Increased emphasis on vehicle weight reduction and growth in car manufacturing surges automotive bearings market sales. This also escalates ASEAN automotive bearings market expansion. However, the primary restraints on the global market are the rising electrification of vehicles, the erratic price of raw materials, and the high maintenance costs.
The advancement of additive manufacturing technologies as well as the appearance of sensor-bearing units provides players with abundant expansion potential.
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Demand for Rolling Element Bearings is Rising:
Bearing manufacturers are seeing surged automotive bearings demand in ASEAN due to the automotive industry growth. There is vast market competition, which forces producers to concentrate on enhancing their rolling element-bearing products.
After completing hundreds of miles of use, wheel bearings typically begin to wear out. Wheel bearings wear out as a result of both the wheels’ continuous rotation and the vehicle’s weight, rendering the wheels useless for rolling.
Numerous new rolling element-bearing improvements in the automobile sector were witnessed. To protect the bearings from pollution and premature wear, sealed units are a feature of recent car models. It restricts the service, cleaning, and lubrication of bearings that were possible with the previous generation.
The main objectives of bearing producers are to increase strength and decrease extra weight. Companies like SKF are creating titanium alloy bearing cages to provide robust bearings. Bearings made of titanium alloy are shown to have better temperature resistance and tensile strength. Applications requiring fast acceleration can benefit from such an alloy.
Regional Prospects:
The ASEAN region’s continuing expansion of the automobile industry has opened up opportunities for manufacturers of the ASEAN automotive bearings market. According to the Automotive Federation of ASEAN, 3.4 million vehicles were sold worldwide in 2019.
Population expansion and economic development have greatly increased the need for automobile bearings and numbers may rise in the upcoming years. The demand for automobile bearings in the ASEAN area is expected to increase steadily in the upcoming years.
Technological innovations are supported by pivotal ASEAN automotive bearings manufacturers. The market has recently seen a variety of novel goods, which has increased demand for bearings.
The introduction of electric mobility has increased demand. Rising regional vehicle sales have generated a big opportunity for aftermarket sales. The ASEAN automotive bearings market is likely to expand at a rapid pace in the coming years.
Key Takeaways from the ASEAN Automotive Bearings Market Report:
Automotive bearings for transmission systems are anticipated to account for more than one-fourth of the ASEAN market’s value in 2023, by application. Ball bearings are estimated to command 44.2% of the ASEAN automotive bearings market by product type by the end of the forecast period. Thailand to continue to be the key market, supported by increased demand from the nation’s automobile industry. In 2023, it is expected to satisfy more than 30.2% of ASEAN’s demand. By vehicle type, the passenger car category is projected to account for a sizeable 44.7% of the automotive bearings market in ASEAN by 2033. In the anticipated timeframe, the passenger car segment of the automotive bearings market in ASEAN to register a CAGR of 5.0%.
Who has the Upper Hand?
The ASEAN automotive bearings market is significantly concentrated, with top manufacturers accounting for 75% of the market share. To preserve their market presence, these businesses invest in new technology breakthroughs and the growth of their distribution networks.
Several key ASEAN automotive bearings manufacturers include Schaeffler AG, JTEKT Corporation, NSK Ltd, AB SKF, Minebea Mitsumi Inc., Saint-Gobain, Nachi-Fujikoshi Corp., Fersa Group, C&U Group Ltd, NTN Bearing Corporation, The Timken Company, and Metro Bearing and Automotive Limited.
Leading Key Players:
Schaeffler AG, JTEKT Corporation, AB SKF, Minebea Mitsumi Inc., NSK Ltd., NTN Bearing Corporation, The Timken Company, Saint-Gobain, Nachi-Fujikoshi Corp., Fersa Group, CandU Group Ltd., Metro Bearing and Automotive Limited
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