"The Indian bearing market plays a vital role in the industrial landscape of the country, supporting the expansion and modernization of a number of industries, including infrastructure, transportation, and manufacturing. The need for bearings in India has increased due to the country's expanding economy, rising industrialization, and investments in infrastructure projects. In order to meet the changing needs of industries, a wide variety of domestic and foreign manufacturers are represented in the Indian bearing market. Indian bearing producers have been successful in building a significant presence in both home and foreign markets by focusing on quality and cost competitiveness. Technological developments, research and development projects, and partnerships between business and academics all contribute to the market's growth. Additionally, government programmes like ""Make in India"" and ""Atmanirbhar Bharat"" are promoting domestic production and boosting the localization of bearing manufacturing, increasing self-sufficiency and competitiveness. The bearing market is positioned for significant growth as India continues to adopt digitization, automation, and sustainable practises, supporting the country's ambition of being a centre for global manufacturing. According to the report title, """"India Bearing Market Overview, 2027,"""" published by Bonafide research, the market is projected to grow rapidly over the forecast period, driven by the demand for mounted bearings. By the end of the forecast period 2027, the ball bearing segment is expected to account for nearly half of the market. Major companies including SKF India Ltd., Timken India Ltd., NTN India Pvt. Ltd., and Schaeffler India Ltd. dominate the Indian market for bearing equipment. The expansion and competitiveness of the sector are greatly aided by these businesses, which provide a variety of domestic and foreign manufacturers. These companies meet a wide range of consumer needs across numerous industries thanks to their substantial manufacturing capabilities, cutting-edge technology, and robust distribution networks. They strengthen their position as top suppliers of bearing equipment in the Indian market by making investments in research and development, working with partners in the industry, and placing a high priority on customer service. To guarantee quality, standardisation, and industry conformity, the Indian market for bearing equipment depends on a number of legitimate associations and certifications. The main organisation supporting manufacturers and encouraging cooperation is the Bearing Manufacturers' Association of India (BMAI). To create industry standards and advance best practises, it collaborates closely with governmental organisations and regulatory bodies. Widely regarded ISO 9001:2015 accreditation ensures manufacturers follow strict quality management procedures. For the purpose of guaranteeing product quality, safety, and performance, the Bureau of Indian Standards (BIS) establishes standards for bearing goods. Indian manufacturers' dedication to meeting standards for the industry is demonstrated by their compliance with BIS standards. The legitimacy and dependability of the Indian bearing equipment market are maintained by these associations and certifications. Railways and agriculture are projected to utilise more bearings in the forecast period as this industry focuses on reducing costs and enhancing the lifetime of rails and machines. Railway gearboxes use bearings to lessen shocks caused due to friction between motors and wheels running on tracks. The advancements in technology have reduced the maintenance costs for railways and strengthened cage strength. The innovations in agriculture IoT have led to increased utilisation and monitoring of equipment and machineries that further accelerate market demand for bearings in the country. Agriculture equipment like horizontal and vertical conveyors, worm conveyors, auxiliary transmissions, ploughs, and harvesters have boosted demand for mounted bearings in recent years. Chrome steel is the most widely used material to make bearings as it is both cost-effective and durable. Bearings can also be made from other materials like stainless steel, carbon steel, brass, plastics, ceramics, and other types. Stainless steel bearings are used in corrosive atmospheres as they are resistant and hard but not suitable for salt water and other chemicals. Ceramics are used for extreme temperatures, while plastic bearings are used where less load and speed is required. The supply and demand chain for bearings was highly disturbed amid the pandemic. Trade restrictions led to shortages of parts and raw materials from the Asia Pacific region. This resulted in delayed production orders and a reduced workforce, which halted OEM production lines. The automotive sector was highly affected, but the demand for electric vehicles increased amid the pandemic, which created new demands for bearings, which supported the market growth. After the pandemic, the technological advancements in the bearing market are expected to significantly drive demand. The high import duties levied and scarce raw materials have led to a rise in the cost of bearings. Considered in this report • Geography: India • Historic year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • India Bearing market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By product type in the report: • Ball Bearing • Roller Bearing • Plain Bearing • Others (Magnetic Bearing, Fluid Bearing, Disc Harrow Bearing, etc.) By application type in the report: • Automotive • Industrial • Aerospace • Others (Railway, Agriculture, etc.) By installation type in the report: • Unmounted Bearing • Mounted Bearing By distribution channel in the report: • Original equipment manufacturers (OEMs) • Aftermarket By material type in the report: • Metal • Stainless Steel • Chrome Steel • Carbon Steel • Brass • Others (Plastic, Ceramic, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to bearing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. "
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample