The bearing industry maintains a stable development trend, but the market concentration is low and competition for low-end products is fierce
  Bearings are the support of mechanical transmission shafts, not only a key basic component in the field of equipment manufacturing, but also an important guarantee for achieving product performance, function, and efficiency. They are one of the core components of industrial equipment. In 2022, the market size of China's bearing industry reached 255.6 billion yuan. Bearing products are widely used in various sub sectors of industrial manufacturing, with automobiles being the most widely used field of bearings. The consumption of bearings from the automotive industry has accounted for about 40% of the total amount of the bearing industry. In 2022, the scale of automobile bearings in China reached 104.8 billion yuan.
  At present, the concentration of China's bearing industry is low, and the competition for low-end products in the domestic market is fierce. The main share of the mid to high end market is still occupied by the eight major international bearing enterprises. As the largest application field in the bearing industry, automobiles have a good development momentum in terms of production, sales, and ownership
  Automobile is the largest downstream application field in the bearing industry, with automobile bearings accounting for about 40% of China's bearing products. The market size of automobile bearings is closely related to the production, sales, and ownership of automobiles. In 2022, China's automobile production and sales reached 27.02 million and 26.86 million units respectively, with year-on-year growth of 3.4% and 2.1%, achieving a slight increase throughout the year. In 2022, the production and sales of new energy vehicles in China reached 7.06 million and 6.89 million respectively, with year-on-year growth of 96.9% and 93.4%, and a market share of 25.6%.
  The large number of cars in stock is conducive to supporting the long-term development of the bearing industry. With the development of the automotive industry, the overall number of cars in China is showing an increasing trend year by year. As of 2022, China's car ownership reached 320 million vehicles, a year-on-year increase of 6.7%, with 227 vehicles per thousand people.