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)
Collective Shared Value: Top 3 Countries (2022E)
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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
Historical data available for
Millions of USD by Value and Mn Units by Volume
Key countries covered
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
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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