What is the market size and development trend of China's bearing industry?

The following is the market size and development trend of China's bearing industry:

Market size

Recent data: In 2022, the market size of China's bearing manufacturing industry reached 250 billion yuan, up 9.7% year-on-year. In 2023, the size of China's bearing market was about 278.5 billion yuan, up 10.82% year-on-year.

Production growth: In 2022, China's bearing production reached 25.9 billion sets, up 11.2% year-on-year. In 2023, China's bearing production was about 27.5 billion sets, up 6.18% from the previous year.

Development trend

High-end: With the upgrading of manufacturing industry, the demand for high-end bearings has increased, such as aviation engines, high-speed rail and other fields. Domestic enterprises need to increase R&D investment, improve precision and performance, etc., to break the foreign monopoly and meet the needs of the high-end market.

Intelligent: The development of technologies such as industrial Internet and Internet of Things will promote the upgrading of bearing products to intelligence, realize functions such as status monitoring and fault diagnosis, and improve equipment operation efficiency and reliability.

Green: With the improvement of environmental protection requirements, the bearing industry needs to transform to green, adopt environmentally friendly materials and processes, reduce energy consumption and pollution, and achieve sustainable development.

Application field expansion: The rapid development of emerging industries such as new energy vehicles, wind power, and humanoid robots has brought new opportunities to the bearing industry. For example, new energy vehicles have increased demand for high-precision, low-noise bearings, and the wind power industry needs large, heavy-loaded, high-reliability bearings.

Industry concentration has increased: Market competition has intensified, and companies that lack competitiveness have gradually been eliminated. Head companies with technological and resource advantages have a more obvious leading advantage, and industry concentration will gradually increase.