March 31, 2022 20:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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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.
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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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Key Takeaways from Automotive Bearings Market Study
“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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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.
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