India - Bearings Market by End-user and Product - Forecast and Analysis 2023-2027

Published: Oct 2023 Pages: 122 SKU: IRTNTR76401

India - Bearings Market 2023-2027

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. 

What will be the size of the India Bearings Market During the Forecast Period?

India Bearings Market Forecast 2023-2027

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India Bearings Market Dynamics

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.    

Driver- Increase in focus on automation

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.

Trends - Increase in adoption of additive manufacturing

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.

Challenge - Fluctuation in raw material prices of bearings

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.

India Bearings Market Segmentation by End-user and Product

End-user Segment Analysis:

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.

Product Segment Analysis:

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.

Who are the Major India Bearings Market Companies?

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.  

Segment Overview

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. 

  • End-user Outlook (USD Million, 2017 - 2027)
    • Automotive industry
    • Heavy industry
    • ARS industry
    • Others
  • Product Outlook (USD Million, 2017 - 2027)
    • Anti-friction bearings
    • Magnetic bearings
    • Others

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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What are the Key Data Covered in this India Bearings Market Research Report?

  • CAGR of the India bearing market forecast period
  • Detailed information on factors that will drive the growth of the India bearings market between 2023 and 2027
  • Precise estimation of the India bearings market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across India
  • A thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of India bearings market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ million)
      • Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Bearings market in India 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on bearings market in India 2017 - 2021 ($ million)
    • 4.2 End-User Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – End-User Segment 2017 - 2021 ($ million)
    • 4.3 Product Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Product Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 25: Chart on End-user - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on End-user - Market share 2022-2027 (%)
    • 6.2 Comparison by End-user
      • Exhibit 27: Chart on Comparison by End-user
      • Exhibit 28: Data Table on Comparison by End-user
    • 6.3 Automotive industry - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Automotive industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 30: Data Table on Automotive industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 31: Chart on Automotive industry - Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Automotive industry - Year-over-year growth 2022-2027 (%)
    • 6.4 Heavy industry - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Heavy industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 34: Data Table on Heavy industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Chart on Heavy industry - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Heavy industry - Year-over-year growth 2022-2027 (%)
    • 6.5 ARS industry - Market size and forecast 2022-2027
      • Exhibit 37: Chart on ARS industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 38: Data Table on ARS industry - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Chart on ARS industry - Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on ARS industry - Year-over-year growth 2022-2027 (%)
    • 6.6 Others - Market size and forecast 2022-2027
      • Exhibit 41: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 42: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 43: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 44: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.7 Market opportunity by End-user
      • Exhibit 45: Market opportunity by End-user ($ million)
      • Exhibit 46: Data Table on Market opportunity by End-user ($ million)

    7 Market Segmentation by Product

    • 7.1 Market segments
      • Exhibit 47: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 48: Data Table on Product - Market share 2022-2027 (%)
    • 7.2 Comparison by Product
      • Exhibit 49: Chart on Comparison by Product
      • Exhibit 50: Data Table on Comparison by Product
    • 7.3 Anti-friction bearings - Market size and forecast 2022-2027
      • Exhibit 51: Chart on Anti-friction bearings - Market size and forecast 2022-2027 ($ million)
      • Exhibit 52: Data Table on Anti-friction bearings - Market size and forecast 2022-2027 ($ million)
      • Exhibit 53: Chart on Anti-friction bearings - Year-over-year growth 2022-2027 (%)
      • Exhibit 54: Data Table on Anti-friction bearings - Year-over-year growth 2022-2027 (%)
    • 7.4 Magnetic bearings - Market size and forecast 2022-2027
      • Exhibit 55: Chart on Magnetic bearings - Market size and forecast 2022-2027 ($ million)
      • Exhibit 56: Data Table on Magnetic bearings - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Chart on Magnetic bearings - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on Magnetic bearings - Year-over-year growth 2022-2027 (%)
    • 7.5 Others - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 7.6 Market opportunity by Product
      • Exhibit 63: Market opportunity by Product ($ million)
      • Exhibit 64: Data Table on Market opportunity by Product ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 65: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 66: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 67: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 68: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 69: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 70: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 71: Matrix on vendor position and classification
            • 11.3 AB SKF
              • Exhibit 72: AB SKF - Overview
              • Exhibit 73: AB SKF - Business segments
              • Exhibit 74: AB SKF - Key news
              • Exhibit 75: AB SKF - Key offerings
              • Exhibit 76: AB SKF - Segment focus
            • 11.4 Adarsh Bearings Pvt. Ltd.
              • Exhibit 77: Adarsh Bearings Pvt. Ltd. - Overview
              • Exhibit 78: Adarsh Bearings Pvt. Ltd. - Product / Service
              • Exhibit 79: Adarsh Bearings Pvt. Ltd. - Key offerings
            • 11.5 ARB Bearing
              • Exhibit 80: ARB Bearing - Overview
              • Exhibit 81: ARB Bearing - Product / Service
              • Exhibit 82: ARB Bearing - Key offerings
            • 11.6 DCM Ltd.
              • Exhibit 83: DCM Ltd. - Overview
              • Exhibit 84: DCM Ltd. - Business segments
              • Exhibit 85: DCM Ltd. - Key offerings
              • Exhibit 86: DCM Ltd. - Segment focus
            • 11.7 MBP BEARINGS PVT. LTD.
              • Exhibit 87: MBP BEARINGS PVT. LTD. - Overview
              • Exhibit 88: MBP BEARINGS PVT. LTD. - Product / Service
              • Exhibit 89: MBP BEARINGS PVT. LTD. - Key offerings
            • 11.8 Nishan Bearings Co.
              • Exhibit 90: Nishan Bearings Co. - Overview
              • Exhibit 91: Nishan Bearings Co. - Product / Service
              • Exhibit 92: Nishan Bearings Co. - Key offerings
            • 11.9 NRB Bearings Ltd.
              • Exhibit 93: NRB Bearings Ltd. - Overview
              • Exhibit 94: NRB Bearings Ltd. - Key offerings
            • 11.10 NSK Ltd.
              • Exhibit 95: NSK Ltd. - Overview
              • Exhibit 96: NSK Ltd. - Product / Service
              • Exhibit 97: NSK Ltd. - Key offerings
            • 11.11 NTN Corp.
              • Exhibit 98: NTN Corp. - Overview
              • Exhibit 99: NTN Corp. - Business segments
              • Exhibit 100: NTN Corp. - Key offerings
              • Exhibit 101: NTN Corp. - Segment focus
            • 11.12 Schaeffler AG
              • Exhibit 102: Schaeffler AG - Overview
              • Exhibit 103: Schaeffler AG - Business segments
              • Exhibit 104: Schaeffler AG - Key offerings
              • Exhibit 105: Schaeffler AG - Segment focus
            • 11.13 Sneha Bearings and Engineering LLP
              • Exhibit 106: Sneha Bearings and Engineering LLP - Overview
              • Exhibit 107: Sneha Bearings and Engineering LLP - Product / Service
              • Exhibit 108: Sneha Bearings and Engineering LLP - Key offerings
            • 11.14 SRIJI GOPALJI INDUSTRIES PVT LTD.
              • Exhibit 109: SRIJI GOPALJI INDUSTRIES PVT LTD. - Overview
              • Exhibit 110: SRIJI GOPALJI INDUSTRIES PVT LTD. - Product / Service
              • Exhibit 111: SRIJI GOPALJI INDUSTRIES PVT LTD. - Key offerings
            • 11.15 The Timken Co.
              • Exhibit 112: The Timken Co. - Overview
              • Exhibit 113: The Timken Co. - Business segments
              • Exhibit 114: The Timken Co. - Key news
              • Exhibit 115: The Timken Co. - Key offerings
              • Exhibit 116: The Timken Co. - Segment focus
            • 11.16 Turbo Bearings Pvt. Ltd
              • Exhibit 117: Turbo Bearings Pvt. Ltd - Overview
              • Exhibit 118: Turbo Bearings Pvt. Ltd - Product / Service
              • Exhibit 119: Turbo Bearings Pvt. Ltd - Key offerings
            • 11.17 Vimal Bearings
              • Exhibit 120: Vimal Bearings - Overview
              • Exhibit 121: Vimal Bearings - Product / Service
              • Exhibit 122: Vimal Bearings - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 123: Inclusions checklist
                • Exhibit 124: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 125: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 126: Research methodology
                • Exhibit 127: Validation techniques employed for market sizing
                • Exhibit 128: Information sources
              • 12.5 List of abbreviations
                • Exhibit 129: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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