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When will China's bearing industry develop?
The bearing, as a crucial mechanical component for the assembly and maintenance of various electromechanical products, is extensively utilized across numerous sectors of the national economy due to its ability to meet modern mechanical demands, offer extended service life, and facilitate easy maintenance. With the gradual resurgence of the power tool industry, bearings, being a vital accessory, have seen a positive upward trend in sales driven by both domestic and international markets.
Domestic enterprises primarily focus on producing general-purpose bearings, while specialized and high-end bearing manufacturers remain scarce, with technology still in its developmental stages. Consequently, domestic companies must traverse a lengthy path of technological advancement to rival or surpass foreign advanced bearing brands.
Power tools represent one of Yongkang’s key industrial pillars. Despite the challenging global economic climate in recent years, which impacted domestic and international sales, proactive self-reliance and innovation within enterprises have spurred the industry's recovery and subsequent growth, propelling the bearing sector forward.
As China's largest dedicated trading hub for hardware products, the China Science and Technology Hardware City holds significant market shares. It is noted that despite the bearing’s seemingly minor role as a part of the main unit, it plays a pivotal function akin to the heart of a power tool. The performance of the primary product hinges heavily on the bearing's quality. Thus, with enhanced product quality, the demand for branded bearings has grown increasingly apparent. User expectations regarding the reliability and stability of bearings, coupled with the evolving management and development philosophies of the main unit industry, have tilted market preferences toward premium bearing brands and enterprises.
With market evolution, users increasingly seek bearings with greater precision, superior performance, longer lifespans, and a broader range of options. General-purpose bearings no longer suffice; instead, there's a rising demand for high-precision, low-noise, and long-lasting products. Mr. Li, a bearing vendor at Jindu Market, highlighted the limitations of the bearing industry, noting the low proportion of high-tech, high-value-added bearings compared to global leaders. Despite this, through innovative reforms, several bearing firms have enhanced their technical capabilities and product reliability, ensuring they maintain a stronghold on key markets.
This year marks both opportunities and challenges for the bearing industry. Economic uncertainties last year presented new hurdles but also fresh prospects. China's continued investment in infrastructure and related industries like steel, automobiles, and home appliances are fostering new growth avenues. Additionally, the automotive industry’s expansion, driven by improved living standards, is fueling demand for automotive bearings, ensuring steady growth in bearing consumption.
Looking ahead, China’s bearing industry is poised for sustained development. The product mix is anticipated to shift toward higher-end offerings, driving up sales prices. By 2015, it's projected that China’s bearing output could surpass 22 billion units, with sales exceeding 350 billion yuan, establishing itself as the world’s leading bearing production and sales hub.