Global Thrust Bearings Market Drivers 2024, Forecast To 2033
12 Nov, 2024
The thrust bearings market has seen significant growth in recent years. It is projected to increase from $4.19 billion in 2023 to $4.55 billion in 2024, reflecting a compound annual growth rate (CAGR) of 8.4%. This growth can be attributed to rising industrialization, higher automotive production, expanded aerospace applications, increased use of heavy machinery, and easier wind energy installations. The thrust bearings market is projected to grow significantly in the coming years, reaching $6.31 billion by 2028 with a compound annual growth rate (CAGR) of 8.5%. This growth is driven by factors such as the rising demand for renewable energy, increased construction activities, growth in oil and gas exploration, adoption of e-mobility, and advancements in robotics and automation. Key trends include the demand for eco-friendly materials, energy efficiency, a rise in electric vehicles, automation in manufacturing, and the expansion of offshore energy projects.
Major Driver In The Thrust Bearings Market
The growing automotive sector is expected to drive the growth of the thrust bearings market. The automotive industry, which encompasses the designing, developing, manufacturing, and selling of motor vehicles, is expanding due to factors such as consumer demand, availability of credit, the adoption of electric vehicles, and innovations in transportation preferences. Thrust bearings are essential in this sector for supporting axial loads and reducing friction in critical components like transmissions and steering systems, which in turn improves vehicle durability and performance. In June 2024, Statistics Canada reported that the total number of registered road motor vehicles in Canada reached 26.3 million in 2022, marking a 0.3% increase from 2021. As the automotive sector continues to grow, the thrust bearings market is set to benefit from this upward trend.
Request A Free Sample Of The Thrust Bearings Market ReportThrust Bearings Market Competitive Landscape
JTEKT Corporation, SKF AB, NTN Corporation, The Timken Company, Nachi-Fujikoshi Corp., RBC Bearings Ltd., C&U Group, Waukesha Bearings Corp, American Roller Bearing Company, NSK Ltd., Kingsbury Inc., Bearings Plus Inc., Scheerer Bearing Corporation, SNL Bearings Ltd., ZKL Group, Boca Bearings Co. Ltd., Adarsh Bearings Pvt Ltd., Gem Bearings, Qibr Bearing Co. Ltd., Astro Bearings Corp
Key Thrust Bearings Market Trend
Companies in the thrust bearings market are increasingly focusing on the development of mounted thrust bearings to meet the rising demand for more efficient and durable components across various industries. These bearings, which come pre-assembled and ready for installation, offer benefits such as reduced maintenance time, increased load capacity, and improved alignment. For example, in March 2024, Auburn Bearing & Manufacturing, a U.S.-based manufacturer of ball and roller thrust bearings, launched the MT-114RG mounted thrust bearing, enhancing the versatility of its existing T-114RG series by simplifying installation through easy threading onto a shaft.
Purchase The Global Thrust Bearings Market Report Directly And Get A Swift DeliveryGlobal Thrust Bearings Market Segmentation
The thrust bearings market covered in this report is segmented –
1) By Type: Ball Thrust Bearing, Single Direction, Double Direction, Cylindrical Roller Bearing, Spherical Roller Thrust Bearings, Tapered Roller Thrust Bearing
2) By Material: Stainless Steel, Ceramic
3) By Distribution Channel: Online, Offline
4) By End-User: Automotive, Power And Energy, Aerospace, Industrial, Other End Users
By Geography:The regions covered in the thrust bearings marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the thrust bearings market in 2023.
The Thrust Bearings Global Market Report 2024 furnishes information about the global thrust bearings market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.