BURNABY, Canada, January 27, 2015 /PRNewswire/ --
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", the automotive bearings market in
India is forecast to grow at a
CAGR of around 16% during 2015-20. Prominent reasons driving the
market include significantly increasing automobile sales coupled
with the country's expanding automobile fleet. Garnering support
from various government initiatives such as Automotive Mission Plan
(AMP) 2006-16, the automotive bearings market is anticipated to
grow at a rapid pace through 2020.
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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, a research based global
management consulting firm.
"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.
About TechSci Research
TechSci Research is a global market research and consulting
company with offices in Canada, UK
and India. TechSci Research
provides market research consulting services in six verticals -
Information Technology, Chemicals, Water & Water Recycling,
Consumer Goods & Retail, Automotive and Energy & Power. The
company uses proprietary innovative business model that focuses on
improved productivity that also ensure the creation of high-quality
reports. With more than 100 client engagements with fortune 500
clients, TechSci Research enjoys the status of a premium market
research services provider in the industry.
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