For 2023, the ASEAN automotive bearings market is currently estimated to be worth US$ 1.009 billion. By 2033, it is projected to flourish at a CAGR of 5.2% and reach US$ 1.675 billion. Automotive bearings are crucial parts of a car because they support radial and axial stresses and reduce friction between two spinning parts.
The suspension system, wheel hub assembly, steering system, and other minor components of the vehicle need bearings. The demand for automotive bearings is rising along with the increase in motorcycle and automobile production in the ASEAN area. According to estimates, the automotive bearings market is to progress at a 5.3% CAGR value.
Thailand has been identified by FMI as the prime market due to the country's fast-expanding automobile manufacturing and sales. In addition, the automobile bearings demand in Indonesia is anticipated to increase, making it the second-powerful market.
Around half of the revenue share in the automotive bearings market in ASEAN comes from Indonesia and Thailand combined.
Trends, Drivers, Restrictions, and Opportunities in the Automotive Bearings Market in ASEAN
| Attributes | Details |
|---|---|
| ASEAN Automotive Bearings Market CAGR (From 2023 to 2033) | 5.2% |
| ASEAN Automotive Bearings Market Size (2023) | US$ 1.009 billion |
| ASEAN Automotive Bearings Market Size (2033) | US$ 1.675 billion |
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The automotive sector has seen tremendous expansion in the ASEAN region during the past few years, due to favorable government policies, a growing population, and rising per capita income.
Auto production expansion has increased automotive bearings demand in ASEAN as well.
There is a growing demand for bearings from OEM sectors as well as the growth in the vehicles on the road.
Public awareness about the importance of routine vehicle maintenance is also there in ASEAN. The automotive bearings demand in ASEAN has been rising quickly in recent years.
The ASEAN region is home to many emerging countries, where the population and industrialization are rising. One of the swiftly expanding industries in the area is the automotive industry. The top 5 nations with heavy two-wheeler traffic are in ASEAN.
It has become simple for international businesses to expand their production capacity to the ASEAN region owing to several government programs and low tax rates in developing countries like Indonesia, Thailand, and Vietnam. Consequently, it has boosted the automotive bearings demand in ASEAN.
Over the assessment period from 2022 to 2032, the growth of automotive bearings is anticipated to increase at a growth rate of 4.7% by volume.
| Attributes | Details |
|---|---|
| ASEAN Automotive Bearings Market HCAGR (From 2018 to 2022) | 3% |
| ASEAN Automotive Bearings Market Size (2018) | US$ 858.81 million |
| ASEAN Automotive Bearings Market Size (2022) | US$ 964.8 million |
In ASEAN nations, the retail and eCommerce industries have been thriving. The need for transportation services is probably going to rise as digital customers become prevalent in ASEAN nations. In the eCommerce industry, two and three-wheeled vehicles have become important modes of transportation.
One of the notable technical advancements that are influencing the region's two- and three-wheeler sales and production is e-commerce. Sales of vehicle parts, particularly automotive bearings, have surged as a result of the rise in demand for two- and three-wheelers.
The demand for car parking spaces is growing in the area due to rising automotive bearings sales in ASEAN. Young owners and the development of automotive aftermarket maintenance activities have both increased the automotive bearings demand in ASEAN.
The manufacture of commercial vehicles that can carry heavy loads is growing, which has significantly increased the aftermarket sales of automotive bearings. The automotive bearings market in ASEAN is driven by the need for frequent bearing replacements in heavy commercial vehicles.
Principal Consultant
The increasing adoption of electric vehicles across the region has little impact on the market for automotive bearings because the number of bearings per vehicle in electric vehicles is low than in conventional vehicles.
The improved accessories and components in electric vehicles have increased per vehicle bearing count. With the expanding production of electric vehicles, the automotive bearing demand in ASEAN is likely to grow.
The price is one of the main obstacles faced by the automotive bearings market in ASEAN. Up to 62% of the manufacturer's sales are in raw materials. The cost of raw materials fluctuates often in response to shifting market economic conditions. Due to the fact that alloy steel and high-grade steel are predominantly utilized in bearings, changes in the global steel price have an impact on their pricing. These elements make it difficult for manufacturers of bearings to produce high-quality goods at competitive prices.
Bearings require routine maintenance for a long lifespan to prevent failures, which raises maintenance expenses. As a result, fluctuating raw material costs and continuing maintenance costs limit the ASEAN automotive bearings market expansion.
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| Attributes | Details |
|---|---|
| Ball Bearing Segment Share | 44.2% |
The majority of sales are for ball bearings. By 2033, the ball-bearing segment may hold a 44.2% market share. The ball-bearing segment is expected to dominate due to technical advancements.
SKF has created a hybrid ball bearing (DGBB) that combines ceramic rolling components and steel rings. The bearings have strong electrical insulation and improved high-speed performance.
| Attributes | Details |
|---|---|
| Passenger Car Segment - Absolute Dollar Opportunity | US$ 386.6 million |
| Passenger Car Segment Share | 44.7% |
The passenger car segment provides for the majority of automotive bearing demand in the ASEAN area. Between the years 2023 and 2033, the passenger car segment is estimated to generate an absolute dollar potential of more than US$ 386.6 million. By 2033, the passenger automobile segment to have a 44.7% market share. The reason for such demand is that passenger automobiles are popular among all end users and have a high manufacturing rate than commercial vehicles.
Many bearings are needed per vehicle for passenger cars than for two- and three-wheelers. As a result of this reason, the passenger car category is the most in-demand in the ASEAN automotive bearings market.
| Attributes | Details |
|---|---|
| Market Y-o-Y | 4% |
| Market Size - 2033 | US$ 489.0 million |
The Thailand automotive bearings market is anticipated to expand by 4.0% year on year in 2023. The Thailand market is to increase steadily over the forecast period, owing to the rising production capacity of leading vehicle manufacturers.
The factor is supported by favorable government policies and the high demand for passenger vehicles in the country. Thailand's automotive bearings market is predicted to reach US$ 489.0 million by 2033, according to a study.
| Attributes | Details |
|---|---|
| Indonesia Market CAGR | 6.2% |
Indonesia is expected to develop at a 6.2% CAGR between 2023 and 2033. Demand for automobile bearings has increased as a result of local manufacturers inventing such products at competitive prices. Aside from that, a surge in passenger car production is assisting the industry in Indonesia.
The increase is attributable to a growing preference for personal mobility, which is driving the rise of automobiles and warehouses. Government initiatives to increase EV adoption are expected to support market growth throughout the forecast period.
Due to their extensive product portfolios, increased manufacturing capacity, and aggressive pricing strategies, a few groups of key competitors dominate the automotive bearings market in ASEAN.
To increase production and reduce costs, manufacturers are concentrating on introducing technical advancements into the automobile bearings manufacturing process. In recent years, there has been an increase in partnerships and collaboration with automakers aimed at boosting automotive bearings sales. The introduction of energy-efficient products is a main emphasis for several significant automobile bearings manufacturers.
The automotive bearings market in ASEAN is to grow due to expansion in the automotive industry. Automotive bearings are essential to increasing a vehicle's efficiency. Market future expansion is predicted to be aided by research and development in bearing materials and coatings. Due to their low noise properties, carbon steel bearings are becoming widely popular in the ASEAN automotive bearings industry.
The increased use of sensor bearings may probably present profitable growth prospects for ASEAN automotive bearings manufacturers. Bearings with sensors built-in help cut down on the overall amount of vehicle components. To enhance their market share, ASEAN automotive bearings manufacturers are hugely spending on research and development of novel products.
2022
| Company | Schaeffler AG |
|---|---|
| Strategy | Schaeffler AG has introduced two new bearings for electric vehicles. |
| Details | Schaeffler AG introduced two new electric car bearings in February 2022. The new TriFinity bearing variant is expected to improve the energy efficiency of chassis systems. |
| Company | NTN Corporation |
|---|---|
| Strategy | NTN Corporation created high-speed deep groove ball bearings. |
| Details | In February 2022, NTN Corporation designed high-speed deep groove ball bearings for electric and hybrid electric vehicles in order to improve vehicle performance. |
| Company | NSK Ltd. |
|---|---|
| Strategy | NSK Ltd. (NSK) announced the development of a 100% bioplastic heat-resistant cage in October 2021. |
| Details | NSK Ltd. (NSK) announced the development of the first rolling bearing cage made entirely of bioplastic. The new cage can resist temperatures as high as 120°C. |
| Company | JTEKT |
|---|---|
| Strategy | JTEKT created new sealable ball bearings. |
| Details | JTEKT produced new ball bearings with highly resistant muddy water seals in June 2021. These bearings can be used in agricultural machinery that operates in tough settings. |
| Company | NSK |
|---|---|
| Strategy | NSK created an ultra-high-speed ball bearing for EV motors in March 2020. |
| Details | This item contributed to increased vehicle range, reduced power consumption per unit of distance, great operating speeds for electric motors, and improved user comfort. |
| Company | SKF |
|---|---|
| Strategy | Form Automation Solution (FAS) was bought by SKF. |
| Details | SKF bought Form Automation Solution (FAS), a software development business, in November 2019. This acquisition increased customers' inspection skills and task management while also converting the manual knowledge collection technique into ready-to-use information for the operator. |
The market is valued at US$ 1.009 billion in 2023.
The market is forecasted to register a CAGR of 5.2% through 2033.
The global market size will reach US$ 1.675 billion by 2033.
Thailand has been identified as the prime market due to the country's fast-expanding automobile manufacturing and sales.
Increased emphasis on improving vehicle efficiency is expected to drive sales.
Prohibition of traditional fuel-based vehicles is expected to impede market growth.
1. Executive Summary | ASEAN Automotive Bearings Market
1.1. ASEAN Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Ball Bearings
5.3.1.1. Deep groove ball bearings
5.3.1.2. Angular contact ball bearings
5.3.1.3. Thrust ball bearings
5.3.1.4. Self-alignment ball bearings
5.3.2. Roller Bearings
5.3.2.1. Tapered roller bearings
5.3.2.2. Cylindrical roller bearings
5.3.2.3. Spherical roller bearings
5.3.2.4. Needle roller bearings
5.3.2.5. Thrust roller bearings
5.3.3. Plain Bearings
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033
6.3.1. Passenger Car
6.3.2. Light Commercial Vehicle
6.3.3. Heavy Commercial Vehicle
6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033
7.3.1. OEM
7.3.2. Aftermarket
7.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033
8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
8.3.1. ASEAN
8.4. Market Attractiveness Analysis By Region
9. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Indonesia
9.2.1.2. Malaysia
9.2.1.3. Philippines
9.2.1.4. Singapore
9.2.1.5. Thailand
9.2.1.6. Rest of ASEAN
9.2.2. By Product Type
9.2.3. By Vehicle Type
9.2.4. By Sales Channel
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product Type
9.3.3. By Vehicle Type
9.3.4. By Sales Channel
9.4. Key Takeaways
10. Key Countries Automotive Bearings Market Analysis
10.1. Indonesia
10.1.1. Pricing Analysis
10.1.2. Market Share Analysis, 2022
10.1.2.1. By Product Type
10.1.2.2. By Vehicle Type
10.1.2.3. By Sales Channel
10.2. Malaysia
10.2.1. Pricing Analysis
10.2.2. Market Share Analysis, 2022
10.2.2.1. By Product Type
10.2.2.2. By Vehicle Type
10.2.2.3. By Sales Channel
10.3. Philippines
10.3.1. Pricing Analysis
10.3.2. Market Share Analysis, 2022
10.3.2.1. By Product Type
10.3.2.2. By Vehicle Type
10.3.2.3. By Sales Channel
10.4. Singapore
10.4.1. Pricing Analysis
10.4.2. Market Share Analysis, 2022
10.4.2.1. By Product Type
10.4.2.2. By Vehicle Type
10.4.2.3. By Sales Channel
10.5. Thailand
10.5.1. Pricing Analysis
10.5.2. Market Share Analysis, 2022
10.5.2.1. By Product Type
10.5.2.2. By Vehicle Type
10.5.2.3. By Sales Channel
11. Market Structure Analysis
11.1. Competition Dashboard
11.2. Competition Benchmarking
11.3. Market Share Analysis of Top Players
11.3.1. By Regional
11.3.2. By Product Type
11.3.3. By Vehicle Type
11.3.4. By Sales Channel
12. Competition Analysis
12.1. Competition Deep Dive
12.1.1. Schaeffler AG
12.1.1.1. Overview
12.1.1.2. Product Portfolio
12.1.1.3. Profitability by Market Segments
12.1.1.4. Sales Footprint
12.1.1.5. Strategy Overview
12.1.1.5.1. Marketing Strategy
12.1.1.5.2. Product Strategy
12.1.1.5.3. Channel Strategy
12.1.2. JTEKT Corporation
12.1.2.1. Overview
12.1.2.2. Product Portfolio
12.1.2.3. Profitability by Market Segments
12.1.2.4. Sales Footprint
12.1.2.5. Strategy Overview
12.1.2.5.1. Marketing Strategy
12.1.2.5.2. Product Strategy
12.1.2.5.3. Channel Strategy
12.1.3. AB SKF
12.1.3.1. Overview
12.1.3.2. Product Portfolio
12.1.3.3. Profitability by Market Segments
12.1.3.4. Sales Footprint
12.1.3.5. Strategy Overview
12.1.3.5.1. Marketing Strategy
12.1.3.5.2. Product Strategy
12.1.3.5.3. Channel Strategy
12.1.4. Minebea Mitsumi Inc.
12.1.4.1. Overview
12.1.4.2. Product Portfolio
12.1.4.3. Profitability by Market Segments
12.1.4.4. Sales Footprint
12.1.4.5. Strategy Overview
12.1.4.5.1. Marketing Strategy
12.1.4.5.2. Product Strategy
12.1.4.5.3. Channel Strategy
12.1.5. NSK Ltd
12.1.5.1. Overview
12.1.5.2. Product Portfolio
12.1.5.3. Profitability by Market Segments
12.1.5.4. Sales Footprint
12.1.5.5. Strategy Overview
12.1.5.5.1. Marketing Strategy
12.1.5.5.2. Product Strategy
12.1.5.5.3. Channel Strategy
12.1.6. NTN Bearing Corporation
12.1.6.1. Overview
12.1.6.2. Product Portfolio
12.1.6.3. Profitability by Market Segments
12.1.6.4. Sales Footprint
12.1.6.5. Strategy Overview
12.1.6.5.1. Marketing Strategy
12.1.6.5.2. Product Strategy
12.1.6.5.3. Channel Strategy
12.1.7. The Timken Company
12.1.7.1. Overview
12.1.7.2. Product Portfolio
12.1.7.3. Profitability by Market Segments
12.1.7.4. Sales Footprint
12.1.7.5. Strategy Overview
12.1.7.5.1. Marketing Strategy
12.1.7.5.2. Product Strategy
12.1.7.5.3. Channel Strategy
12.1.8. Saint-Gobain
12.1.8.1. Overview
12.1.8.2. Product Portfolio
12.1.8.3. Profitability by Market Segments
12.1.8.4. Sales Footprint
12.1.8.5. Strategy Overview
12.1.8.5.1. Marketing Strategy
12.1.8.5.2. Product Strategy
12.1.8.5.3. Channel Strategy
12.1.9. Nachi-Fujikoshi Corp.
12.1.9.1. Overview
12.1.9.2. Product Portfolio
12.1.9.3. Profitability by Market Segments
12.1.9.4. Sales Footprint
12.1.9.5. Strategy Overview
12.1.9.5.1. Marketing Strategy
12.1.9.5.2. Product Strategy
12.1.9.5.3. Channel Strategy
12.1.10. Fersa Group
12.1.10.1. Overview
12.1.10.2. Product Portfolio
12.1.10.3. Profitability by Market Segments
12.1.10.4. Sales Footprint
12.1.10.5. Strategy Overview
12.1.10.5.1. Marketing Strategy
12.1.10.5.2. Product Strategy
12.1.10.5.3. Channel Strategy
12.1.11. CandU Group Ltd
12.1.11.1. Overview
12.1.11.2. Product Portfolio
12.1.11.3. Profitability by Market Segments
12.1.11.4. Sales Footprint
12.1.11.5. Strategy Overview
12.1.11.5.1. Marketing Strategy
12.1.11.5.2. Product Strategy
12.1.11.5.3. Channel Strategy
12.1.12. Metro Bearing and Automotive Limited
12.1.12.1. Overview
12.1.12.2. Product Portfolio
12.1.12.3. Profitability by Market Segments
12.1.12.4. Sales Footprint
12.1.12.5. Strategy Overview
12.1.12.5.1. Marketing Strategy
12.1.12.5.2. Product Strategy
12.1.12.5.3. Channel Strategy
13. Assumptions & Acronyms Used
14. Research Methodology
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ASEAN Automotive Bearings Market
