Bearings Market Size in India to grow by USD 809.42 million during 2022-2027 | Increase in focus on automation to drive the growth - Technavio

NEW YORK, Oct. 16, 2023 /PRNewswire/ -- The bearings market in India size is expected to grow by USD 809.42 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 3.18% during the forecast period. The market is segmented by End-user (Automotive industry, Heavy industry, ARS industry, and Others), and Product (Anti-friction bearings, Magnetic bearings, and Others). The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

The increase in focus on automation drives the bearings market in India. The growth is attributed to the increasing adoption of automation in manufacturing processes. The implementation of automation across manufacturing industries has some key benefits such as an increased productivity, reduced factory lead time, efficient use of input raw materials and components, consistent product quality, improved safety, and reduced workload for factory workers. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the bearings market in India: Adarsh Bearings Pvt. Ltd., ARB Bearing, Bearing Manufacturing India, DCM Ltd., KG BEARIING India LLP, MBP BEARINGS PVT. LTD., MENON BEARINGS LTD., Nishan Bearings Co., NRB Bearings Ltd., NSK Ltd., NTN Corp., Schaeffler AG, Sneha Bearings and Engineering LLP, SNL Bearings Ltd., SRIJI GOPALJI INDUSTRIES PVT LTD., The Timken Co., Turbo Bearings Pvt. Ltd, Vikash Industries, Vimal Bearings, and AB SKF
• Bearings Market in India is fragmented in nature.
• Market to observe 2.76% YOY growth in 2023.

Market Dynamics:

Trend

• The increase in adoption of additive manufacturing is an emerging bearings market trend in India.
• Lower manufacturing costs, faster manufacturing, easy-to-upgrade products, low energy consumption, and reduced waste production fuel this trend in the market.
• This also reduces inventory costs as well as decreases the weight of the components as they have fewer parts. 

Challenge

• The fluctuation in raw material prices of bearings challenges the bearings market in India.
• Manufacturers increase the resistance of bearings by changing the properties of raw materials but it reduces the wear and tear of bearings.
• High-quality, non-replaceable bearings are in great demand in the market because they have a longer life cycle than other bearings.

Key Segments:

By end-user, the automotive industry segment is significant during the forecast period. The increased adoption of bearings in various automotive components such as engines, gearboxes, transmissions, wheels, steering, electrical motors, and pumps fuels the growth of this segment. Get a glance at the market contribution of the segments, Request Free Sample

Related Reports:

The automotive needle roller bearing market share is expected to increase by USD 987.72 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.74%.

The Global Bearings Market size is estimated to grow at a CAGR of 2.97% between 2022 and 2027. The size of the market is forecast to increase by USD 13,022.13 million.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Product

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio