includes tapered, cylindrical, needle, & spherical bearings. The needle roller bearings are the smallest and lightest of all the bearing types. They include key design components which can be used in a variety of settings. They have a benefit in some applications that require less weight & area because to their size. As a result, roller bearing material is used to improve the efficiency & performance of machinery and automobiles in a variety of manufacturing facilities and automotive firms. Industries are increasingly investing in high-end, expensive equipment to ensure that their day-to-day operations function smoothly.

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Market Trends for Needle Roller Bearings around the World:

The market for needle roller bearings is growing in lockstep with technological advancements. To handle the stress of heavy machinery, manufacturers are working on manufacturing needle roller bearings with greater tensile strength, reduced weight, & reduced space and energy consumption. Two-cycle engine sectors, agricultural equipment, and construction equipment are the most common uses for needle roller bearings. Furthermore, because needle roller bearings offer a variety of advantages, they are used by a wide range of consumers. This, in turn, is likely to propel the needle roller bearing market forward.

In addition, the automobile industry is seeing increasing demand for IC engine automobiles in mature countries like the Americas, thanks to the introduction of new car models with a high degree of personalization possibilities. Automotive needle roller bearings are commonly used in IC engine components to reduce friction and maintain smooth functioning of elements. During the projected period, the demand for automotive needle roller bearings is expected to rise due to the increased use of IC engine automobiles.

Vehicles using internal combustion engines (ICE) were sold in a few countries/regions around the world in 2021:

Because they reduce friction and ensure smooth operation of parts, the demand for automotive needle roller bearings is predicted to grow as the use of IC engines grows.

Needle Roller Bearings Market to Create Opportunities in Asia-Pacific Countries

Bearings are in high demand in Asia-Pacific countries such as India, Korea, China, and Japan. The Chinese automobile market is predicted to eclipse the majority of the European car market throughout the forecast period. During the forecast period, this is predicted to boost the Asia Pacific bearings market's steady growth. The market was worth US$75.91 billion in 2021, and it is expected to be worth US$118.21 billion by 2029.

Market Segmentation for Needle Roller Bearings in the World:

The passenger vehicle market is predicted to increase at the fastest rate of approximately 4.5 % during the forecast period, according to vehicle type. This is due to the fact that several needle roller bearings are required in various vehicle systems. Furthermore, as the average age of cars rises, so will the demand for repair and maintenance services, driving up the demand for needle roller bearings over the forecast period.
Application Segment Overview:
The automotive industry, by application, is expected to increase at the fastest rate of approximately 4.1 % throughout the forecast period. Electric vehicles' increasing popularity has fuelled the development of a multitude of components, including low-noise thrust needle roller bearings. These bearings give a better driving experience by reducing engine noise as compared to cars with IC engines. Several market vendors are creating low-noise thrust needle bearings, specifically for electric automobiles, due to the growing popularity of EVs. During the forecast period, this trend is expected to fuel the expansion of the global automotive needle roller bearing market.

Leading industry participants are working hard to show that there is a market opportunity.

Major players are employing long-term strategies such as new product releases, product upgrades, mergers and acquisitions, and collaborative alliances to gain a competitive advantage. The FOX FIT dampers, for example, were far too heavy. The company resolved the problem by enhancing its needle roller bearing and fork damper in order to retain customers. The new FIT4 needle roller bearing and fork damper system is lighter, has a smaller diameter, and can be tailored to match client specifications. Another company, Schaeffler, said in January 2021 that it plans to merge with two Indian companies, Luk India Pvt Limited and INA Bearings India Pvt Limited, to expand its product portfolio and geographic reach.

The Needle Roller Market in Asia-Pacific Countries: Global Trends

The roller market is becoming a thriving industry all over the world. The global roller bearings market is expected to develop at a 7.7% compound annual growth rate (CAGR) as the vehicle sector expands. The roller bearing is an important component that reduces friction within a machine. As a result, mechanical division, primarily producing, is in constant demand on the bearing market. These bearings are widely used in a variety of industries. Automobile production is, however, a key application for the global direction market. The continual expansion of car industries around the world is the major factor driving the global bearing market forward. Automobile industries in Asia-Pacific countries such as India, Korea, China, & Japan are significant buyers of bearings. And they'll have to stay up with, if not exceed, demand in the next five years.

Notably, the Chinese vehicle industry sector is projected to overtake most European automobile industries in the coming years. The auto industry in China will benefit from the country's expanding road network & rising consumer wealth. The reduced prices associated with Chinese manufacturing sectors will also allow the company to expand globally. This will aid the APAC bearings market in maintaining a steady growth rate in the future years. The APAC business sector must maintain its position at the top of the pack among the global bearings market's geographical segments. From 2014 to 2021, the global Needle Roller Suppliers industries are expected to grow at a high CAGR of 7.7%, led by North America & Europe. In 2013, the business sector was valued at US$75.91 Bn, and by 2021, it is expected to be worth US$118.21 Bn.

Market for Bearings and Aerospace Industries

Expanding demand from the defence and aerospace industries are other important growth drivers for the global bearings market. Protection and aerospace hardware production, like the automobile industry, has been experiencing constant growth for the better part of the last decade. Various aircraft equipment is expected to be one of the fastest-growing app areas of the worldwide bearing industries, rivalling the car sectors, thanks to increased demand from all over the world. Garden & agricultural machinery, construction machinery, oilfield equipment, & transmission equipment are some of the other uses of the bearing market.

Ball bearings, plain bearings, roller bearings, needle roller bearings, and other types of bearings are accessible on the global market:

Unmounted plain bearings, roller bearings, & ball bearings are the three product categories that make up the global bearing industry. Ball bearings, which are commonly used in the automotive industry, held the largest market share in the global bearing market in the year 2021, & their business sector is expected to grow at a steady pace. The worldwide business sector can be divided into rings, rollers, cages, & other bearing components.

The objective of the report is to present a comprehensive analysis of the Needle Roller Bearings Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Needle Roller Bearings Market dynamics, structure by analyzing the Market segments and project the Needle Roller Bearings Market size. Clear representation of competitive analysis of key players by Operation, price, financial position, Operation portfolio, growth strategies, and regional presence in the Needle Roller Bearings Market make the report investor’s guide.
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Needle Roller Bearings Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 2.26 Bn.


Forecast Period 2022 to 2029 CAGR:
9.2%
Market Size in 2029:
US $ 4.57 Bn.


 Segments Covered:
by Vehicle Type
• Passenger vehicle
• Commercial vehicle


by Application
• Automotive Industry
• Industrial Machine
• Aerospace Industry
• Others



Needle Roller Bearings Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Needle Roller Bearings Market Key Players
• SKF
• AST bearings
• NTN Corporation
• Schaeffler Group
• Timken Company
• NSK Ltd
• Koyo Seiko
• San Yun Industrial co. Ltd
• LELI SRL
• SNL Bearings Limited
• Federal-Mogul
• NACHI
• NMB
• Rexnord
• ZWZ
• C&U GROUP.
FAQ’S:
1) What is the share of the Global Needle Roller Bearings Market in 2021?
Answer: The Global Needle Roller Bearings Market was accounted for 2.26 Bn in the year 2021.

2) Which Vehicle Type segment is dominating the Global Needle Roller Bearings Market?
Answer: Passenger vehicle segment is the dominating Type segment in the market.

3) What are the key players in the Global Needle Roller Bearings Market?
Answer: SKF,AST bearings,NTN Corporation,Schaeffler Group,Timken Company,NSK Ltd.Koyo Seiko,San Yun Industrial co. Ltd,LELI SRL ,SNL Bearings Limited, Federal-Mogul, NACHI, NMB, Rexnord, ZWZ, C&U GROUP.

4) Which factor acts as the driving factor for the growth of the Needle Roller Bearings Market?
Answer: The major factors for the growth of the Global Needle Roller Bearings market includes developing in tandem with technological improvement.