DUBLIN--(BUSINESS WIRE)--The "Automotive Bearing Market in India 2020" report has been added to ResearchAndMarkets.com's offering.
Automotive production volume in India has increased in recent years aided by regulatory measures undertaken by the government and adoption of advanced technologies. Consequently, the production of automotive bearings in the country is likely to escalate over the next few years.
Market Insights
In 2017, the government allowed 100% FDI for manufacturing automotive bearings, under the automatic route. In 2018, GST on automotive bearing products were slashed. These factors contributed to the growth of the automotive bearing market in India.
In 2019, the market was valued at INR 70 billion, and is anticipated to reach INR 156.8 billion by 2024, expanding at a compound annual growth rate (CAGR) of ~18.01%, during the 2020-2024 period. Government policies like Make in India, Automotive Mission Plan, and National Automotive Testing and R&D Infrastructure Project (NATRIP) have also had positive impact on the market.
Increase in the production volume of vehicles in the country and the enforcement of the Bharat Stage-VI (BS-VI) norms have led to the soaring demand for automotive bearings. With BS-VI becoming mandatory from 2020, the automotive bearing market is headed for growth with a multiplier effect, likely to happen as the demand for new vehicles and engines picks up. Nonetheless, increase in the cost of raw materials, decline in consumers' overall consumption level, and the presence of counterfeit products in the market are impeding market growth.
Competition Analysis
The automotive bearing market is highly fragmented with small players like Bimetal Bearings, SKF India and NRB Bearings. Players in the market are mostly of identical workforce volume and financial strength. However, a latent rivalry exists among the players in the market. With increased demand for electric vehicles comprising light-weight bearings, almost every company is aiming to use advanced raw materials like alloys of different grades and ceramics in the production of bearings, and are trying to adopt advanced forging techniques in their production processes to meet the changing requirements of consumers.
Key Topics Covered
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
Chapter 4: Market overview
4.1. Wrist watch market in India - overview
4.1.1. Market size and growth forecast - based on value
Chapter 5: Market segmentation
5.1. Wrist watch market in India - segmentation
5.1.1. Wrist watch market in India - market share based on price category (%) (2018-2024)
5.1.1.1. Market share based on price category - mass price segment (2015-2024)
5.1.1.2. Market share based on price category - economy price segment (2015-2024)
5.1.1.3. Market share based on price category - premium price segment (2015-2024)
Chapter 6: Trade analysis
6.1. Export
- Value-wise
- Volume-wise
- Country-wise
6.2. Import
- Value-wise
- Volume-wise
- Country-wise
Chapter 7: Market influencers
7.1. Market drivers
7.2. Market challenges
Chapter 8: Competitive landscape
8.1. Porter's five forces analysis
8.2. Product benchmarking
8.3. Timex Group India Limited
-Company information
-Business description
-Products/services
-Key people
-Financial snapshot
-Key ratios
-Key financial performance indicators
-Key business segments
-Key geographic segments
8.4. Titan Company Limited
8.5. PA Time Industries (Maxima Watches)
8.6. Casio India Co. Private Limited
8.7. Citizen Watches (India) Private Limited
8.8. Fossil India Private Limited
8.9. Rolex Watch Company Private Limited
8.10. Swatch Group (India) Private Limited
Chapter 9: Recent developments
9.1. Recent developments
For more information about this report visit https://www.researchandmarkets.com/r/mh858k
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