Vietnam: Bearing Market 2024

Bearing Market Size in Vietnam

The Vietnamese bearing market reached $X in 2022, with an increase of X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Bearing Production in Vietnam

In value terms, bearing production rose markedly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

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Bearing Exports

Exports from Vietnam

In 2022, after two years of growth, there was significant decline in shipments abroad of ball or roller bearings, when their volume decreased by X% to X tons. Overall, exports, however, recorded significant growth. The pace of growth appeared the most rapid in 2016 with an increase of X%. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, bearing exports shrank slightly to $X in 2022. In general, exports, however, saw a significant expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped modestly in the following year.

Exports by Country

Germany (X tons), the United States (X tons) and Japan (X tons) were the main destinations of bearing exports from Vietnam, with a combined X% share of total exports. China, South Korea, Singapore, Russia and Brazil lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and the United States ($X) were the largest markets for bearing exported from Vietnam worldwide, together accounting for X% of total exports. China, South Korea, Singapore, Russia and Brazil lagged somewhat behind, together accounting for a further X%.

South Korea, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average bearing export price amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Vietnam

Bearing imports into Vietnam contracted to X tons in 2022, reducing by X% against the year before. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, bearing imports totaled $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2013 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

China (X tons), Japan (X tons) and Thailand (X tons) were the main suppliers of bearing imports to Vietnam, together accounting for X% of total imports. Germany, South Korea, Indonesia, India, the United States, Taiwan (Chinese), Malaysia and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Thailand ($X) constituted the largest bearing suppliers to Vietnam, with a combined X% share of total imports. Germany, South Korea, Indonesia, India, the United States, Taiwan (Chinese), Malaysia and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average bearing import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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