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The India - Bearings Market size is estimated to grow at a CAGR of 3.18% between 2022 and 2027. The market size is forecast to increase by USD 809.42 million. The growth of the market depends on several factors, such as the increase in focus on automation, the increasing demand for bearings from heavy industries, and the increasing production of electric vehicles.
This bearings market report in India extensively covers market segmentation by end-user (automotive industry, heavy industry, ARS industry, and others), and product (anti-friction bearings, magnetic bearings, and others). It also includes an in-depth analysis of drivers, trends, and challenges.
India Bearings Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There has been significant growth in the bearing market in India fuelled by the increasing adoption of automation in manufacturing processes. Some of the main benefits of the implementation of automation across manufacturing industries include increased productivity, reduced factory lead time, efficient use of input raw materials and components, consistent product quality, improved safety, and reduced workload for factory workers.
Moreover, the main advantage of industrial automation is that it enhances the efficiency and predictive maintenance of machines, and offers greater safety, resulting in increased profitability. As a result, there is an increase in demand for industrial equipment. Hence, such factors are positively impacting the India - bearings market. Therefore, it is expected to drive the bearings market size in India during the forecast period.
There is a growing popularity for additive manufacturing (3D printing) in the manufacturing industry, including bearing manufacturing. Factors such as lower manufacturing costs, faster manufacturing, easy-to-upgrade products, low energy consumption, and reduced waste production are fuelling the adoption of 3D printing.
Moreover, the main advantage of additive manufacturing is that it significantly reduces the cost of production as it streamlines processes by eliminating the complexities related to traditional manufacturing practices. Furthermore, additive manufacturing reduces inventory costs as well as decreases the weight of the components as they have fewer parts. hence, such factors are positively impacting the India - bearings market. Therefore it is expected to drive the India bearings market growth during the forecast period.
Several manufacturers increase the resistance of bearings by changing the properties of raw materials. However, it reduces the wear and tear of bearings. In addition, there is an increase in the cost of raw materials including steel and steel alloy in India due to the fluctuations in transportation costs and continued downsizing of the manufacturing capacities.
Moreover, there is an increasing focus by bearing manufacturers on high-quality, non-replaceable bearings that have a longer life cycle than other bearings which leads to the shrinking of the aftermath of bearings. In addition, even though the bearings are priced high, there are only small profit margins due to the increased commodity prices. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the India bearings market growth during the forecast period.
The automotive industry segment is estimated to witness significant growth during the forecast period. One of the main factors that is significantly contributing to the growth of this segment is the increased adoption of bearings in various automotive components such as engines, gearboxes, transmissions, wheels, steering, electrical motors, and pumps. For example, a passenger car employs more than 100 bearings to minimize friction, improve the life of the car, enhance operational efficiency, and minimize energy loss.
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The automotive industry segment was the largest segment and was valued at USD 1,350.63 million in 2017. There is an increasing demand for bearings fuelled by the growth in passenger cars and commercial vehicles in India. Some of the factors that are contributing to the growth of the segment include improving living standards and economic conditions and increasing disposable income. There is an increasing investment by several prominent automotive OEMs such as BMW AG (BMW), Ford Motor Co. (Ford Motor), and Volkswagen AG (Volkswagen) in expanding the production at their current facilities and introducing greenfield projects in India to address the growing demand. Hence, such factors are fuelling the growth of the segment which in turn will drive the India bearings market growth during the forecast period.
Based on the product, the segment is classified into anti-friction bearings, magnetic bearings, and others. The main advantage of the anti-friction bearings is that they reduce the friction between the rotating or moving parts of equipment, including shafts, axles, and wheels. There is an increasing preference for application-specific bearings among end-users as they enhance the ease of use and efficiency of the equipment. There is an increasing demand for anti-friction bearings due to the increase in core production processes across the industrial segment and automotive industries as these bearings find extensive application in all industries, including automotive, aerospace, railways, wind generation, and defense. Hence, such factors are fuelling the growth of the segment which in turn will drive the India bearings market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adarsh Bearings Pvt. Ltd: The company offers bearings such as deep groove ball bearings, slewing bearings with four-point contact ball bearings, and radial spherical plain bearings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ARB Bearing, Bearing Manufacturing India, DCM Ltd., KG BEARIING India LLP, MBP BEARINGS PVT. LTD., MENON BEARINGS LTD., Nishan Bearings Co., NRB Bearings Ltd., NSK Ltd., NTN Corp., Schaeffler AG, Sneha Bearings and Engineering LLP, SNL Bearings Ltd., SRIJI GOPALJI INDUSTRIES PVT LTD., The Timken Co., Turbo Bearings Pvt. Ltd, Vikash Industries, Vimal Bearings, and AB SKF.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The India bearing market analysis report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
India Bearings Market Scope |
|
Report Coverage |
Details |
Page number |
122 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.18% |
Market growth 2023-2027 |
USD 809.42 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.76 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adarsh Bearings Pvt. Ltd., ARB Bearing, Bearing Manufacturing India, DCM Ltd., KG BEARING India LLP, MBP BEARINGS PVT. LTD., MENON BEARINGS LTD., Nishan Bearings Co., NRB Bearings Ltd., NSK Ltd., NTN Corp., Schaeffler AG, Sneha Bearings and Engineering LLP, SNL Bearings Ltd., SRIJI GOPALJI INDUSTRIES PVT LTD., The Timken Co., Turbo Bearings Pvt. Ltd, Vikash Industries, Vimal Bearings, and AB SKF |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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