ASEAN Automotive Bearings Market to be worth US$ 1.675 billion by 2033 | Future Market Insights, Inc.

The ASEAN automotive bearings market is anticipated to be worth US$ 1.009 billion by 2023. It is estimated to reach US$ 1.675 billion by 2033, with a CAGR of 5.2%. Automotive bearings are a crucial feature of a vehicle that helps to minimize friction between two spinning parts and supports axial and radial loads.

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.

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The advancement of additive manufacturing technologies as well as the appearance of sensor-bearing units provides players with abundant expansion potential.

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.

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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:

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.

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Pertinent Market Innovations

Product Launch

Schaeffler AG released two new electric car bearings in February 2022. The new TriFinity bearing model is expected to make chassis systems energy efficient.

Inventions

NTN Corporation designed high-speed deep groove ball bearings for electric and hybrid electric vehicles in February 2022 to increase vehicle performance.
The invention of the first heat-resistant cage made entirely of bioplastic for rolling bearings was announced by NSK Ltd. (NSK) in October 2021. The redesigned cage can endure high working temperatures of up to 120°C.
JTEKT crafted improved ball bearings with mud-resistant sealing in June 2021. These bearings can be used in agricultural machinery that is used in tough situations.

Key Segments

By Product Type:

Ball Bearings
Deep groove ball bearings
Angular contact ball bearings
Thrust ball bearings
Self-alignment ball bearings
Roller Bearings
Tapered roller bearings
Cylindrical roller bearings
Spherical roller bearings
Needle roller bearings
Thrust roller bearings
Plain Bearings

By Vehicle Type:

Two Wheeler
Three Wheeler
Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle

By Application:

Engine
Transmission System
Wheel Hub
Steering System
Suspension and Others (interior and exterior)

By Sales Channel:

OEM
Aftermarket

By Country:

Indonesia
Malaysia
Philippines
Singapore
Thailand
Rest of ASEAN

Explore FMI's Extensive Ongoing Coverage on Automotive Domain

Automotive Suspension Systems Market:
https://www.futuremarketinsights.com/reports/automotive-suspension-systems-market

Electric Vehicle Motor Market:
https://www.futuremarketinsights.com/reports/electric-vehicle-drive-motor-market

Autonomous Vehicles Market:
https://www.futuremarketinsights.com/reports/autonomous-vehicles-market

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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.

This release was published on openPR.