DUBAI, United Arab Emirates, April 01, 2022 (GLOBE NEWSWIRE) -- Global sales of automotive bearings are set to be valued at over US$ 964.8 Mn in 2022, with a stable long-term projection, according to Future Market Insights (FMI). A new report estimates the ASEAN Automotive Bearings Market to expand at over 5.3% CAGR from 2022 to 2032.
According to Future Market Insights, the ongoing growth in the automotive sector in ASEAN region is expected to create opportunity for the automotive bearing manufacturers in the region. As per the Automotive federation of ASEAN overall sales of motor vehicle were 3.4 Mn in year 2019, The number will increase in the coming years due to population growth and economic development which has created huge opportunity for automotive bearings demand.
| ASEAN Automotive Bearings Market Analysis (2021A) | US$ 925.5 Mn | |
| ASEAN Automotive Bearings Market Analysis Estimated Year Value (2022E) | US$ 964.8 Mn | |
| ASEAN Automotive Bearings Market Analysis Projected Year Value (2032F) | US$ 1,614.8 Mn | |
| Value CAGR (2022-2032) | 5.3% | |
| Collective Value Share: Top 3 Countries (2022E) | 66.1% | |
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The demand for automotive bearings in the ASEAN market was negatively impacted in FY 2020 due to global COVID -19 outbreak, which also led to shut down of production industries. Distribution of various products and industrial goods were hampered, including production and sales of automotive bearings.
This highly impacted the automotive industry and the production of motor vehicle was down by 20% in FY 2020. However, in last quarter of 2020 effect of COVID faded and industries started to get back on track. The demand for automotive bearings in ASEAN region is therefore expected to pick up at a steady pace in the coming years.
Prominent players operating in the market are involved in technological innovations. The market has seen various innovative products in recent past which has fueled the demand of the bearings. Also Introduction of Electro mobility has boosted the demand. Rising vehicle sales in the region has created huge opportunity for aftermarket sales. Thus the automotive bearings market is expected to grow at an impressive rate in upcoming period.
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Scope of the Report
| Attribute | Details |
| Forecast Period | 2022-2032 |
| Historical Data Available for | 2017-2021 |
| Market Analysis | USD Million for Value and Mn Units for Volume |
| Key countries Covered | ASEAN |
| Key Countries Covered | Indonesia, Malaysia, Philippines, Singapore, Thailand, Rest of ASEAN |
| Key Segments Covered | By Product Type , By Vehicle Type, By Application, By Sales Channel, By Country |
| Key Companies Profiled | • Schaeffler AG • JTEKT Corporation • AB SKF • Minebea Mitsumi Inc. • NSK Ltd • NTN Bearing Corporation • The Timken Company • Saint-Gobain • Nachi-Fujikoshi Corp. • Fersa Group • CandU Group Ltd • Metro Bearing and Automotive Limited |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization and Pricing | Available upon Request |
Key Takeaways from Automotive Bearings Market Study
- By application, automotive bearings for transmission system are projected to hold more than 1/4th value share of the ASEAN market in 2022.
- By product type, the roller bearings segment is set to hold more than half of the market share on value basis by the end of forecast period.
- Thailand will remain the primary market, backed by rising demand from automotive industry in the country. It is expected to account for over 30.2% of the demand registered in ASEAN in 2022.
- By vehicle type, passenger car segment is expected to hold significant market share & grow at high growth rate of 5.0% CAGR in forecasted period.
- Sales of automotive bearings in ASEAN is expected to reach 1.6 Bn in 2032.
“Expansion of automotive production will encourage automotive bearing manufacturers in ASEAN to focus on product launches. Besides this, they are expected to strengthen their aftersales services to gain competitive edge,” says a Future Market Insights analyst.
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Who is winning?
The Automotive Bearings market is highly consolidated with having key players accounting for around more than 75% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some of the key players in this industry include but are not limited to Schaeffler AG, JTEKT Corporation, AB SKF, Minebea Mitsumi Inc., NSK Ltd, NTN Bearing Corporation, The Timken Company, Saint-Gobain, Nachi-Fujikoshi Corp., Fersa Group, C&U Group Ltd, and Metro Bearing and Automotive Limited.
Explore FMI’s Extensive ongoing Coverage on Automotive Domain
Automotive Roller Bearing Market - Automotive roller bearings are used for supporting rotating shafts in mechanical equipment. Automotive roller bearings are simple tools which can be precision manufactured in mass production quantities.
Automotive Wheel Bearings Market - The purpose of bearings is to enable rotational or linear movement and to reduce unnecessary friction between two mating parts. Bearings are used in various assemblies in automobiles. Wheel bearings are specifically used in the Wheel Hub Assembly.
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Camshaft Bearings Market - With the need for smooth closing and opening of engine valves synchronized with crankshaft rotation, it is equally vital to achieve appropriate functioning of camshaft. As camshaft bearings assist in seamless camshaft functioning.
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Automotive Connecting Rod Bearing Market - Automotive connecting rod bearing also known as rod-end bearing makes an important part for an engine assembly. Being a two piece band it provides the rotatory motion when the two parts i.e. connecting rods and the bearings are connected.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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