India Bearings market Set to Surpass Market Size of USD 6,714.8 Million by 2032, at 13.5% CAGR: Astute Analytica

India’s bearing market thrives alongside its massive vehicle fleet (340M+) and booming auto manufacturing. Consolidation reigns with top players like SKF and Schaeffler leading the pack. Cost-conscious consumers and rough road conditions drive demand for replacement bearings, further fueled by a strong aftermarket and remanufacturing industry.

New Delhi, April 10, 2024 (GLOBE NEWSWIRE) — According to Astute Analytica, the India bearings market attain a valuation of US$ 2,179.9 million in 2023 and is estimated to reach US$ 6,714.8 million by 2032 at a CAGR of 13.5% during the forecast period 2024-2032.

India’s bearings market is characterized by significant consolidation, with the top 5 players commanding almost 60% of market revenue. SKF and Schaeffler dominate the market, together holding 37% of the share. Schaeffler India leads in terms of net profit, followed closely by SKF India. Both companies offer extensive product ranges, manufacturing capabilities, established distribution networks, and draw on the strength of their global parent groups.

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India’s massive and expanding vehicle fleet, exceeding 340 million registered vehicles (including 227 million two-wheelers), creates a substantial demand for bearings. This demand is further amplified by the aging vehicle population, rough road conditions, and a strong focus on cost-effectiveness within the market. India’s extensive industrial and agricultural sectors also drive bearing consumption.

Leading bearing manufacturers in India bearings market, including SKF India, Timken India, Menon Bearings, and National Engineering Industries (NBC Bearings), prioritize supplying to OEMS (Original Equipment Manufacturers) both in India and globally. The robust automotive industry is a major demand driver, especially with India’s growing role as an automotive manufacturing hub. Additionally, a well-established bearing remanufacturing industry provides cost-effective options for the Indian market.

Key Findings in India Bearings market

Market Forecast (2032) US$ 6,714.8 million
CAGR 13.5%
By Bearing Type (2023) Roller Bearing (38.3%)
By Material (2023) Chrome Steel (64.7%)
By Size (2023) 30 to 40 mm (32.7%)
By Industry (2023) Automotive (60.0%)
By Distribution Channel (2023) OEMs (57.5%)
Top Trends
  • Growing adoption of high-precision and smart bearing solutions driven by the focus on energy efficiency, emission reduction, and electric vehicles.
  • Increasing demand for aftermarket bearings due to the expanding vehicle fleet, aging vehicles, and cost-conscious consumers.
  • Rising popularity of remanufactured bearings as a cost-effective option for the aftermarket.
Top Drivers
  • Rapid growth in the automotive sector, particularly in the two-wheeler and passenger vehicle segments.
  • Expansion of the manufacturing ecosystem, including industrial machinery and infrastructure sectors.
  • Increasing consumption of anti-friction bearings across various industries
Top Challenges
  • Intense competition from low-cost imported bearings, especially from China.
  • Inadequate maintenance practices leading to premature bearing failures.

India Boasts a Strong Aftermarket Sales of Bearings, Growing at a Staggering CAGR of 14.7%

India has emerged as the fastest growing aftermarket consumer of bearings, driven by a combination of factors. The country’s massive vehicle fleet, comprising over 340 million registered vehicles, generates significant demand for replacement bearings. Moreover, the average age of vehicles in India is relatively high, with nearly 50% of cars on Indian roads being over 8 years old, necessitating frequent bearing replacements due to wear and tear. The challenging road conditions in India, with many unpaved and pothole-ridden roads, accelerate bearing wear and giving a boost to the bearings market in India. A survey revealed that 75% of truck drivers in India reported facing issues due to bad road conditions, leading to increased bearing failures. Additionally, inadequate maintenance practices, such as improper lubrication and overloading of vehicles, contribute to premature bearing failures. A study found that over 60% of truck breakdowns in India were due to inadequate maintenance, including bearing failures.

India’s cost-conscious market further fuels the demand for affordable aftermarket bearings. In 2023, India imported over $1.2 billion worth of bearings, with a significant portion being low-cost aftermarket parts. The country’s vast industrial base, large agricultural sector, and thriving bearing remanufacturing industry also contribute to the high aftermarket consumption. As the world’s largest tractor market, with annual sales of over 10,11,697 units (2023), India drives significant demand for agricultural machinery bearings.

About 60% Revenue of India Bearings market Comes from Automotive Industry

India’s automotive sector is not only vast, with over 340 million registered vehicles in 2023, but also a dynamic force in global manufacturing. As the world’s largest producer of two-wheelers in 2023 and strong domestic sales figures of 19.5 million two-wheelers in FY 2023, the demand for bearings is substantial. This demand extends to the broader automotive market, where India produced 25.93 million vehicles in FY 2023. Considering an average of 36 bearings per car, the sheer volume of vehicle production translates into an enormous bearing requirement. Recent trends in passenger vehicle (PV) sales further support this. Increases in PV sales, such as the 4.3% year-over-year (YoY) growth to 288,062 units in November 2023, directly correlate to increased bearing demand.

Moreover, automotive market leaders like Maruti Suzuki, with over 46% market share, and manufacturers experiencing significant sales growth (like Mahindra with a 24.6% YoY increase in November 2023), all contribute to the thriving bearings market. Tata Motors’ strength in the commercial vehicle segment also signifies a considerable need for bearings. The dominance of Hero MotoCorp in two-wheeler manufacturing further reinforces the high bearing demand within this segment.

Ball Bearing to Overtake India Bearings market by Surpassing Roller Bearing’s Dominance, Projected to Capture Over 36.0% Revenue Share

Ball bearings are gaining significant momentum in India. Their versatility, reliability, and friction-reducing properties make them suitable for a multitude of applications. One key factor driving the adoption of ball bearings is their ability to perform well in high-speed applications compared to roller bearings. This makes them ideal for use within automotive engines, electric motors, and high-speed machine tooling equipment. Additionally, the compact design and space efficiency of ball bearings, especially needle roller bearings, are highly advantageous in settings with limited space and radial space constraints.

The popularity of certain types of ball bearings in the India bearings market, such as self-aligning bearings, can be attributed to their ability to withstand harsh environmental conditions. Furthermore, the growing demand for high-precision ball bearings stems from the increasing adoption of precision engineering techniques in manufacturing sectors like aerospace, defense, shipbuilding, and energy.

While roller bearings offer their own benefits, ball bearings are poised to dominate the Indian market. Their versatility, wide range of applications across industries, and efficiency boost contribute to their potential dominance. Moreover, ball bearings offer the flexibility of handling both radial and axial loads. Self-aligning ball bearings have the added advantage of tolerating small angular misalignments, making them more adaptable than roller bearings. Lastly, the simpler design of ball bearings translates to greater durability and easier maintenance requirements.

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India Bearings market is Consolidated with Top 5 Players Holding About 60% Market Revenue

India’s bearings market demonstrates significant consolidation, with the top 5 players namely Schaeffler India Limited, SKF, Timken India Ltd, Tata Steel, and NRB Bearings commanding a substantial 60% of market revenue. Leading this pack are SKF and Schaeffler, who together hold a commanding 37% of the market share. Wherein, Schaeffler India stands out as the top Indian bearings company in terms of net profit, reaching approximately 899 crores Indian rupees in 2023. SKF India follows closely as the second-leading company based on net profit in 2023. However, in terms of market share, SKF India is leading the market with over 19.3% market share.

Both SKF India and Schaeffler India boast extensive product ranges. SKF India’s portfolio encompasses seals, mechatronics, grease frameworks, value-added solutions, customized products and assemblies, including the popular deep groove ball bearings (DGBB). Schaeffler India specializes in rolling and plain bearings, linear guidance systems, and provides maintenance and digital services to key industries. It’s important to note that both companies produce a diverse selection of ball bearings, roller bearings, and other specialty bearing types for a wide range of applications.

To support their offerings, these leaders in India bearings market have substantial manufacturing capabilities. SKF India operates 3 manufacturing facilities and 12 offices across India as of 2023. Schaeffler India possesses 4 manufacturing plants, with two major facilities in Vadodara and Pune. Of note, the Savli facility in Vadodara excels in producing high-quality, large-size roller bearings and deep groove ball bearings under the FAG brand.

  • Global Reach and Established Presence

SKF India, founded in 1961, draws on the strength of its parent company, the global SKF Group, present in over 130 countries and supported by over 15,000 distributors. Similarly, Schaeffler India benefits from being part of the global Schaeffler Group and holds a strong legacy in the Indian bearings market, having previously operated under the name FAG Bearings India. To ensure seamless customer support, SKF India leverages a network of more than 1900 suppliers and 455 authorized distributors, establishing a wide distribution reach. Both SKF and Schaeffler maintain well-established sales and service networks throughout India, effectively catering to both automotive and industrial sectors.

India Bearings Market Key Players

  • JTEKT India Limited
  • MBP Bearings Ltd
  • Menon Bearings Ltd
  • National Engineering Industries Ltd (NEI)
  • NRB Bearings Limited
  • NTN Corporation
  • Schaeffler India Limited
  • SKF
  • Tata Steel
  • Timken India Ltd.
  • Other Prominent Players

Key Segmentation:

By Bearing Type

  • Roller Bearings
    • Tapered Roller Bearings
    • Spherical Roller Bearings
    • Cylindrical Roller Bearings
    • Crossed Roller Bearings
    • Needle Roller Bearings
    • Gear Bearing
  • Ball Bearings
    • Deep Groove Ball Bearings
    • Angular Contact Ball Bearings
  • Back-up Rollers
  • Spherical Plain Bearings
  • Others (Triple Ring Bearings etc.)

By Material

  • Chrome Steel
  • Specialty Steel
  • Plastic
  • Ceramics

By Size

  • 30 to 40 mm
  • 41 to 50 mm
  • 51 to 60 mm
  • 61 to 70 mm
  • 71 mm to 100 mm
  • 101 to 150 mm

By Industry

  • Automotive
    • 2 or 3 Wheelers
    • Passenger Vehicle
    • Commercial Vehicle
  • Industrial
    • Aerospace
    • Agriculture
    • Machine Tools
    • Mining
    • Railways
    • Energy and Power
    • Others

By Distribution Channel

  • OEMs
  • Aftermarket

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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