India Automotive Bearing Market to Surpass $2.3 Billion by 2021: TechSci Research Report
NEW YORK, February 14, 2017 /PRNewswire/ --
Favorable government initiatives coupled with increasing automobile sales, expanding vehicle fleet and growing exports to drive India automotive bearings market through 2021
According to a recently released TechSci Research report, "India Automotive Bearings Market, By Type, By Vehicle Type, Competition Forecast & Opportunities, 2011 - 2021", the automotive bearings market in India is anticipated to cross $2.3 Billion by 2021, on account of strong domestic automobile demand, rapidly expanding automobile fleet, favorable government policies coupled with planned capacity expansions by major automobile OEMs. Further, the launch of Automotive Mission Plan, 2016-2026, is expected to result in a robust increase in production of automobiles in the country, thereby expected to boost the demand for automotive bearings in India over the next five years.
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Browse 40 market data Tables and 66 Figures spread through 146 Pages and an in-depth TOC on
"India Automotive Bearings Market"
According to the Department of Industrial Policy & Promotion, Foreign Direct Investments (FDIs) in the country's automotive sector increased from USD1.52 billion in FY2013-14 to USD2.73 billion in FY2014-15, exhibiting a Y-o-Y of around 80%. Increase in FDIs in automobile sector is poised to drive vehicle sales and production in the country over the next five years, thereby positively influencing India automotive bearings market during 2016-2021.
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"During 2011 - 2015, two-wheeler segment dominated the country's automotive bearings market, followed by passenger car segment. Two-Wheeler segment is expected to maintain its dominance in India automotive bearings market as well, on account of increasing production as well as sales of two-wheelers in the country. Deep grove ball bearing angular is the most preferred type of automotive bearings in India. Some of the major companies operating in India automotive bearings market are SKF India Ltd., NBC Bearings, FAG Bearings India Limited, Timken India Limited, ABC Bearings Limited and Tata Bearings, among others." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Bearings Market, By Type, By Vehicle Type, Competition Forecast & Opportunities, 2011 - 2021" has analyzed the potential of India automotive bearings market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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