Automotive bearings market growth in India through 2020
TechSci Research report ‘India Automotive Bearings Market Forecast and Opportunities, 2020’ puts growth at a CAGR of about 16 per cent during 2015-20. Government initiatives such as Automotive Mission Plan (AMP) 2006-2016 offers a positive blueprint that fuels rapid automotive bearings market growth through 2020.
Indian automobile sector production has increased in the last five years. Passenger cars, three wheelers and two wheelers cumulative growth was reported at a CAGR of over 10 per cent during 2009-13. Increase in demand of automotive bearings gains traction as major global automobile manufacturers have operations in India.
The Indian auto market now sees the two-wheeler bearings segment as dominant, followed by passenger car bearing segment. Despite counterfeit bearings market growing over the past few years, rise in consumer preference for high-quality bearings is key in reducing sales of sub-standard brands. Prevalence of counterfeit automotive bearings market in India poses a threat to organised players. Vehicle owners turn to counterfeits owing to their low prices. Karan Chechi, Research Director with TechSci Research says in the coming years, counterfeit products will lose demand as consumers turn to high-quality parts for their vehicles.