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Bearings are mechanical part that supports a moving joint and constrains the relative motion to the desired motion, and reduces friction between moving parts of a machine with major applications in automobiles, earth-moving equipment, gearboxes, pumps and other industrial sectors.
The India bearings market is expected to grow substantially during the forecasted period owing to its high demand from the automotive sector. In 2019, the automotive bearing market alone valued for US$ 953.4 Million. Moreover, the growth of the bearings industry, which mostly fulfil the requirements of replacement market is directly correlated with the automotive and industrial sectors.
Industrial sector is one of the major drivers of the India bearings market. The attempts by the Government to revitalize the manufacturing process of bearings within India to shift the interests towards local products enhance the growth of bearing market. Moreover, the upcoming Metro Rail projects across major cities of India including Coimbatore, Delhi-Meerut, Agra, Kanpur and few others attract foreign investment for various machineries. Bearings are required for metro and light rail solutions to provide reduced mass, energy consumption, maintenance and operating costs. Delhi Metro Rail Corporation uses axle bearings assemblies for use on eight prototype coaches. The recent success of Metro Rail projects like Lucknow Metro Rail Corporation attracts more foreign investors which in turn expand the market size.
India is witnessing high Foreign Direct Investment growth in the past few years owing to vast market size and favourable government policies. Also, the Government’s focus on the 'Make in India' initiative, economic stimulus, tax and research and development incentives and policy support towards infrastructure, Power and Oil & Gas, and other sectors will present a plethora of opportunities for the market. Additionally, technological advancements in office automation, medical equipment, and audio-visual equipment would further fuel the demand of bearings. The development of application-specific bearing is positively impacting the growth trend of the market in India. However, the heterogenous nature of the market, increase in cost of raw materials, easy availability of counterfeit products will hamper the market growth.
Segmentation Overview of the India Bearings Market
The market is segmented on the basis of following segments:
By Product Type
The market is segmented on the basis of product type which include ball bearings and roller bearings as major segment with applications in automotive, aerospace, industrial machinery and other sectors. In the application segment, automotive part holds the maximum share owing to the expansion of the automobile industry. The increasing focus towards the manufacturing of light-weight products will further aid the segment growth. The ability of bearings to rotate at high speed with precision and high durability boost its demand in the automotive industry. Furthermore, the shifting focus of manufacturers to provide the end users with the light-weight bearings by adopting various technologies such as improved forging techniques, low tolerances, and light-weight alloys will further enhance the share of segment in the market. For instance, SKF utilized the strength and temperature resistance properties of titanium and used it in the development of bearing cages for gearbox applications.
Key Market Players in the India Bearings Market
In India, Industrial Bearings are manufactured by only few players and accounts for less than 5% of the global bearing market, India majorly imports industrial bearings from Europe, Japan and other countries. Some of the key international manufacturers are ISB Industries, Koyo, Luoyang Huigong Bearing Technology Co., Ltd., LYC Bearing Corporation, myonic GmbH, Nachi-Fujikoshi Corp., NTN Bearing Corporation, NSK Ltd., THB Bearings, The Timken Company and others and some of the domestic manufacturers are NRB Bearings, Schaeffler India, Ltd. SKF India, and TATA.
Impact of coronavirus pandemic on India bearing market
The coronavirus pandemic shows marginal impact on the India bearings market, due to decline in sales across vehicle segments and other industries, owing to decline in per capita income and economic slowdown, followed by plant shut-downs due to Covid-19 crisis. Shortage of workers due to rising concern of personal safety declined the market growth curve. However, the Government’s Make in India initiative supporting the domestic market in overcoming the crisis impact.