A bearing is a machine tool that supports relative motion and declines friction between moving parts. The bearings applications are useful for many industries, such as machinery, agricultural equipment, machine tools, etc. In addition, it is used in automobiles to ensure the smooth operation of vehicles.
Bearings are used in railway gearboxes to reduce shocks and vibrations caused due to the excess force generated by the traction motor. Recent innovations and developments have increased the demand for bearings in the railway industry.
For instance, the introduction of Tapered roller bearings has gained significant popularity. The tool is being used to support pinion shafts that require regular adjustments and expert maintenance.
Bearings industry in India
In India, the bearing industry is witnessing significant growth due to several factors. The industrial segment is one of the many segments driving the growth of the India Bearings Market. In addition, favorable government initiatives, rising product demand from various industries are all the factors surging the industry growth.
Growth of the manufacturing sector:
The manufacturing sector is one of the major segments driving the growth of the India bearings industry. In addition, the growing demand from machinery, construction, automotive, aerospace, defense, etc., are all contributing to the growth of India’s bearings industry.
Considering the increasing adoption of new technologies and digitalization, manufacturers are also focusing on R&D activities with the aim to introduce customized bearings to meet the changing needs of the consumers.
In addition, the country’s railway segment is also focusing on enhancing the passenger experience. The authorities are focusing on coping with the high-speed era and reducing logistical costs. SKF India launched its first online store in India recently.
This 24/7 self-service online store intends to offer direct access to SKF products that include bearings and bearing units for the industrial and automotive segments.
Technologies are evolving on a regular basis, and the bearings industry is not left behind. The industry players are constantly innovating solutions in order to cater to public demands. For instance, automotive companies are adopting prominent technologies to assure environmental safety to consumers.
Bearings manufacturers are offering high levels of innovation and technological advancements, from assisting customers in meeting efficiency goals, increasing productivity, and reducing unplanned downtime.
In industrial applications, the advent of smart bearings has changed the outlook of the industry. The tool is used to continuously measure and communicate the operating conditions, which will help customers have better control over the life cycle of their machinery, resulting in lower costs and higher reliability and machinery uptime.
Manufacturers are also introducing cutting-edge technology to outgrow competitors. For instance, Schaeffler, a prominent automotive and industrial sector supplier, recently declared that its preload management system, PREMESY won the title, “Smart Technology Innovation of the Year” at the ASEAN Wind Future Awards 2021.
Government Initiatives and Foreign Direct Investments:
India is considered a lucrative destination, which is why the country is witnessing healthy growth in Foreign Direct Investment (FDI). In India, FDI grew to US$ 284 billion in fiscal years 2013-14 and 2018-19, according to the Union Budget 2020.
Government initiatives, such as “Make in India,” are stimulating the growth of the bearings industry in the country. In addition, the growing pollutions rate and stringent government regulations to control the situation are propelling the industry growth.
The government of India introduced Bharat Stage VI emission norms in 2020 with the aim to reduce vehicle weight. This proposal will potentially fuel the demand for effective bearings from the automotive industry.
The automotive segment holds a significant share in the India bearings industry. Bearing finds its applications in various segments, such as Passenger Vehicles (PV), Commercial Vehicles (CV), Two-Wheelers (2W), Three-Wheelers (3W), and Tractors.
In addition, the automotive industry is witnessing significant growth in the country, which will ultimately benefit the country’s bearings industry.
The companies in the country are also focusing on expanding their production in order to cater to consumer demands. International players are expanding their domestic subsidiaries to boost the domestic manufacturing of bearings for the Indian market.
SKF India Ltd, a leading player in the field of bearings, announced to invest Rs 450 with the aim to establish two plants in Ahmedabad and Haridwar. The company intends to invest Rs 100 crore in order to upgrade the manufacturing plants of bearing present in Bangalore and Pune.
Schaeffler Group, an Auto and industrial component supplier, made headlines in the past as the company announced to invest Rs 750-1,000 crore to expand its existing plants in India.
The revenue growth of the India bearings market is attributed to the rising demand for precision bearings from aerospace and related industries. Furthermore, the increasing demand for miniature bearings in industrial robots will drive the market.
In addition, technological advancements in office automation, medical equipment, and audiovisual equipment will increase the demand for products.
Astute Analytica estimates that the global India bearings market is forecast to grow at a compound annual growth rate (CAGR) of 8.4% during the forecast period from 2021 to 2027.