The ASEAN bearings market is witnessing strong growth, driven by rising investments in the industrial and automotive sectors, expanding mineral exploration, and major infrastructure projects. In October 2023, Indonesia launched Southeast Asia’s first high-speed railway, spurring demand for bearings in rail systems. Malaysia’s New Industrial Master Plan 2030 (NIMP 2030), supported by an investment in the 2024 budget and a push for locally manufactured EVs, further accelerates demand. The Philippines, the world’s second-largest nickel producer, recorded mineral output, with policy reforms and global demand lifting its Fraser ranking in 2024, boosting bearings demand in mining and industry.
The ASEAN Bearings Market is projected to grow at a CAGR of 7.8% from 2025-2031F. Indonesia’s construction sector is anticipated to reach higher by 2030. Under RPJMN 2024-2029, an investment has been allocated for National Strategic Projects, driving construction machinery demand and boosting the bearings market. Additionally, Malaysia’s renewable energy expansion- by 2050 across wind, solar, and hydropower - would increase demand for high-performance bearings in turbines, generators, and tracking systems.
In the Philippines, automotive incentives, including the zero-tariff EV policy extended to 2028, alongside plans to raise renewable energy from 2030 to 2050, are set to drive bearings demand across automotive, energy, and industrial sectors. Furthermore, Vietnam’s target to raise domestic automotive component production from 2025 to 2030 would strengthen local manufacturing. The ASEAN Industrial Projects-Based Initiative (AIPBI) is expected to further accelerate industrialization and cross-border manufacturing, with the sector projected to grow annually until 2030 and contribute to ASEAN’s economy by 2050, boosting demand for critical components such as bearings in heavy machinery.
SKF Group is a global leader in bearing manufacturing, offering advanced lubrication solutions, condition monitoring systems, and energy-efficient bearings for automotive and industrial applications.
NSK Ltd. provides a broad range of precision bearings and motion control products designed for enhanced performance, reliability, and durability in automotive and machinery sectors.
NTN Corporation specializes in high-speed and high-precision bearings for automobiles, aerospace, and industrial equipment, focusing on innovation and energy efficiency.
Schaeffler Group manufactures a wide portfolio of bearings, linear products, and automotive components known for advanced material technology and performance optimization.
JTEKT Corporation produces precision-engineered bearings and steering systems, providing high-reliability solutions for automotive, energy, and industrial machinery applications.
ASEAN Bearings Market Overview
Meanwhile, many overseas manufacturers have relocated auto parts production to Vietnam - such as BYD establishing an auto parts factory in 2023 - supporting local machinery and automotive bearings demand. Thailand, often called the Detroit of Asia, remains a key hub for automotive and EV manufacturing, with vehicle production projected to reach more by 2025 (including domestic market), significantly driving demand for roller and ball bearings.The ASEAN Bearings Market is projected to grow at a CAGR of 7.8% from 2025-2031F. Indonesia’s construction sector is anticipated to reach higher by 2030. Under RPJMN 2024-2029, an investment has been allocated for National Strategic Projects, driving construction machinery demand and boosting the bearings market. Additionally, Malaysia’s renewable energy expansion- by 2050 across wind, solar, and hydropower - would increase demand for high-performance bearings in turbines, generators, and tracking systems.
In the Philippines, automotive incentives, including the zero-tariff EV policy extended to 2028, alongside plans to raise renewable energy from 2030 to 2050, are set to drive bearings demand across automotive, energy, and industrial sectors. Furthermore, Vietnam’s target to raise domestic automotive component production from 2025 to 2030 would strengthen local manufacturing. The ASEAN Industrial Projects-Based Initiative (AIPBI) is expected to further accelerate industrialization and cross-border manufacturing, with the sector projected to grow annually until 2030 and contribute to ASEAN’s economy by 2050, boosting demand for critical components such as bearings in heavy machinery.
SKF Group is a global leader in bearing manufacturing, offering advanced lubrication solutions, condition monitoring systems, and energy-efficient bearings for automotive and industrial applications.
NSK Ltd. provides a broad range of precision bearings and motion control products designed for enhanced performance, reliability, and durability in automotive and machinery sectors.
NTN Corporation specializes in high-speed and high-precision bearings for automobiles, aerospace, and industrial equipment, focusing on innovation and energy efficiency.
Schaeffler Group manufactures a wide portfolio of bearings, linear products, and automotive components known for advanced material technology and performance optimization.
JTEKT Corporation produces precision-engineered bearings and steering systems, providing high-reliability solutions for automotive, energy, and industrial machinery applications.
Market Segmentation By Product Type
Roller bearings in Vietnam are set to experience robust growth from 2025 to 2031, driven by extensive state-led infrastructure projects and a rapidly expanding manufacturing base. Major developments, such as Sumitomo Corporation’s industrial park in Thanh Hoa - an investment with green energy and mixed-use facilities - alongside Vietnam’s industrial parks would boost demand for heavy-duty construction equipment, conveyor systems, presses, and rolling mills, further driving roller bearing consumption.Market Segmentation By Application
The Power Generation application is anticipated to witness the highest growth in Vietnam's bearing market, driven by the national Power Development Plan. This master plan mandates a massive expansion of the national grid, heavily investing in new thermal plants and renewable energy projects like offshore wind. This significantly fuels demand for bearings in turbines, generators, and associated transmission equipment.Key Attractiveness of the Report
- 10 Years Market Numbers.
- Historical: Data Starting from 2021 to 2024
- Base Year: 2024
- Forecast Data until 2031
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
ASEAN Bearings Market Overview
- ASEAN Bearings Market Outlook
- ASEAN Bearings Market Forecast
- Historical Data and Forecast of ASEAN Bearings Market Revenues, for the Period 2021-2031F
- Porter’s Five Force Analysis
- ASEAN Bearings Market Drivers and Restraints
- ASEAN Bearings Market Trends & Evolution
- Historical Data and Forecast of Thailand Bearings Market Revenues, by Product Type, and Application, for the Period 2021-2031F
- Historical Data and Forecast of Vietnam Service Market Revenues, by Product Type, and Application, for the Period 2021-2031F
- Historical Data and Forecast of Philippines Market Revenues, by Product Type, and Application, for the Period 2021-2031F
- Historical Data and Forecast of Malaysia Service Market Revenues, by Product Type, and Application, for the Period 2021-2031F
- Historical Data and Forecast of Indonesia Service Market Revenues, by Product Type, and Application, for the Period 2021-2031F
- Historical Data and Forecast of Thailand Bearings Market Volume, for the Period 2021-2031F
- Historical Data and Forecast of Vietnam Bearings Market Volume, for the Period 2021-2031F
- Historical Data and Forecast of Philippines Bearings Market Volume, for the Period 2021-2031F
- Historical Data and Forecast of Malaysia Bearings Market Volume, for the Period 2021-2031F
- Historical Data and Forecast of Indonesia Bearings Market Volume, for the Period 2021-2031F
- Market Opportunity Assessment, By Product Type
- Market Opportunity Assessment, By Application
- ASEAN Bearings Market Regulatory Landscape
- ASEAN Bearings Market Revenue Ranking, By Top 3 Companies
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Product Type
- Ball Bearing
- Roller Bearing
By Application
- Automotive
- Mining
- Steel Industry
- Power Generation
- Construction and Infrastructure Management
- Agriculture
- Cement
- Others
Table of Contents
1. Executive Summary5. ASEAN Bearings Market Trends & Evolution13. Key Strategic Recommendations14. Disclaimer
2. Introduction
3. ASEAN Bearings Market Overview
4. ASEAN Bearings Market Dynamics
6. Thailand Bearings Market Overview
7. Vietnam Bearings Market Overview
8. Philippines Bearings Market Overview
9. Malaysia Bearings Market Overview
10. Indonesia Bearings Market Overview
11. Asean Bearings Market Competitive Landscape
12. Company Profiles
List of Figures
List of Tables
Companies Mentioned
- SKF Group
- NSK Ltd.
- NTN Corporation
- Schaeffler Group
- JTEKT Corporation
- The Timken Company
- Nachi-Fujikoshi Corporation
- MinebeaMitsumi Inc.
- PT Raja Bearindo Aditama
- LAH Bearings
