Detailed explanation of the African bearing market-Industry dynamics

Bearings are mechanical elements primarily used to reduce friction between moving parts. With technological advancements in several vertical industries such as automotive, construction, and oil and gas in Africa, the application and function of bearings in the African market continues to evolve, and the application of high-end technologies such as smart bearings also helps manufacturers constantly monitor bearing operations. At present, although the demand for bearings on the African continent is only 1% of the world's, the development of the automotive industry, construction industry and oil and gas industry is bringing new industrial vitality to the African bearing market. Among them, South Africa is the largest consumer, mainly for mining bearings. The African bearing market is mainly occupied by SKF, FAG and Japanese bearings. In recent years, Africa's demand for bearings from China, Romania, Czech Republic, Russia and other countries has grown to a certain extent. Bearing products from these countries have begun to compete with Japan, SKF, FAG, etc. Competing for market share, mainly agricultural machinery, automobiles (after-market) and mining bearings. At present, the African bearing market is mainly dominated by countries such as South Africa, Nigeria, Egypt and Algeria. According to overseas media reports, the bearing market in South Africa has great potential, with annual sales ranging from 200 million to 280 million US dollars. At present, most of the bearings used in South Africa rely on imports, mainly from Europe, the United States and the Far East. Major bearing importers in South Africa include BearingMan, Ina-FAG, SKF and Timken. Among them, BearingMan has about 1/3 of the market share in South Africa. In addition, SKF and Timken have bearing factories in South Africa, and the types and styles of bearings produced can be customized according to user requirements. BearingMan company officials said that South Africa basically does not belong to the country of origin of equipment manufacturing, most of the bearings required for South Africa's automobile, construction machinery and other large equipment manufacturing industries need to be imported from abroad. Therefore, from the current point of view, it is just the right time for Chinese bearing companies to enter the South African market. According to the China-Africa Trade Research Center, in 2014, the global bearing market was worth 75.91 billion US dollars, and it is expected that the global bearing market will reach 101 billion US dollars by 2018, and the compound annual growth rate from 2014 to 2020 is expected to be 7.7%. The industrial original equipment bearing market accounts for approximately 40% of world demand and includes light and heavy industrial machine and equipment manufacturers, as well as aerospace, off-highway and rail vehicle manufacturers, among others. Sales through distributors (industrial distribution and independent automotive aftermarket) maintain about 30% of world bearing demand, of which about 25% is related to the automotive service market and about 75% to the industrial market. At present, the African bearing market is mainly driven by the growing demand from the automotive industry, and the increase in the production of automobiles in Africa has greatly increased the demand for automotive bearings. In addition, growing demand from steel industry, railway, defense, and aerospace industries has also contributed to the growth of the bearing market in Africa, while the need for energy efficiency in the process industry has greatly increased its bearing demand. In recent years, the export of Chinese bearings to South Africa has increased greatly. In addition, the market prospects of Chinese bearings are promising. Should focus on developing the bearing market of South Africa, Egypt, Nigeria and Tunisia and other important African countries.