Automotive Bearings Market Outlook – Increasing Demand for Vehicles Driving Growth
Netscribes, Inc. launches a report on the Automotive Bearings Market in India 2017 covering a market with strong growth potential. It is a part of Netscribes’ Automotive, Transport and Logistics Industry Series.
- (1888PressRelease) August 11, 2017 - Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Automotive Bearings Market in India 2017’ (https://www.researchonindia.com/automotive-bearings-market-in-india-2017-13621.html). Favorable government initiatives such as Make in India campaign and Automotive Mission Plan 2016-2026, has boosted the automotive sector in India. This, in turn, is expected to help the market to expand at an increasing rate in the coming years.
Netscribes’ latest market research report titled Automotive Bearings Market in India 2017 states that the market for automotive bearings in India is expected to expand at a CAGR of 13.1% over 2015-2022 . Growing exports have encouraged domestic players to manufacture automobiles for meeting the requirements of global customers. This, in turn, is expected to support the growth of automotive bearings market in India. Moreover, the technological advancements in the automobile sector have resulted in increased demand for ceramic ball bearings from both OEM as well as replacement market. OEM segment accounts for 65% of the demand in the overall market and the rest comes from replacement segment. Introduction of electro-mechanical features and advanced sensor units have also increased the demand for automotive bearings in the country.
In 2017, the gradual increase in primary raw material prices resulted in an increase in input costs thereby leading to increased prices at the customers’ end. The counterfeit products have negatively impacted the automotive bearings market. The major competitors in the market, such as ABC Bearings Ltd., FAG Bearings Ltd., SKF Bearings, Timken India Ltd. faces intense competition from each other. SKF India Ltd. is the largest bearing manufacturer with a market share of 28.7% followed by FAG Bearings India Ltd., which holds 19.9% of the share.
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