The global bearing market continues to grow, and China's bearing manufacturing industry welcomes new opportunities.

Dec 31, 2024

In recent years, the global bearing market has continued to grow. This trend not only reflects the acceleration of industrialization and the vigorous development of the global manufacturing industry but also brings unprecedented new opportunities to the bearing manufacturing industry, including China. Bearings, as an indispensable core component in mechanical equipment, have a wide range of applications, from basic industrial production lines to high-end aerospace equipment, all of which cannot be separated from the support of bearings. With the rapid development of the manufacturing industry and the advancement of industrial upgrading, the market demand for bearings continues to grow, especially in emerging fields such as new energy vehicles and intelligent manufacturing, where the demand for high-performance and high-reliability bearings is more urgent.

The growth of the global bearing market is mainly due to the joint effect of multiple factors. On the one hand, the acceleration of the industrialization process has promoted the rapid development of the manufacturing industry, resulting in an increasing demand for basic components such as bearings. On the other hand, with the continuous advancement and innovation of technology, the emergence of new bearing products meets the needs of automation, robotics and new energy industries for high-precision and high-performance bearings. In addition, the opening and cooperation of global trade have also promoted the internationalization of the bearing market, enabling bearing products to be more widely used in industrial fields around the world.

In the global bearing market, China's bearing manufacturing industry occupies a pivotal position. As one of the world's largest bearing producers and consumers, China's bearing manufacturing industry has formed an independent and complete industrial system after more than 70 years of development, with great production and technical strength. In recent years, China's bearing output has continued to grow. In 2023, the production of domestic bearings climbed to 27.5 billion sets, a year-on-year increase of 6.18%. It is expected that this figure will increase to 29.6 billion sets in 2024. This growth trend not only reflects the strong development momentum of China's bearing manufacturing industry but also provides strong support for its larger share in the global market.

The rapid development of China's bearing manufacturing industry has benefited from many factors. First, the country has continuously increased its attention and support for the bearing industry and has introduced a series of industrial policies and plans to promote the development of the bearing industry towards precision and high-end. For example, policy documents such as the "Guidelines for Industrial Structure Adjustment" and "Made in China 2025" have clearly put forward the requirements of encouraging technological innovation in the bearing industry and improving product technology and reliability. The implementation of these policies has provided strong policy guarantees and financial support for the development of the bearing industry.

Secondly, Chinese bearing manufacturing companies have made significant progress in technology research and development and innovation capabilities. Many companies have established their R&D centers, focusing on the exploration of new materials and new processes to improve the technical standards of products. Through continuous technological innovation and R&D investment, Chinese bearing manufacturing companies have achieved significant improvements in product quality, performance level and market competitiveness. For example, some companies have successfully developed ceramic bearings and special material bearings that can meet the needs of harsh environments such as high temperatures and high speed, demonstrating the strength of independent research and development.

In addition, China's bearing manufacturing industry has also formed a significant industrial agglomeration effect. Five major bearing bases have been formed in Wafangdian, Dalian, Liaoning, Luoyang, Henan, eastern Zhejiang, Suzhou, Wuxi, Changzhou, Jiangsu, and Liaocheng, Shandong. These regions have significant industrial agglomeration effects and resource advantages in bearing manufacturing. By strengthening cooperation and exchanges between upstream and downstream enterprises in the industrial chain, resource sharing, complementary advantages and coordinated development can be achieved, promoting the rapid development of the entire bearing industry.

Looking to the future, with the rapid development of the manufacturing industry and the advancement of industrial upgrading, as well as the further opening and cooperation of global trade, China's bearing manufacturing industry will usher in broader development prospects and new opportunities. On the one hand, Chinese bearing manufacturing companies need to continue to increase their investment in technological innovation and R&D to improve product quality, performance and market competitiveness; on the other hand, they also need to actively explore the international market and improve the competitiveness and influence of Chinese bearing products in the international market. Through continuous efforts and innovation, China's bearing manufacturing industry is expected to occupy a more important position in the global market and make greater contributions to the development of the global manufacturing industry.