The following are some of the development trends of the Indian bearing market:

Market size growth

Driven by the strong development of the automotive, construction and mining equipment industries, the Indian bearing market demand will be quickly released. It is expected that by 2027, the Indian bearing market will reach more than 3.30 billion US dollars. At the same time, with the continuous expansion of the global bearing market, between 2024 and 2030, the global bearing market is expected to show a compound annual growth rate of 9.5%, India, as one of the important markets in the Asia-Pacific region, will also benefit from the growth trend of the global bearing market.

Application field expansion

Automotive industry: The growing production of automobiles in India has led to the development of the automotive parts industry, and the demand for bearings as a key component of the automotive rotation system has also increased. With the growth of demand for high-end vehicles and the pursuit of performance improvement, the automotive industry has an upgraded demand for bearings, while the automotive aftermarket will also grow at a faster rate, further promoting the demand for bearings.

Wind power industry: The Indian government is actively promoting the construction of wind power projects to achieve energy transformation, 2023 India's wind power installed capacity of nearly 447.4 million kilowatts, an increase of nearly 6.8%, in this context, India's wind power bearing market demand is expected to increase significantly.

Other areas: With the continuous development of Indian industry, the application of bearings in agricultural machinery, household appliances, robotics, aviation and other fields will also continue to expand, bringing new growth opportunities for the bearing market.

Technological innovation and upgrading

Increasing demand for high-performance bearings: With the progress of science and technology and the improvement of people's requirements for equipment performance, the demand for bearings with easy maintenance, high efficiency and long service life is growing. At the same time, the demand for customized bearing solutions for different industry specific needs and challenges is also increasing.

Smart Trends: Some major suppliers have begun to offer smart bearings that enable continuous monitoring and prediction of failures before they occur. Although still in its infancy, more major manufacturers are expected to incorporate smart bearings into their product portfolios in the near future, and their adoption is expected to rise significantly over the forecast period.

Intensifying competition

International competition: The Indian bearing market is an open market that attracts bearing manufacturers from all over the world. Bearing enterprises in China, the United States, Germany, South Korea and other countries are competing for market share in India, and international competition will become increasingly fierce.

Local enterprise development: India also has a large number of bearing manufacturing enterprises, such as SKF India, Timken India, NTN India, FAG India, etc. These enterprises continue to improve their technical level and product quality at the same time, will also increase market development efforts, and compete with international enterprises.

Policy support

The Indian government has formulated a series of policies to promote the development of the bearing manufacturing industry, including providing tax breaks and supporting technological innovation. These policies will help reduce the operating costs of enterprises, improve the competitiveness of enterprises, and promote the development of the bearing industry.