India Bearings Market Update: 3 Companies Showing Sign of Enormous Growth
Jul 19, 2023
What’s the expanse of the India Bearings aftermarket?
In 2021, the India bearings market set sail with a market value of USD 1,772.58 million. Its voyage is charted towards a promising horizon, projecting a destination of USD 3,374.39 million by 2027, carried by a robust CAGR of 10.9%. As the wheels of progress turn, the sale of bearings becomes a symphony of innovation and demand.
Bearings are mechanical components that enable rotational or linear movement while minimizing friction between moving parts. They are used in a wide range of applications across various industries to support, guide, and facilitate smooth motion between two or more parts. Bearings are essential for reducing wear and tear on machinery, improving efficiency, and maintaining precise movement.
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The market is fueled by the intricate interplay of factors such as bearings’ integral role in motors, the surge in automotive electrification, government initiatives fortifying the manufacturing sector, and a burgeoning need for bearings in energy-efficient vehicles. These components compose a symphony of growth harmonized by the versatile applications of bearings in various industries. However, hurdles including climatic uncertainties, initial investments, and potential job displacement add complexity to the market’s trajectory.
Catalysts of Growth:
1. Amplified Use of Bearings in Motors and Automotive Electrification: In modern automobiles, bearings hold the key to heightened performance, reduced system noise, and enhanced efficiency of rotating parts. As the automotive landscape tilts towards electrification, the role of advanced, technologically refined bearings becomes pivotal. Their integration in fuel-efficient powertrains heralds a future of lower emissions and higher fuel economy.
2. Government Initiatives Energizing Manufacturing: The Indian government’s commitment to a robust manufacturing sector is fortified by supportive policies and regulatory frameworks. Institutions such as the Bureau of Indian Standards, the Ministry of Heavy Industries & Public Enterprises, and the Ministry of Labour & Employment collaboratively ensure the manufacturing of safe products. Policies like the National Capital Goods Policy 2016 and the National Policy on Safety, Health & Environment at Workplace 2009 act as beacons, championing compliance, standardization, and skill development. This collective effort elevates the manufacturing industry, stimulating market growth.
Segments in Focus:
1. Bearing Types: The market’s tapestry is woven with ball bearings, roller bearings, mounted bearings, linear bearings, slide bearings, jewel bearings, and frictionless bearings. Roller bearings, renowned for their precision and high-speed rotation, reign supreme, with needle roller bearings anticipated to record a stellar growth rate of 13.2%. Deep groove ball bearings dominate the ball bearings category, accounting for around 40% market share in 2021.
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2. Bearing Sizes: In this dimension, the 30 to 40 mm range takes the lead with an 11% market share, driven by widespread industrial demand. The 41 to 50 mm segment emerges as a focal point, harboring a market opportunity exceeding USD 370 million between 2021 and 2027, propelled by its role in the automotive sector.
3. Material Matters: Specialty steel alloys emerge as a dominant material, projected to amass a market size of approximately USD 3,000 million by 2027. Its prominence stems from its usage in crafting various bearing types, cementing its position in the market.
4. Applications and Industries: The automotive segment commands over 45% market share in 2021, propelled by the surging automotive industry and extensive use of bearings across vehicle components. The agriculture sector within the industrial segment is poised to achieve the highest growth rate, around 12.9%, driven by the mechanization of agriculture processes. Machine tools, owing to their significance in aerospace and precision bearing adoption, hold the largest market share of approximately 28%.
Pioneering companies including SKF, Schaeffler India Limited, and Timken India Ltd. steer the course of the India bearings market. These industry leaders, accounting for around 70% of the market share, are steadfastly engaged in strategic collaborations, mergers & acquisitions, and innovative product launches. In a notable example, SKF extends the performance of its mounted tapered roller bearings, elevating their resilience and longevity in challenging environments.
The India bearings market embarks on a journey of growth, driven by innovation, demand, and a supportive ecosystem. As the wheels of progress turn, the market’s trajectory is shaped by factors ranging from automotive electrification to government initiatives. Navigating these factors with strategic prowess and technological innovation, the market promises a dynamic and prosperous future, revolutionizing industries and defining the nation’s industrial landscape.
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Report Ocean:Email: [email protected]Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATESTel:+1 888 212 3539 (US – TOLL FREE)Website: https://reportocean.usWhat’s the expanse of the India Bearings aftermarket?India bearings marketUSD 1,772.58 millionUSD 3,374.39 millionCAGR of 10.9%What is Bearings Market ?Request full Report Description, TOC, Table of Figure, Chart, etc : -https://reportocean.us/sample-request/report_id/ARS233Driving Forces:Catalysts of Growth:1. Amplified Use of Bearings in Motors and Automotive Electrification:2. Government Initiatives Energizing Manufacturing:Segments in Focus:1. Bearing Types:Download free sample of this report : -https://reportocean.us/sample-request/report_id/ARS2332. Bearing Sizes:3. Material Matters:4. Applications and Industries:Competitive Landscape:Conclusion:Get a sample PDF of the report at : -https://reportocean.us/sample-request/report_id/ARS233Table of Content:Key Reasons to Purchase this Report:Strategic Direction: Comprehensive Analysis: Growth Opportunities: Competitive Landscape: Detailed Company Profiles: Future Market Outlook: Industry Analysis: Value Chain Insights: Request full Report : -https://reportocean.us/sample-request/report_id/ARS233About Report Ocean:Get in Touch with Us:Report OceaEmailAddressTel:+Website: