The India Automotive Bearing Market is projected to grow at a CAGR of 7.0% in the forecast period of 2023-28, cites Markntel Advisors in the recent research report. The flourishing automotive production and sales favorably foster the market growth in the country and modification of vehicles because of the varying goals to reduce the vehicle’s carbon footprint and alterations to make it lighter. Besides, the requirement for lightweight and durable bearings for automotive, along with the increasing preference for personal mobility after the Covid-19 period, has elongated the bearings industry ventures due to rising automotive sales.
Moreover, the government increasing focus on the development of infrastructure in different areas, and spreading urbanization with the surge in industrial activities, expanding the fleet of two-wheelers, passenger cars, and three-wheelers will beneficially add to the expansion of the industry. Additionally, the rising demand for automotive electrification and technological advancement in vehicles has raised the variety of applications of bearings in automobiles, extending the industry, further states the research report, “India Automotive Bearing Market Analysis, 2023.”
The market is broadly fragmented based on Type, Vehicle, and Demand. Based on Type, the market is segmented into Ball Bearings, Roller Bearings, and Clutch Bearings. Additionally, on the basis of the Vehicle, the market is classified into Two Wheelers, Three Wheelers, Passenger Vehicle, Commercial Vehicle, and Off-the-road. Finally, depending on Demand, the market bifurcates into OEMs and Aftermarkets.
Low Starting Fiction of Roller Bearing Rewards It the Major Share
Roller Bearing holds the largest market share and is expected to lead the market, owing to the higher radial load-carrying capacity than the other types. Additionally, roller bearings reduce rotational friction, support radial and axial loads, and sustain limited axial loads and heavy radial loads more efficiently than other bearings, further expanding its adoption. Likewise, the low starting friction of roller bearings allows the necessary constant slight steer motions, adding to its market value.
Moreover, the continuous demand for roller bearings due to their application in other industries, such as aerospace, home appliances, etc., raises their value in the automotive sector, proliferating the market. On the other hand, the ball-bearing segment is expected to witness significant growth in the market, owing to the technological advancement in the ball-bearing segment, dedicated research, and development.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including SKF India Limited, National Engineering Industries Limited (NEI), Timken India Limited, NRB Bearings Limited, Tata Bearings, ABC Bearings, Bimetal Bearings Ltd., Austin Engineering Co. Ltd., FAG Bearings India Limited, and INA Bearings India Pvt Ltd. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report