Global Tapered Roller Bearings Market to Grow at 2.3% CAGR through 2030

IndexBox has just published a new report: World - Tapered Roller Bearings - Market Analysis, Forecast, Size, Trends And Insights.

The market for tapered roller bearings is forecasted to show upward consumption trends with a CAGR of +2.3% in volume and +4.8% in value from 2024 to 2030. This growth is expected to be fueled by rising demand for these bearings in various industries across the globe.

Market Forecast

Driven by increasing demand for tapered roller bearings worldwide, the market is expected to continue an upward consumption trend over the next six years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.3% for the period from 2024 to 2030, which is projected to bring the market volume to 880K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.8% for the period from 2024 to 2030, which is projected to bring the market value to $11.9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Tapered Roller Bearings

In 2024, consumption of tapered roller bearings decreased by -0.6% to 769K tons, falling for the second consecutive year after two years of growth. The total consumption volume increased at an average annual rate of +2.1% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. Over the period under review, global consumption reached the maximum volume at 787K tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The global tapered roller bearing market value contracted modestly to $9B in 2024, waning by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.0% over the period from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Global consumption peaked at $9.3B in 2023, and then declined modestly in the following year.

Consumption By Country

The country with the largest volume of tapered roller bearing consumption was China (181K tons), accounting for 24% of total volume. Moreover, tapered roller bearing consumption in China exceeded the figures recorded by the second-largest consumer, the United States (88K tons), twofold. The third position in this ranking was held by India (74K tons), with a 9.6% share.

In China, tapered roller bearing consumption increased at an average annual rate of +2.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: the United States (+6.1% per year) and India (+3.0% per year).

In value terms, China ($1.9B), India ($1.1B) and the United States ($1B) were the countries with the highest levels of market value in 2024, with a combined 45% share of the global market.

In terms of the main consuming countries, the United States, with a CAGR of +8.2%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2024, the highest levels of tapered roller bearing per capita consumption was registered in Hungary (1,567 kg per 1000 persons), followed by Japan (451 kg per 1000 persons), the United States (259 kg per 1000 persons) and Russia (227 kg per 1000 persons), while the world average per capita consumption of tapered roller bearing was estimated at 95 kg per 1000 persons.

In Hungary, tapered roller bearing per capita consumption expanded at an average annual rate of +1.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Japan (+3.0% per year) and the United States (+5.4% per year).

Production

World Production of Tapered Roller Bearings

In 2024, global tapered roller bearing production totaled 762K tons, standing approx. at the previous year's figure. The total output volume increased at an average annual rate of +2.5% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 17% against the previous year. Over the period under review, global production hit record highs at 766K tons in 2022; however, from 2023 to 2024, production stood at a somewhat lower figure.

In value terms, tapered roller bearing production reduced to $9.8B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 10% against the previous year. Over the period under review, global production attained the peak level at $9.9B in 2023, and then fell in the following year.

Production By Country

The country with the largest volume of tapered roller bearing production was China (288K tons), comprising approx. 38% of total volume. Moreover, tapered roller bearing production in China exceeded the figures recorded by the second-largest producer, Japan (91K tons), threefold. The third position in this ranking was held by India (77K tons), with a 10% share.

In China, tapered roller bearing production expanded at an average annual rate of +6.5% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: Japan (+0.5% per year) and India (+3.3% per year).

Imports

World Imports of Tapered Roller Bearings

In 2024, overseas purchases of tapered roller bearings decreased by -19.5% to 361K tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 27%. Over the period under review, global imports hit record highs at 474K tons in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

In value terms, tapered roller bearing imports fell sharply to $4.3B in 2024. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 24% against the previous year. Over the period under review, global imports reached the peak figure at $5.2B in 2023, and then reduced sharply in the following year.

Imports By Country

In 2024, the United States (46K tons) and Germany (40K tons) represented the main importers of tapered roller bearingsacross the globe, together amounting to approx. 24% of total imports. Brazil (27K tons) took a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (7.2%) and China (5.1%). The following importers - France (15K tons), Italy (13K tons), India (12K tons), Turkey (11K tons) and Canada (10K tons) - together made up 17% of total imports.

From 2013 to 2024, the biggest increases were recorded for Turkey (with a CAGR of +6.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest tapered roller bearing importing markets worldwide were the United States ($568M), Germany ($450M) and China ($298M), with a combined 31% share of global imports. Mexico, France, Brazil, India, Canada, Italy and Turkey lagged somewhat behind, together comprising a further 28%.

Turkey, with a CAGR of +5.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average tapered roller bearing import price amounted to $11,935 per ton, picking up by 2.5% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2023 an increase of 6.3%. Global import price peaked at $12,424 per ton in 2014; however, from 2015 to 2024, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($16,295 per ton), while Brazil ($6,705 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tapered Roller Bearings

In 2024, overseas shipments of tapered roller bearings decreased by -18.7% to 354K tons, falling for the second consecutive year after two years of growth. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 26% against the previous year. Over the period under review, the global exports hit record highs at 453K tons in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

In value terms, tapered roller bearing exports fell notably to $4.2B in 2024. Over the period under review, exports showed a mild reduction. The most prominent rate of growth was recorded in 2021 when exports increased by 23% against the previous year. The global exports peaked at $5.1B in 2023, and then declined dramatically in the following year.

Exports By Country

In 2024, China (125K tons) was the main exporter of tapered roller bearings, constituting 35% of total exports. Japan (40K tons) ranks second in terms of the total exports with an 11% share, followed by Germany (7%) and South Korea (5.6%). The following exporters - India (15K tons), Romania (13K tons), Austria (12K tons), France (12K tons), the United States (11K tons) and the Netherlands (9.9K tons) - together made up 21% of total exports.

China was also the fastest-growing in terms of the tapered roller bearings exports, with a CAGR of +15.8% from 2013 to 2024. At the same time, India (+8.0%), South Korea (+7.1%), the Netherlands (+4.0%) and Romania (+1.9%) displayed positive paces of growth. By contrast, Japan (-1.7%), Germany (-4.7%), France (-6.4%), the United States (-8.6%) and Austria (-8.8%) illustrated a downward trend over the same period. While the share of China (+28 p.p.), South Korea (+2.8 p.p.) and India (+2.3 p.p.) increased significantly in terms of the global exports from 2013-2024, the share of Japan (-3.3 p.p.), France (-4 p.p.), Germany (-5.7 p.p.), the United States (-5.8 p.p.) and Austria (-6.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($650M), China ($629M) and Japan ($462M) were the countries with the highest levels of exports in 2024, with a combined 42% share of global exports. Germany, France, India, Romania, South Korea, Austria and the Netherlands lagged somewhat behind, together accounting for a further 37%.

South Korea, with a CAGR of +6.8%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average tapered roller bearing export price stood at $11,785 per ton in 2024, standing approx. at the previous year. Overall, the export price continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 7%. Over the period under review, the average export prices attained the maximum at $14,098 per ton in 2013; however, from 2014 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was the United States ($59,031 per ton), while China ($5,025 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the United States (+11.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform