Due to the continuous economic growth and the increase in fixed asset investment in many developed countries around the world, the bearing market will see a new growth trend. According to the forecast analysis report of the industry research company on the global bearing market, the global demand for ball bearings, roller bearings and plain bearings is expected to grow at an annual rate of 8.5%, and will reach 76 billion US dollars by 2014. Ball and roller bearings are in greatest demand. The Asia-Pacific region saw the strongest growth. The rationalization of raw material prices and the growing pressure of international competition from manufacturers in developing regions have stabilized prices to some extent.
The report pointed out that the growth of bearing demand in the Asia-Pacific region will be the strongest, among which China's bearing demand will be ranked first with an annual growth rate of 12.0%. The growth of China's bearing demand is due to the continuous advancement of its industrialization and the continuous growth of the manufacturing industry. As of 2009, China has become the world's largest motor vehicle manufacturing country, which undoubtedly creates an excellent opportunity for bearing manufacturers to increase their sales. The report predicts that by 2014, China's bearing demand will account for nearly 50% of the global demand, and in 2019, it will exceed the sum of the three largest demand countries in North America, Western Europe and Japan.
From the previous development situation, the growth of bearing demand in developed regions such as the United States, Western Europe and Japan has slowed down compared with developing countries; but before 2014, this situation did not appear in all developed regions around the world. Demand for bearings rebounded after the manufacturing of durable goods (especially motor vehicles) in many developed countries suffered a setback and plummeted between 2007 and 2009. With a strong recovery in the motor vehicle industry and rapid growth in durable goods manufacturing, bearing demand in these regions will also grow.