Vietnam: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Vietnam

The Vietnamese needle roller bearing market rose sharply to $X in 2021, growing by 11% against the previous year. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.9% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Needle Roller Bearing Production in Vietnam

In value terms, needle roller bearing production skyrocketed to $X in 2021 estimated in export price. Overall, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.5% against 2019 indices. The pace of growth was the most pronounced in 2018 with an increase of 72% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Needle Roller Bearing Exports

Exports from Vietnam

In 2021, the amount of needle roller bearings exported from Vietnam skyrocketed to X tons, picking up by 360% compared with the previous year's figure. Overall, exports posted significant growth. The growth pace was the most rapid in 2016 with an increase of 3,549% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, needle roller bearing exports soared to $X in 2021. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 1,805%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

Exports by Country

India (X tons), Germany (X tons) and Singapore (X tons) were the main destinations of needle roller bearing exports from Vietnam, together accounting for 76% of total exports. Spain, South Korea and Japan lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +626.0%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for needle roller bearing exports from Vietnam, comprising 44% of total exports. The second position in the ranking was held by India ($X), with a 20% share of total exports. It was followed by Singapore, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +68.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+62.3% per year) and Singapore (+91.9% per year).

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the export price showed a deep downturn. The pace of growth was the most pronounced in 2018 when the average export price increased by 114%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ethiopia (+17.5%), while the prices for the other major destinations experienced mixed trend patterns.

Needle Roller Bearing Imports

Imports into Vietnam

In 2021, approx. X tons of needle roller bearings were imported into Vietnam; with an increase of 8.7% on the previous year's figure. Over the period under review, imports saw a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 202%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, needle roller bearing imports surged to $X in 2021. In general, imports posted significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 172%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X tons), Thailand (X tons) and Japan (X tons) were the main suppliers of needle roller bearing imports to Vietnam, together comprising 85% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +92.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and Japan ($X) appeared to be the largest needle roller bearing suppliers to Vietnam, with a combined 84% share of total imports. These countries were followed by Germany and Singapore, which together accounted for a further 12%.

Singapore, with a CAGR of +92.9%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average needle roller bearing import price stood at $X per ton in 2021, growing by 20% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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