Press Release Description

Government Support to Strengthen the India Automotive Bearing Market

The surge in the production of two wheelers in the country is attributed to the growing middle class population along with increasing focus of the companies towards exploring the rural markets. The two-wheelers and passenger cars accounted for 81% and 13% of the vehicles sold in FY2018. Moreover, the expanding production of two wheelers and passenger vehicles is anticipated to boost the demand for automotive bearing in the forthcoming period. 

According to MarkNtel Advisors’ research report “India Automotive Bearing Market Analysis, 2020”, the automotive bearing market is anticipated to register a CAGR of around 7% during 2020-25. The in the domestic sales of automobiles particularly two wheeler segment has driven the market for automotive bearings. The two wheelers sales registered a growth at 4.86% in April-March 2019 over April-March 2018. Moreover, the growing initiatives by the government such as the Automotive Mission Plan 2016-26 and the National Electric Mobility Mission Plan (NEMMP) 2020 are projected boost the local production of automobiles and has positively impacted the demand for automotive bearings.

As per MarkNtel Advisors’ study, the OEM segment grabbed the highest market share in the India automotive bearing market in 2019. The maximum share is attributed to the government support through introducing ‘Make in India’ program to boost the growth in the manufacturing sector of the country. In 2019, the government of India approved the FAME-II (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) scheme for FY20-22. Hence, the increasing focus towards introducing electric vehicles in the country to reduce emissions is anticipated to strongly impact the growth of India automotive bearing market in the forthcoming period. 

The major players who has grabbed a considerable market share in the India automotive bearing market include SKF India Limited, National Engineering Industries Limited (NEI), Timken India Limited, NRB Bearings Limited, Schaeffler India Limited, etc.
India Automotive Bearing Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for automotive bearing firms across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.

Industry Segmentation:
1.    By Type (Ball Bearing, Roller Bearing, Clutch Bearing)
2.    By Demand (OEM, Replacement)
3.    By Vehicle (Two Wheelers, Three Wheeler, Passenger Vehicle, Commercial Vehicle, Off-the road)
4.    By Geographic Region (North, South, West, East, North-East)
5.  By Competitors (SKF India Limited, National Engineering Industries Limited (NEI), Timken India Limited, NRB Bearings Limited, Schaeffler India Limited, Others)  

Key questions answered in the study:
1.    What are the current and future trends of the India automotive bearing market? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    What are the future plans and customer expectations of end-users across the country? 
4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
5.    What are the key growth drivers and challenges for the India automotive bearing market?
6.  What are the customer orientation, purchase behavior, and expectations from the automotive bearing companies across various regions?