India Bearings Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

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 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

• The latest study published by Astute Analytica analyzes the India bearing market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 10 chapters distributed across 72 pages with 5 lists of tables and 16 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted based on various economic models such as PESTLE and Porter’s five force models.
• The competitive dashboard section includes analysis based on the Concentration Ratio (CR), based market size and market presence of key companies.

Segmentation Overview

Product Segment of the India Bearing Market is sub-segmented into:

• Ball Bearings
  • Deep Groove Ball Bearings
  • Self-Aligning Ball Bearings
  • Angular-Contact Ball Bearings
  • Thrust Ball Bearings
• Roller Bearings 
  • Tapered Roller Bearings
  • Spherical Roller Bearings
  • Cylindrical Roller Bearings
  • Needle Roller Bearings
• Mounted bearing
• Linear bearings
• Slide bearings
• Jewel bearings
• Frictionless bearings

Size Segment of the India Bearing Market is sub-segmented into:

• 30 to 40 mm
• 41 to 50 mm
• 51 to 60 mm
• 61 to 70 mm
• 70 mm & above

Material Segment of the India Bearing Market is sub-segmented into:

• Specialty Steel Alloys
• Plastics
• Ceramics

Application Segment of the India Bearing Market is sub-segmented into:

• Automotive
  • OEM
  • Aftermarket
• Aerospace
• Agriculture
• Machine Tools
• Mining
• Others