India’s automotive sector is all set to revive back after sluggish demand during the period 2012-14. Increasing consumer confidence and recovery of the economy has pushed the market towards positive growth. A similar trend is expected in automotive bearing market, where market would grow over the next six years.
According to 6Wresearch, India Automotive Bearing Market is projected to reach $1,215.7 million by 2021. In India’s automotive bearing market, ball bearing segment has captured key share of the market in 2014 and is anticipated to maintain its market dominance through the forecast period owing to demand from two wheeler and passenger vehicle segments.
According to Akash Shukla, Research Associate, Research & Consulting, 6Wresearch, with the launch of ‘Make in India’ campaign domestic production of automotive vehicles is expected to increase in the forecast period. The initiatives would drive various international players to expand and establish their manufacturing facilities in the country. Further, opportunities to export the vehicles in the international market would fuel the market for automotive bearing in the country.
In India’s automotive bearing market, two wheeler and four wheeler vehicle segments have captured lion’s share of the market pie, where OEM market has contributed for significant demand. On the other hand, aftermarket is spurred by counterfeit bearings which are much cheaper and are of lower quality.
Amongst all regions, northern, southern and western regions generated majority of the market revenues owing to presence of automotive vehicle manufacturing facilities and large existing vehicle base. Over the next six years, the market for northern and western region is exhibited to grow at relatively higher growth rate than others.
The market is highly consolidated with top 6 players cumulatively accounted more than 80% of revenue share in 2014. The key companies in India’s automotive bearing market are namely, SKF India, FAG, INA, ABC Bearing, NRB Bearing, NEI, TATA Bearing, Timken and Austin Engineering.
“India Automotive Bearing Market (2015–2021)” provides in-depth analysis with 124 figures and 8 tables covered in 160+ pages. The report estimates and forecast overall India automotive bearing market by revenue, by bearing type such as Ball, roller, and clutch; vehicle types such as two wheeler, three wheeler, passenger vehicle, commercial vehicle, off the road vehicle, OEM & aftermarket. The report also gives insights on price trends, market trends, competitive landscape, company profiles, market drivers and restraints.