Report Overview

India Precision Ball Bearings Market - Industry Trends & Forecast Report, 2029

India precision ball bearings market size was estimated at USD 1,941.35 million in 2022. During the forecast period between 2023 and 2029, the India precision ball bearings market size is projected to grow at a CAGR of 10.78% reaching a value of USD 3,939.58 million by 2029. Major growth drivers for India precision ball bearings market include increasing industrialization, rising demand for high-quality machinery, and increasing government initiatives to promote manufacturing in the country. Precision ball bearings are used in a variety of industries, including aerospace, automotive, medical equipment, and industrial machinery, among others. The demand for these bearings is expected to increase in India as the country continues to develop its manufacturing sector and increase its focus on technology and innovation.

The growing trend towards automation in various industries is also expected to drive the demand for precision ball bearings in the country. Automation is becoming increasingly popular in industries, such as automotive and electronics, which require high-precision machinery and equipment. The Indian government has launched several initiatives to promote manufacturing in the country, such as the 'Make in India' campaign, which aims to make India a global manufacturing hub. These initiatives are expected to drive the growth of the precision ball bearings market in India, as more companies invest in the manufacturing sector and require high-quality machinery and equipment. Hence, such aspects are expected to boost the expansion of India precision ball bearings market during the period in analysis.

India Precision Ball Bearings Market – Overview

Precision ball bearings are machine components that reduce friction between moving parts by providing smooth and precise rotational motion. These bearings are commonly used in various applications that require high precision, accuracy, and reliability, such as aerospace, automotive, medical equipment, and industrial machinery. Precision ball bearings are manufactured to tight tolerances and are capable of handling high speeds and loads. They are typically made from high-quality materials such as stainless steel, ceramic, or chrome steel and are available in a range of sizes and designs to suit different applications. The India precision ball bearings market refers to the demand, supply, and sale of these bearings in the Indian market.

India Precision Ball Bearings Market

Growth Drivers

Government’s Supportive Schemes Promoting Manufacturing Sector in India

The government schemes under the ‘Made in India’ initiative could boost the expansion of India's precision ball bearings market. The ‘Made in India’ initiative aims to promote manufacturing in India and increase the country's competitiveness in the global market. The government has launched several schemes and initiatives to support this goal, such as the Production Linked Incentive (PLI) scheme, which provides incentives to companies that manufacture certain products in India. Precision ball bearings are a critical component used in a wide range of industries, including automotive, aerospace, and machinery. With the government's support for manufacturing in India, it is possible that more companies will set up manufacturing facilities for precision ball bearings in the country, leading to increased production, lower costs, and better-quality products. It could help boosting the growth of the precision ball bearings market in India, as well as support the growth of related industries.

Restraints

Availability of Cheaper Alternatives

The market for precision ball bearings is highly competitive, with manufacturers from around the world offering a range of products at varying price points. In recent years, there has been an increase in the availability of low-cost alternatives to precision ball bearings, such as roller bearings, which are less expensive but may not offer the same level of precision as ball bearings. Additionally, some manufacturers in countries with lower labor costs, such as China and Southeast Asian countries, may be able to offer ball bearings at lower prices.

Impact of COVID-19 on India Precision Ball Bearings Market

COVID-19 had a detrimental impact on the precision ball bearings market across India. The pandemic has disrupted supply chains, reduced demand for products, and caused economic uncertainty, all of which have affected the market. During the initial phases of the pandemic in 2020, the precision ball bearings market in India saw a decline in demand, as many industries scaled back their operations or temporarily shut down in response to the pandemic. This had a ripple effect on the entire supply chain, with manufacturers, distributors, and suppliers all feeling the impact. However, as the economy has gradually reopened and industries have resumed operations, the demand for precision ball bearings has started to pick up again. With the increasing adoption of automation and robotics in industries such as automotive, aerospace, and machinery, the demand for high-precision ball bearings is expected to continue to grow in the coming years. Moreover, the Indian government's initiatives to promote manufacturing and boost the economy, such as the ‘Aatmanirbhar Bharat Abhiyan’ and the Production Linked Incentive (PLI) Scheme, could help to support the growth of the precision ball bearings market in India in the post-COVID era.

India Precision Ball Bearings Market

Segmental Coverage

India Precision Ball Bearings Market – By Product Type

By product type, India precision ball bearings market is divided into Ball Bearings, Deep Groove Ball Bearings, Self-Aligning Ball Bearings, and Angular-Contact Ball Bearings segments. The deep groove ball bearings segment held the highest market share. They are a type of ball bearing commonly used in applications that require high speeds and low friction, such as in automotive and machinery. Self-aligning ball bearings, on the other hand, are designed to accommodate misalignments and are commonly used in heavy machinery and equipment. Angular contact ball bearings are often used in applications that require high radial and axial loads, such as in machine tools and pumps.

India Precision Ball Bearings Market – By Material

Based on material, India precision ball bearings market is divided into Steel & Steel Alloys, Ceramic, and Plastic segments. The steel and steel alloys segment held the highest share in the India precision ball bearings market. It has been the most commonly used material for precision ball bearings due to their high durability, strength, and wear resistance. Followed by, the ceramic segment dominating the market in second place. Ceramic ball bearings have also gained popularity in recent years, particularly in applications that require high speeds and temperature resistance. Ceramic ball bearings offer several advantages over steel ball bearings, such as lighter weight, higher stiffness, and lower friction.

India Precision Ball Bearings Market – By Size

Based on size, India precision ball bearings market is divided into 0 to 40 mm, 41 to 50 mm, 51 to 60 mm, 61 to 70 mm, and 70 mm & above segments. The 0 to 40 mm segment had the highest market share, due to its growing demand from various industries. Followed by, the 41 to 50 mm segment is expected to have a market potential mainly because of their utilization in the automotive industry.

India Precision Ball Bearings Market – By Application

Based on application, India precision ball bearings market is segmented into Automotive, Industrial, Aerospace, Agriculture, Machine Tools, Mining, and Railways. The automotive segment is expected to dominate the precision ball bearings in India due to the high growth of the automotive industry in the country. The automotive industry in India is growing rapidly, with increasing demand for automobiles, especially passenger cars and commercial vehicles. This growth is driving the demand for precision ball bearings in the industry. Automotive manufacturers are continuously innovating and adopting new technologies to improve the performance and efficiency of their vehicles. Precision ball bearings play a crucial role in these advancements, as they enable smoother and more efficient operation of various vehicle components, such as engines, transmissions, and wheel bearings. The Indian government is taking several initiatives to promote the growth of the automotive industry, such as the 'Make in India' campaign and the National Automotive Testing and R&D Infrastructure Project (NATRiP). These initiatives are expected to boost the demand for precision ball bearings in the industry.

Competitive Landscape

Major players operating in India precision ball bearings market include SKF, Schaeffler India Limited, Timken India Ltd., NRB Bearings Limited, National Engineering Industries Ltd (NEI), ISB Industries Private Limited, JTEKT India Limited, NTN Corporation, Menon Bearings Ltd, and Tata Steel Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Ball Bearings

• Deep Groove Ball Bearings

• Self-Aligning Ball Bearings

• Angular-Contact Ball Bearings

By Material

• Steel & Steel Alloys

• Ceramic

• Plastic

By Size

• 0 to 40 mm

• 41 to 50 mm

• 51 to 60 mm

• 61 to 70 mm

• 70 mm and above

By Application

• Automotive

• Industrial

• Aerospace

• Agriculture

• Machine Tools

• Mining

• Railways

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Precision Ball Bearings Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising utilization of bearing in motor-based machinery
         2. Government schemes under Made in India
         3. Increasing focus on energy efficiency
      2. Restraints
         1. Counterfeiting Problems
         2. Competition from low-cost alternatives
      3.  Opportunities
         1. Rising demand of electric vehicles
         2. Growing adoption of automation
      4. Challenges
         1. High maintenance and lack of charging infrastructure
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Precision Ball Bearings Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
      2. Market Share and Forecast
      3. By Product Type
         1. Ball Bearings
         2. Deep Groove Ball Bearings
         3. Self-Aligning Ball Bearings
         4. Angular-Contact Ball Bearings
         5. Others
      4. By Material
         1. Steel & Steel Alloys
         2. Ceramic
         3. Plastic
      5. By Size
         1. 0 to 40 mm
         2. 41 to 50 mm
         3. 51 to 60 mm
         4. 61 to 70 mm
         5. 70 mm and above
      6. By Application
         1. Automotive
         2. Industrial
         3. Aerospace
         4. Agriculture
         5. Machine Tools
         6. Mining
         7. Railways
         8. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Precision Ball Bearings Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India Precision Ball Bearings Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. SKF
   2. Schaeffler India Limited
   3. Timken India Ltd.
   4. NRB Bearings Limited
   5. National Engineering Industries Ltd (NEI)
   6. ISB Industries Private Limited
   7. JTEKT India Limited
   8. NTN Corporation
   9. Menon Bearings Ltd
   10. Tata Steel Ltd.
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       India Precision Ball Bearings Segmentation

Figure 2       India Precision Ball Bearings Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Precision Ball Bearings Market Size, By Value (USD Million), 2019–2029

Figure 5       India Precision Ball Bearings Market Share, By Product Type, By Value, 2019–202

Figure 6       India Precision Ball Bearings Market Share, By Size, By Value, 2019–202

Figure 7       India Precision Ball Bearings Market Share, By Material, By Value, 2019–202

Figure 8       India Precision Ball Bearings Market Share, By Application, By Value, 2019–202

List of Tables

Table 1        India Precision Ball Bearings Market Size, By Product Type, By Value, 2019–202

Table 2        India Precision Ball Bearings Market Size, By Material, By Value, 2019–202

Table 3        India Precision Ball Bearings Market Size, By Size, By Value, 2019–202

Table 4        India Precision Ball Bearings Market Size, By Application, By Value, 2019–202

Table 6        SKF Company Overview

Table 7        SKF Financial Overview

Table 8        Schaeffler India Limited Company Overview

Table 9        Schaeffler India Limited Financial Overview

Table 10      Timken India Ltd. Company Overview

Table 11      Timken India Ltd. Financial Overview

Table 12      NRB Bearings Limited Company Overview

Table 13      NRB Bearings Limited Financial Overview

Table 14      National Engineering Industries Ltd (NEI) Company Overview

Table 15      National Engineering Industries Ltd (NEI) Financial Overview

Table 16      ISB Industries Private Limited Company Overview

Table 17      ISB Industries Private Limited Financial Overview

Table 18      JTEKT India Limited Company Overview

Table 19      JTEKT India Limited Financial Overview

Table 20      NTN Corporation Company Overview

Table 21      NTN Corporation Financial Overview

Table 22      Menon Bearings Ltd Company Overview

Table 23      Menon Bearings Ltd Financial Overview

Table 24      Bimetal Bearing Ltd. Company Overview

Table 25      Bimetal Bearing Ltd. Financial Overview

Table 26 Tata Steel Ltd. Company Overview

Table 27 Tata Steel Ltd Financial Overview