World bearing giant will further expand the Chinese market

Recently, SKF, the world's leading rolling bearing manufacturer and technology sponsor of F1 Ferrari team, announced in Shanghai that as the fastest growing SKF market in the world, SKF Group will pass existing main business on the basis of existing 84.6 million yuan. Growth, acquisitions and cooperation with partners are several ways to further expand business in China.

It is reported that SKF entered the Chinese market as early as 1916. Since 1994, SKF began to set up factories in the country for production. At present, the total number of SKF's factories in China is 9, and four of them are joint ventures, which are set up in Beijing, Shanghai, Dalian and Anhui respectively. SKF Group is also a strategic investor in China's largest bearing manufacturing company, Wafangdian Bearing Co., Ltd., and owns 19.7% of its shares. At present, almost all manufacturers of large-scale automobiles in China are provided with bearings by SKF.

According to Guna Gulin Lanlin, executive vice president of SKF Group, the growth rate of SKF has remained around 20% in the past 5-10 years. Although the SKF Group's business in China only accounts for 4% of the Group's turnover, the turnover of the Chinese market increased by 35% last year, making it the fastest growing market in the world. In order to maintain such a growth momentum in the coming years, SKF will bring new technologies to existing companies through new investments in existing companies and use new technologies to maintain growth.

At the press conference, the SKF Group also presented a product that represents its cutting-edge automotive technology, a brand new concept of a steerable lane-controlled vehicle Bertone-SKFNovanta, which was once the highlight of many international auto shows and international concept car awards Novanta A debut in China and Asia. Tom Johnston, president of SKF Group, said that wire control technology is a very advanced technology, but this technology has not yet been put into production, SKF has been in contact with some manufacturers and communication, wire control technology in the end when it can be used on the road In a running car, it takes a while to know.

Analysis of the industry, China's bearing industry contains unlimited business opportunities. Although China has become the world’s fourth largest country in bearing production, the overall level of development of the bearing industry is still relatively low. In terms of specifications and performance quality, China's bearings also have many deficiencies, and the vast majority of exports are low-grade products. SKF’s high-profile announcement of increased investment in the Chinese market will be beneficial to the cooperation of domestic manufacturers and improve the overall level of technology. On the other hand, it will also bring greater competitive pressure to domestic manufacturers.