Bearings are an important part of modern mechanical equipment. Its main role is to support the mechanical rotary body, reduce the friction coefficient during its movement and ensure its rotary accuracy. The basic structure usually consists of an inner ring, an outer ring, a rolling element, a cage, seals and grease. The inner and outer rings are collectively known as bearing rings, which are ring-shaped parts with raceways.
The bearing industry is an essential part of China’s manufacturing sector. The bearings are widely used in various machinery and equipment, including automobiles, aerospace, wind power, and industrial machinery, among others. China has become the world’s largest producer and consumer of bearings, making up over 30% of the global bearing production. Therefore, the bearing market’s development in China has a significant impact on the global market. This article analyzes the 2022 China bearing industry market size and the industry’s latest trends.
Current State of China's Bearing Industry Market
In 2021, the bearings industry in China has maintained a steady growth rate. According to the statistics released by the China Bearings Industry Association, the industry’s sales revenue reached 195.9 billion yuan, an increase of 8.14% year-on-year. The export volume also increased by 13.81% to 7.51 billion yuan, and the domestic market’s sales revenue increased by 3.75% to 188.4 billion yuan. The overall production capacity of the bearing industry is also improving, and the market concentration of the industry is further enhanced.
However, the bearings industry in China still faces some challenges. The bearing products’ oversupply and homogeneous competition are relatively prominent, and the market competition is fierce, which leads to a decline in the industry’s profits. Moreover, the development of high-end bearing products still requires improvement. The current high-end bearing market is still dominated by foreign companies, and local companies need to make more efforts to enhance their technical strength.
Since the founding of New China, China’s bearing industry has experienced three stages of development: “from scratch”, “from small to large” and “from weak to strong”. After the “19th National Congress”, the revitalization of the manufacturing industry has been promoted as a national strategy. At the same time, “Made in China 2025” is being steadily implemented and industrial infrastructure projects are in full swing. Therefore, high quality, specialized division of labor, high technology content is an important trend in the bearing industry.
Trends of China's Bearing Industry Market in 2022
The bearing industry’s market demand in China will continue to grow in 2022, driven by the development of various end-use industries. The automotive industry is the largest consumer of bearings, and China is the world’s largest automobile producer and consumer. With the popularity of new energy vehicles, the demand for high-precision bearings used in electric vehicles and hybrids vehicles will increase.
The demand for bearing products will also grow in other industries, such as aviation and aerospace, shipbuilding, and wind power. With the development of new energy sources, wind power is becoming an essential part of China’s energy strategy. The production and installation of wind turbines require a large number of large bearings, which brings considerable opportunities for the bearing industry.
The bearings industry is an essential part of China’s manufacturing sector and plays a vital role in promoting the development of other industries. In 2022, China’s bearing industry market will continue to grow, driven by the development of various end-use industries. However, the industry still faces some challenges, including homogeneous competition, oversupply, and lack of high-end bearing products. Therefore, local companies need to make more efforts to enhance their technical strength to compete with foreign companies and improve the profitability of the industry.
Overall, the 2022 China bearing industry market’s prospects are positive, and the industry is expected to maintain a stable and sustainable development trend in the future.
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