India Automotive Bearing Market Research Report: Forecast (2023-2028)

Market Definition

Bearings are the vital mechanical components installed to minimize friction between moving or rotating parts to support the rotation and achieve specified motion. Automotive bearings are responsible for the efficient and smooth functioning of the vehicle by bearing heavy loads and minimizing friction. They are used in gearboxes, engines, wheels, transmissions, steering, pumps, electrical motors, and other vehicle components. They are also used for the smooth operation of wipers, rearview mirrors, doors, and bonnet hinges.

Market Insights

The India Automotive Bearing Market is projected to grow at a CAGR of around 7.0% during the forecast period, i.e., 2023-28. The market growth is predominantly driven by the flourishing automotive production, sales, and modification of vehicles, 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 Covid 19 period, has further elongated the bearings industry ventures.

Moreover, the governmental policies like ‘Make in India’ and ‘Aatmanirbhar Bharat,’ with the goals of strengthening the manufacturing industry domestically, with supportive policies and regulations to smooth manufacturing process are the other driving factors behind the expansion of the sector. With the expansion of domestic manufacturers, the market in India is propelling exponentially. Additionally, the rising demand for automotive electrification and technological advancement in vehicles has raised the variety of applications of bearings in automobiles, further extending the industry.

However, the fluctuations in the pricing of raw materials are bound to hamper the industrial growth of the market. On the contrary, 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.

Market Dynamics

Key Driver: Flourishing Automotive Production, Sales, And Modifications across the country

India is a major consumer of automobile vehicles sales due to the increase in disposable income, especially in middle-class consumers, resulting from urbanization, raised living standards, and the desire to own private vehicles to commute instead of public transport, specifically after Covid-19 Pandemic has elevated the automotive industry in the country. Moreover, multiple varieties of bearings are required and play a vital role in automotive functioning. Thus, the flourishing of the automotive industry has been driving the automotive bearings industry in India.

In addition, the need for continuous modification to follow government regulations to decrease the carbon footprints and to make the vehicle lighter has led to the development of new designs and more research into bearings. Thus, the need for high-performing, technologically advanced bearings has further driven the industry forward.

Possible Restraint: Wavering Raw Material Prices Affecting Manufacturer’s Revenue

Raw materials contribute a significant part of the manufacturer’s revenue, leading to fluctuations in raw materials affecting the bearing industry. As the prices of raw materials continue to vary depending on the changing economic conditions, the bearings industry also faces the hindrance of fluctuations. Due to variations in worldwide steel price fluctuations, alloy steel and high-grade steel used in manufacturing bearings are also affected, creating further challenges for manufacturers to produce quality products at differing prices. In addition, bearings require regular maintenance, leading to increased maintenance costs. Collectively, the fluctuating demand and supply cycle could further hamper the industry.

Growth Opportunity: Government Initiatives Supporting Indian Manufacturing Industry

India’s goal to flourish and sustain the manufacturing industry within the country by implementing supportive policies and regulations ensuring the manufacturing of safe products and expanding the manufacturing activities domestically poses a lucrative opportunity for the market. For instance, Make in India (MII) facilitates investment, fosters innovation, and builds the best manufacturing infrastructure.

Moreover, other policies such as National Capital Goods Policy 2016 and the National Policy on Safety, Health & Environment at Workplace 2009 help in setting standards & compliance on health, safety, & environment help to increase domestic production, promote exports, mandatory standardization of machines & equipment by adopting ISO, technology improvement, reduce sub-standard imports through standardization, and skill development, opening new avenues to fuel the industrial expansion.

Key Trend: Enhanced Bearing Designs to Raise Vehicle Efficiency

Apart from the conventional functions of bearings, to operate load on the shaft and facilitate the torque transfer smoothly, manufacturers are focusing on increasing the efficiency of the vehicle by enhancing bearings. The manufacturers are modifying various components to make the vehicle more advanced and structured to reduce weight and carbon emissions. The industry is adopting more lightweight designs and performing further modifications to lower noise, the system's vibration, provide stiffness to the shaft system, and more. Thus, OEMs worldwide focus on reducing their gross vehicle weight by improving fuel economy and reducing carbon emissions. For instance,

• In August 2022, SFK developed a new hybrid deep groove ball bearing for high-speed applications.

The trend of producing modified and advanced bearings to lower space and weight has fueled industrial growth and raised the product's value. 

Market Segmentation

Based on Type

• Ball Bearing
• Roller Bearing
• Clutch Bearing

Amongst all Types, Roller Bearing holds the largest market share and is expected to lead the market in the coming years. The higher radial load-carrying capacity than the other types aids the market enlargement. Manufacturers dedicated to research and development in the segment to explore new qualities and variations to reduce weight, etc., are further expected to expand the boundaries of the market.

Additionally, roller bearings also reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than other kinds of 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.

Similarly, the ball-bearing segment is expected to witness significant growth in the market, owing to the technological advancement in the ball-bearing segment. Again, dedicated research and development to further modify and transform the application of ball bearings to become compatible with the rising technologically advanced demands of the industry open further avenues, adding to its market share and fueling the industry enlargement.

Based on Vehicle

• Two Wheelers
• Three Wheeler 
• Passenger Vehicle
• Commercial Vehicle
• Off-the road

Among all, Passenger Vehicle acquired the highest market share and is anticipated to continue in the same trend during the forecasting period. The segment growth imputes to the surging sales of passenger cars and rises in passenger vehicle production to fulfill the demands influenced by increasing personal disposable income.

Further, as bearings provide stable driving and supply the wheel speed information for the ABS system, help in increased stopping distances, and impair steer ability of the vehicle when emergency braking is required, they constitute a critical part of the safety of the car and its passengers. Thus, with the rise of demands for passenger vehicles equipped with technologically advanced features, especially from growing middle-class consumers, the segment is expected to flourish due to increasing disposable income and elevating standards of living.

On the other hand, commercial vehicle is also anticipated to grow significantly owing to the early replacement cycle of heavily loaded vehicles and high bearing wear & tear occurrence compared to passenger cars, further expanding the industrial expansion.

Recent Developments in the Market

• In September 2022, SKF India Limited launched ‘MaPro Xpress,’ a mobile service initiative covering over 180 industrial clusters across the Golden Quadrilateral.

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