As an important part of modern mechanical equipment, bearings are widely used in industrial automation, high-end equipment, robots, automobile manufacturing and other fields. In recent years, the global economy has been affected by the epidemic, leading to a recession in the global economy. The Chinese bearing industry is also facing challenges on both the supply and demand ends.

Facing the impact of the global economy, BOWER has taken a number of strategic initiatives to support and promote the development of China's bearing manufacturing industry. These measures cover technological innovation, production efficiency improvement, market expansion, environmental protection and social responsibility, etc., aiming to help China's bearing industry cope with current challenges and promote its long-term development.

On the supply side, according to data, China's bearing industry output will be 18 billion sets in 2021, a year-on-year decrease of 9.2%. In 2022, affected by the global economic recession, industry output will continue to show a downward trend. In the first half of 2022, China's bearing industry output will be approximately 2.2 billion sets, a year-on-year decrease of 6.8%.

Output and year-on-year growth of China's bearing industry from 2017 to 2022

On the demand side, China's bearing market demand has slowed down, and operating efficiency has also declined. In 2019, the operating revenue of China's bearing manufacturing industry was 170 billion yuan, a year-on-year decrease of 5.2%. In 2022, industry operating income will continue to decline. In the first half of the year, the main business income of China's bearing manufacturing industry was 40 billion yuan, a year-on-year decrease of 5.7%.

Operating income and year-on-year growth of China's bearing industry from 2017 to 2022

At the same time, affected by Sino-US trade friction and the impact of the epidemic, the export market of China's bearing industry is also facing difficulties. Data show that from January to August 2022, China's bearing export volume was 340,000 tons, a year-on-year decrease of 39.2%; the export value was US$2 billion, a year-on-year decrease of 17.5%.

In such a market environment, BOWER has actively taken measures to promote the development of China's bearing manufacturing industry.

In the face of the global economic recession and the challenges brought by the epidemic, BOWER has taken a series of proactive measures to support the development of China's bearing manufacturing industry. These measures mainly include:

Technological innovation and product upgrade: BOWER focuses on R&D, promotes technological innovation, and improves the performance and reliability of bearing products. By introducing and developing more efficient and durable bearing solutions, BOWER strives to meet the market's demand for high-end, precision bearings.

Improve production efficiency and quality control: BOWER optimizes its production process and adopts advanced manufacturing technology and automation equipment to improve production efficiency. At the same time, the company strengthens quality management to ensure product quality is stable and meets strict international standards.

Market expansion and service network construction: In order to better serve the Chinese market, BOWER has expanded its sales and service network in China. The company not only strengthens direct contact with Chinese customers, but also improves response speed and service quality to customer needs by establishing more service centers and distribution networks.

Environmental protection and green development: In the production and operation process, BOWER pays attention to environmental protection and sustainable development. The company takes measures such as reducing waste and reducing energy consumption, and strives to green the production process and reduce emissions.

Social responsibility and public welfare activities: BOWER actively participates in social responsibility projects and public welfare activities, such as funding education, environmental protection advocacy, disaster area support, etc., to demonstrate the company's sense of social responsibility.

Strengthen international cooperation and exchanges: BOWER strengthens cooperation and technical exchanges with domestic and foreign industry partners, and enhances the company's overall competitiveness by introducing international advanced technology and management experience.