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 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.
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.
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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.
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.
Find More Valuable Insights
The research report analyzes demand for Automotive Bearings. The global Automotive Bearings market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends and market background. As per Future Market Insights, the market has been analyzed on the basis of product type, Vehicle type, Application, Sales channel, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand factors.
About Future Market Insights – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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