BURNABY, Canada, January 27, 2015: India automotive bearings market to witness brisk growth over the next five years owing to reviving automobile sales coupled with growing vehicle fleet.
According to a recently released TechSci Research report “India Automotive Bearings Market Forecast & Opportunities, 2020 [http://www.techsciresearch.
The automobile sector in India has witnessed a significant rise on the production front over the last five years. Cumulative sales of passenger cars, three wheelers and two wheelers in the country grew at a CAGR of over 10% during 2009-13, which has been significantly boosting the demand for automotive bearings over the last five years. With almost all the major global automobile manufacturers having their operations in India, the country’s automotive bearings market is poised to grow.
Presently, two-wheeler bearings segment is the most dominant automotive bearings segment in India, followed by passenger car bearing segment. Though counterfeit bearings market has been growing over the last few years, the rise in consumer preference for high-quality bearings is expected to trim down the sales of sub-standard brands in the coming years. “Rising penetration of counterfeit automotive bearings in India is posing a great threat to organized players. Vehicle owners are using these spurious products due to their low prices. However, over the coming years, counterfeit products are expected to lose their sheen as consumers are increasingly opting for high-quality bearings in their vehicles,” said Mr. Karan Chechi, Research Director with TechSci Research [http://www.techsciresearch.
“India Automotive Bearings Market Forecast & Opportunities, 2020” has evaluated the growth potential of automotive bearings market in the country and provides statistics and information on market structure and consumer behavior trends. The report is intended to provide cutting-edge market intelligence and help decision makers in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in the automotive bearings market in India.