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India bearings market size was valued at US$ 1,772.6 Mn in 2021 and is projected to expand up to US$ 3,374.4 Mn by the end of 2027. The market is registering growth at a CAGR of 10.9% during the forecast period 2022-2027. Bearings are highly engineered, precisely made components that enable machinery to move at extremely high speed and carry remarkable loads with ease and efficiency. It is a part of a machine that allows one part to rotate in contact with another part with less friction. Bearings are used in every kind of equipment or machinery, ranging from automobile parts, farm equipment, and household appliances to defense and aerospace equipment.
In India, the market for bearing has gained an impressive impetus owing to the rising utilization of bearing in motors and increasing demand for automotive electrification. Moreover, the Indian government’s initiatives such as ‘Make in India’ and ‘Aatmanirbhar Bharat’, aimed at reviving the manufacturing sector in turn increases the demand for bearings. However, the low-cost, and easy availability of counterfeit products are major threats to the India-bearing market.
India bearing market was divided into various segments (such as based on product type, size, materials, and application) and sub-segments to get a holistic picture of the market. Value chain analysis, PESTLE analysis, and Porter’s five forces analysis were conducted to identify strengths, weaknesses, and potential threats. Furthermore, the performances of the competitors were measured to understand the scope of the business in the India bearing industry. To further double-check the data and results in data triangulation technique was implemented.
Impact of COVID-19
The Indian automobile industry weakened in the first quarter of 2020; however, the country has expanded significantly from the third quarter of 2020. September 2020 appeared as a good month for the Indian automobile sector. Considering this as a major factor, substantial growth in the Indian bearings market can be expected in 2022 and subsequent years.
Roller Bearing holds the highest market share in 2021
The roller bearings segment dominated the market and accounted for the largest revenue share of more than 45% in 2021. Further, this segment is also anticipated to continue its dominance and emerge as the fastest-growing segment by 2027. These products reduce rotational friction, support radial and axial loads, and can sustain limited axial loads and heavy radial loads more efficiently than their counterparts. The widespread espousal of roller bearings by several industries, such as capital equipment, automobiles, home appliances, and aerospace, is estimated to positively impact the product demand.
The automotive segment is anticipated to have the highest growth share by 2027
The automotive segment dominated the market and held the largest revenue share of approximately 50% in 2021. The fastest-growing segment is anticipated to register a growth in revenue from US$ 803.7 Mn in 2021 to US$ 1,419.1 by 2027. The high share of this segment can be attributed to high automotive production. Also, the demand for vehicles with technologically advanced solutions is escalating, thus, leading to rising in vehicle manufacturing that necessitates instrumented products.
The Asia Pacific to be the gamechanger for the global bearings market
The Asia Pacific dominated the bearings market and accounted for the largest revenue share of 54.5% in 2021. China is one of the major markets, and the sale in the country is expected to catapult over the foreseeable years stimulated by the rapid expansion of machinery and motor vehicle production. Moreover, the robust automotive, construction, and mining equipment market in India is estimated to facilitate the growth of the bearing market.
A look at the competitors
SKF India Ltd., Schaeffle, Timken India Limited, NRB Bearings Limited, National Engineering Industries Ltd, JTEKT India Limited are some major key players present in the industry.
Key Insights of the Report
Product Segment of the India Bearing Market is sub-segmented into:
Size Segment of the India Bearing Market is sub-segmented into:
Material Segment of the India Bearing Market is sub-segmented into:
Application Segment of the India Bearing Market is sub-segmented into:
|Market Size Value in 2021||US$ 1,772.6 Mn|
|Expected Revenue in 2027||US$ 3,374.4 Mn|
|Unit||Value (USD Mn)|
|Segments covered||Product, Size, Material, Application, and Region|
|Key Companies||SKF India Ltd., Schaeffle, Timken India Limited, NRB Bearings Limited, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
India bearings market size was estimated at US$ 1,772.6 Mn in 2021.
Bearings are used in automobile to ensure smooth running of cars, electric vehicles (EVs), and other type of vehicles such as light weight commercial vehicles and heavy vehicles such as trucks. Therefore, the demand for bearing increases with the rise in the production of automobiles. The India Bearing Market is projected to witness a jump in revenue to US$ 3,374.4 by 2027, registering a CAGR of 10.9%.
The study period for the India bearing market is 2017-2027.
The India bearing market is segmented into four categories, namely – by product, by size, by material and by application.
Two key factors driving the market for bearings in India are (1) Government initiatives to drive the manufacturing sector in India (2) Rising utilization of bearing in motor, demand of automotive electrification
One challenge in the market is the threat of low-cost and counterfeit products.
The roller bearings segment dominated the global market and accounted for the largest revenue share of more than 41.5% in 2021.
Specialty steel alloys is expected to grow the highest with a CAGR of 10.9% by 2027.
The automotive segment dominated the bearings market in India and held the highest revenue share of 46.6% in 2021.
The key players in the India bearing market are SKF India Ltd, Schaeffle, Timken India Limited, NRB Bearings Limited, National Engineering Industries Ltd. and JTEKT India Limited among others.
Primary and secondary research was undertaken and further, PESTLE Analysis and Porter’s Five Forces Analysis were conducted to identify strengths, weaknesses and potential threats.