BURNABY, Canada, January 27, 2015 /PRNewswire/ --
India automotive bearings market to witness brisk growth over the next five years owing to reviving automobile sales coupled with growing vehicle fleet
According to a recently released TechSci Research report "India Automotive Bearings Market Forecast & Opportunities, 2020", the automotive bearings market in India is forecast to grow at a CAGR of around 16% during 2015-20. Prominent reasons driving the market include significantly increasing automobile sales coupled with the country's expanding automobile fleet. Garnering support from various government initiatives such as Automotive Mission Plan (AMP) 2006-16, the automotive bearings market is anticipated to grow at a rapid pace through 2020.
The automobile sector in India has witnessed a significant rise on the production front over the last five years. Cumulative sales of passenger cars, three wheelers and two wheelers in the country grew at a CAGR of over 10% during 2009-13, which has been significantly boosting the demand for automotive bearings over the last five years. With almost all the major global automobile manufacturers having their operations in India, the country's automotive bearings market is poised to grow.
Presently, two-wheeler bearings segment is the most dominant automotive bearings segment in India, followed by passenger car bearing segment. Though counterfeit bearings market has been growing over the last few years, the rise in consumer preference for high-quality bearings is expected to trim down the sales of sub-standard brands in the coming years. "Rising penetration of counterfeit automotive bearings in India is posing a great threat to organized players. Vehicle owners are using these spurious products due to their low prices. However, over the coming years, counterfeit products are expected to lose their sheen as consumers are increasingly opting for high-quality bearings in their vehicles," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Bearings Market Forecast & Opportunities, 2020" has evaluated the growth potential of automotive bearings market in the country and provides statistics and information on market structure and consumer behavior trends. The report is intended to provide cutting-edge market intelligence and help decision makers in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the automotive bearings market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research