ASEAN automotive bearing market is expected to reach US$1,614.8 million by 2032

Future Market Insights Global and Consulting Pvt. Limited.

Future Market Insights Global and Consulting Pvt. Limited.

Booming Automotive Sector in Southeast Asia Drives Automotive Bearings Market Above US$964.8Mn: Future Market Outlook

DUBAI, United Arab Emirates, April 01, 2022 (GLOBE NEWSWIRE) — Global sales of automotive bearings are estimated at more than US$964.8 Mn in 2022, with a stable long-term projection, according to Future Market Insights ( IMF). A new report estimates the ASEAN Automotive Bearing Market to expand at over 5.3% CAGR from 2022 to 2032.

According to Future Market Insights, continued growth in the automotive sector in the ASEAN region is expected to create opportunities for automotive bearing manufacturers in the region. According to the ASEAN automotive federation, the total sales of motor vehicles were 3.4 million in the year 2019. The number will increase in the coming years due to population growth and economic development, which has created a large opportunity for the demand for automotive bearings.

ASEAN Automotive Bearing Market Analysis (2021A)

THE AMERICAN DOLLAR$ 925.5 Minnesota

ASEAN Automotive Bearing Market Analysis Estimated Annual Value (2022E)

THE AMERICAN DOLLAR$ 964.8 Minnesota

ASEAN Automotive Bearing Market Analysis Projected Annual Value (2032F)

THE AMERICAN DOLLAR$ 1,614.8 Minnesota

CAGR value (2022-2032)

5.3%

Collective Shared Value: Top 3 Countries (2022E)

66.1%

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The demand for automotive bearings in the ASEAN market was negatively affected in FY2020 due to the global outbreak of COVID-19, which also caused the closure of production industries. The distribution of various industrial products and goods, including the production and sale of automobile bearings, was hampered.

This had a huge impact on the automotive industry with motor vehicle production down by 20% in FY2020. However, in the last quarter of 2020, the effect of COVID faded and industries started to recover. Therefore, the demand for automotive bearings in the ASEAN region is expected to increase steadily in the coming years.

Prominent players operating in the market are involved in technological innovations. The market has seen several innovative products in the recent past that has fueled the demand for bearings. The introduction of electromobility has also boosted demand. The increase in vehicle sales in the region has created a great opportunity for aftermarket sales. Therefore, the automotive bearing market is expected to grow at an impressive rate in the coming period.

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Scope of the Report

Attribute

Details

forecast period

2022-2032

Historical data available for

2017-2021

Market analysis

Millions of USD by Value and Mn Units by 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 Ltda.

• 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, competitor intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives

Personalization and prices

available upon request

Key takeaways from the Automotive Ball Bearings market study

  • By application, automotive bearings for the transmission system are projected to support more than 1/4the value share of the ASEAN market in 2022.

  • By product type, the roller bearing segment will hold more than half of the market share by value at the end of the forecast period.

  • Thailand will remain the main market, supported by growing demand from the auto industry in the country. It is expected to account for more than 30.2% of registered demand in ASEAN in 2022.

  • By vehicle type, the passenger car segment is expected to hold significant market share and grow at a high growth rate of 5.0% CAGR in the forecast period.

  • Automotive bearing sales in ASEAN are expected to reach 1.6 billion in 2032.

“The expansion of car production will encourage ASEAN car bearing manufacturers to focus on product launches. In addition to this, they are expected to strengthen their after-sales services to gain a competitive advantage.” says an analyst at Future Market Insights.

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Who is winning?

The Automotive Bearings market is highly consolidated with key players accounting for around 75%+ of the market share. These players are likely to invest in new technological developments and expansion of their distribution networks to maintain their presence in the market.

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 continued extensive coverage of the automotive domain

Automotive Roller Bearing Market – Automotive roller bearings are used to support rotating shafts in mechanical equipment. Automotive roller bearings are simple tools that can be precisely manufactured in mass production quantities.

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Automotive Engine Bearing Market – In an automobile internal combustion engine, the engine bearing is usually a plain bearing on which the crankshaft rotates. The function of a bearing is to hold the crankshaft in place and prevent the connecting rod from coming off the crankshaft.

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Automotive Connecting Rod Bearing Market – Automotive connecting rod bearing, also known as connecting rod end bearing, is an important part for engine assembly. Being a two-piece belt, it provides the rotational motion when the two parts, i.e. the connecting rods and the bearings, are connected.

EV Sensor Market – According to the research, the EV Sensors market is anticipated to experience a growth of over 9% at 11% CAGR during the evaluation period of 2021 to 2031.

Electric vehicle tire market – Based on the assessment, EV tire sales are projected to grow by 12%-14% CAGR over the next ten years (2021-2031). Increasing average vehicle life, more miles traveled per year, growing maintenance and safety concerns, technological developments leading to longer tire life, and other factors are driving the EV tire market.

Motor Gear Units Market – According to the latest study, the market for motor gear units will experience steady growth during 2021-2031. In the short term, the demand for geared motor units will recover steadily, with a positive long-term outlook.

wiper market – Wiper blade market assessment reveals that the industry is expected to progress at a CAGR of around 6% between 2021 and 2031. Increasing demand for vehicles and the introduction of rear wiper blades in a new range of vehicles drive the market.

About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in more than 150 countries. FMI is headquartered in Dubai with delivery centers in the UK, US and India. The latest from IMF market research reports and industry analysis helps companies face challenges and make critical decisions with confidence and clarity amid dizzying competition. Our custom, syndicated market research reports provide actionable insights that drive sustainable growth. A team of analysts led by experts at FMI continuously monitor emerging trends and events across a wide range of industries to ensure our clients prepare for the changing needs of their consumers.

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Report: https://www.futuremarketinsights.com/reports/asean-automotive-bearings-market

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