The bearing industry to immensely bennifit from the PM’s Gati Shakti National Master Plan
The bearing industry in India has a positive sentiment for growth. Reports suggest growth rates at 10.9% CAGR between 2022 and 2027. Looking at global economic figures touching new highs and registering one of the strongest post-recession recoveries last year, the outlook of the industry remains positive.
The growth drivers include:
Quick adoption of EVs encourages clean and green technology and has slated a new platform of bearing innovations to serve new speed and torque conditions
The new vehicles scrappage policy will allow new efficient vehicles to replace old and unfit vehicles on road, faster, resulting in better volumes
PLI scheme encourages job creation, import reduction, and export growth
Steady recovery of semiconductor shortage which is a result of multiple countermeasures taken by organizations across the automotive value chain propels growth in the electrified, automated, and digital bearing space
PM Gati Shakti National Master Plan: The PM Gati Shakti National Master Plan will bring a major boost to the industrial sector and unleash the potential of India’s manufacturing competitiveness through its seven growth engines – road transport, railways, airports, mass transport, waterways and logistic infrastructure. The bearings industry will immensely benefit from these initiatives that will drive economic activities on mass scale.
In addition, the Indian core sectors such as cement, steel, power, mining – all these sectors including wind and power sectors will continue to benefit from infrastructure push and urbanization progress, that will drive the growth for industrial bearings at large.
On the other hand, the industry needs to remain cautious on few global headwinds and high input costs due to potential volatility of steel prices in the short to mid term.
The advent of electric mobility is driving the technology trends in the automotive bearing space. EV sales marked a new high this year and the focus is to develop reliable and efficient components, locally, to drive the electrified journey at a pace like never before. People often underestimate the huge role that bearings can play in eliminating power loss – reducing fuel consumption and CO2 emissions in light and heavy commercial vehicles. Lightweighting and surface technology are the key developments in high-speed bearing space. Light-weight bearings are developed through innovations in design as well as by selecting lighter materials that can deliver without compromise. Intensive research and development are happening in surface technology. Surface coating technology offers corrosion protection, wear protection, reduction of friction, and proper insulation required for optimal power transfer, and allows embedding sensor technology.
