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After two years, global bearing demand rose, Asia-Pacific region has the strongest momentum
Due to the sustained 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. In addition, with the gradual retreat of the economic crisis in 2009, the economic rebound of the world's economies, manufacturing and motor vehicle production have increased compared with the data of 2004-2009 (2004-2009 global motor vehicle production decline). However, the price of the bearing will not increase as much as during the period of 2004-2009, but will remain stable. This is mainly due to the rationalization of raw material prices and the increasing international competitive pressure brought by manufacturers in developing regions, which have stabilized the price increase to some extent. Asia-Pacific region has the strongest growth momentum The report pointed out that the growth of bearing demand in the Asia-Pacific region will be the strongest, with China's bearing demand ranking first at an annual growth rate of 12.0. The increase in demand for bearings in China is due to the continuous advancement of its industrialization and the continued growth of the manufacturing industry. As of 2009, China has become the world's largest motor vehicle manufacturing country, which undoubtedly created an excellent opportunity for bearing manufacturers to increase sales. The report predicts that by 2014 China's bearing demand will account for nearly 50% of global demand, and in 2019 surpass the combined demand of North America, Western Europe and Japan. From the past developments, the growth of bearing demand in developed regions such as the United States, Western Europe and Japan has slowed down compared with developing countries; however, before 2014, this situation did not appear in all developed regions of the world. Bearing demand has rebounded after many developed countries' durable goods manufacturing (especially motor vehicles) suffered a setback and slumped in 2007-2009. With the strong recovery of the automotive industry and the rapid growth in durable goods manufacturing, bearing demand in these regions will also increase.