As a major bearing producer, China has formed an independent and complete industrial system, and is currently in a critical period of industrial structure upgrading. The implementation of industrial strong base projects, the development of new industrial production models and new formats, and the transformation of old and new kinetic energy are the main tasks of China's bearing industry at present. According to the China Bearing Industry Association estimates, China's bearing industry in 2022 to complete the operating income of 250 billion yuan, compared with 227.8 billion yuan in 2021, an increase of 9.7%.
Relevant national policies help the development of the automotive industry and provide a good macro environment for the development of the bearing industry. In 2019, the Development and Reform Commission revised and issued the "Industrial Structure Adjustment Guidance Catalog (2019 edition)", which listed 18 kinds of bearings as encouraged products and core basic components of "Made in China 2025". In 2021, the China Bearing Industry Association issued the Outline of the "14th Five-Year" Development Plan for the National Bearing Industry, proposing to promote China's bearing industry from the low-end of the global bearing industry chain to the high-end, improve the technical level and quality level of domestic bearings, meet the host supporting demand and replace imports. The guiding role of relevant industry policies and industrial policies will promote the technological progress of the industry, promote the industry to improve the ability of independent innovation, and accelerate the optimization and upgrading of the industrial structure.
Quoted from the "2023-2028 China bearing industry market Development Status and Investment Direction Research Report"
