India Bearings Market (2023-2029) | Analysis, Growth, Forecast, Industry, Share, Trends, Revenue, Value, Outlook, Size, Segmentation & COVID-19 IMPACT

India Bearings Market | Country-Wise Share and Competition Analysis

In the year 2021, China was the largest exporter in terms of value, followed by Germany. It has registered a decline of -53.02% over the previous year. While Germany registered a growth of 134.18% as compared to the previous year. In the year 2017, Italy was the largest exporter followed by Germany. In terms of the Herfindahl Index, which measures the competitiveness of countries exporting, India has a Herfindahl index of 1572 in 2017 which signifies moderately concentrated also in 2021 it registered a Herfindahl index of  1668 which signifies moderately concentrated in the market.

India Bearings Market - Export Market Opportunities

Topics Covered in India Bearings Market Report

The India Bearings Market report thoroughly covers the market by product and application. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Bearings Market Synopsis

India Bearings Market is prominently rising and is projected to rise more over the forecast period on account of the expanding demand and sales of bearings from one of the most significant markets of the country, which is the automotive market. There are other markets as well that are stimulating both demand as well as sales of bearings in Malaysia and these sectors are aerospace and manufacturing.

According to 6Wresearch, India Bearings Market size is estimated to expand significantly during 2023-2029 The bearings market in the country is constantly evolving and there are a number of factors that help in driving the demand for bearings. Growing demand for automobiles in the country is fueling the demand for bearings since bearings are highly used in automobiles and the automotive industry is a significant consumer of bearings. Growing industrialization is another driver for the India Bearings Market Growth. Infrastructure development also creates requirements for equipment and machinery which depend heavily on bearings. Technological advancements in the market also propel the growth of this market. The use of robotics as well as automotive has enhanced efficiency which decreases costs. The research and development programs have enabled manufacturers to create high-quality products. Moreover, government policies like Make in India initiative have motivated foreign investments into this market thereby expanding production capabilities as well as offering opportunities to local manufacturers. These initiatives also focus on expanding exports from India by enhancing competitiveness via quality improvement measures. Rising competition, availability of low-cost products, and lack of standardization in manufacturing and design processes are some challenges that are hindering market progression.

COVID-19 Impact on India Bearings Market

Restrictions on movements owing to the nationwide lockdown affected the growth of the India Bearings Industry, which led to a reduction in demand for bearings. Manufacturing sectors like heavy machinery, aerospace, and automotive have been hit bard by the pandemic, which resulted in a reduction in production as well as sales. The decrease in demand for automobiles since people neglect to spend their money on luxury products, directly affected the demand and sales of bearings. The automotive sector is the major consumer of these bearings and declines in this market directly declined the demand and sales of bearings. The market in India is a major part of the Asia Pacific Bearings Market. The sector will grow more in the future since the demand for automobiles will rise.

Major Companies Operating in India Bearings Market

Some of the largest companies in the Bearings Market in India are:

• SKF India Limited
• Schaeffler Group
• Timken India Ltd.
• FAG Bearings India Limited
• NTN Bearing Corporation of India
• NSK Ltd.
• JTEKT Corporation (Koyo)
• NRB Bearings Ltd.
• ABC Bearings Limited
• National Engineering Industries Ltd.

Market by Product

According to Shivankar, Research Manager, 6Wresearch, the roller bearings segment has dominance on the market and this segment will retain its dominance even in the future owing to the rise in demand for roller bearings.

Market by Application

The market in India on the basis of application is fragmented into Automotive, Agriculture, Electrical, Mining & Construction, Railway & Aerospace, Automotive Aftermarket, and Others. The automotive segment has significance in the market since this sector is the major consumer of bearings.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Bearings Market Outlook
• Market Size of India Bearings Market, 2022
• Forecast of India Bearings Market, 2029
• Historical Data and Forecast of India Bearings Revenues & Volume for the Period 2019 - 2029
• India Bearings Market Trend Evolution
• India Bearings Market Drivers and Challenges
• India Bearings Price Trends
• India Bearings Porter's Five Forces
• India Bearings Industry Life Cycle
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Product for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Ball Bearings for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Roller Bearings for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Automotive for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Agriculture for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Electrical for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Mining & Construction for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Railway & Aerospace for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Automotive Aftermarket for the Period 2019 - 2029
• Historical Data and Forecast of India Bearings Market Revenues & Volume By Others for the Period 2019 - 2029
• India Bearings Import Export Trade Statistics
• Market Opportunity Assessment By Product
• Market Opportunity Assessment By Application
• India Bearings Top Companies Market Share
• India Bearings Competitive Benchmarking By Technical and Operational Parameters
• India Bearings Company Profiles
• India Bearings Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product

• Ball Bearings
• Roller Bearings

By Application

• Automotive
• Agriculture
• Electrical
• Mining & Construction
• Railway & Aerospace
• Automotive Aftermarket
• Others