Outlook and growth forecast of China's bearing industry from 2024 to 2030
According to a research report by Grand View Research, China's bearing market is expected to achieve revenue of US$54.3994 billion in 2030. The market is expected to maintain a compound annual growth rate (CAGR) of 10.8% from 2024 to 2030.
China market potential and growth trends
Data shows that from 2017 to 2030, the size of China's bearing market will experience significant growth. It is particularly noteworthy that the total revenue of China's bearing market will reach US$26.5264 billion in 2023, and this number is expected to double by 2030.
Market Highlights
Expected revenue expansion: Starting from US$26.5264 billion in 2023, market revenue is expected to reach US$54.3994 billion in 2030.
Growth rate estimate: In the next few years, that is, between 2024 and 2030, the market will continue to expand at an annual growth rate of approximately 10.8%.
Product Focus: Roller bearings, as the most profitable product category, accounted for the largest market share in 2023 and are expected to maintain the fastest growth rate in the next few years.
Industry Trends and Other Observations
Global influence: In 2023, China's share of the global bearing market will be approximately 21.9%, reflecting its importance.
Global leadership: It is expected that by 2030, China is expected to become the country with the highest revenue in the global bearing market.
Asia Pacific Dominance: Driven by the Chinese market, the bearing market in Asia Pacific is expected to lead other regional markets by 2030.
Fast-growing market: As one of the fastest-growing markets in the Asia-Pacific region, China's bearing market aims to reach a revenue level of US$54.3994 billion in 2030.
