It’s been a difficult time for everyone over recent months but it appears that the bearing and power transmission industry has been more resilient than some others – we see that as a positive and think you will find the following industry insights interesting.
At the beginning of lockdowns around the world, we spoke to many BearingNet members to let them know BearingNet would continue to support the industry where possible and there were lots of conversations about how different businesses were managing the situation. Whilst the airline industry was quoting figures of a 98% downturn and commercial vehicle production declined over 40%, regular figures mentioned in the bearing and power transmission distribution market ranged from a 15-30% decline.
This supported what we were seeing here at BearingNet, with the activity on the site and the number of RFQ’s being sent also down by around 20%… But the good news is that the data now suggests that this decline has nearly returned to pre lockdown levels.
Another positive is that we have seen new companies appearing in the bearing and power transmission market in recent weeks. The fact that people are confident to start a new business in the bearing and power transmission market off the back of the COVID-19 pandemic supports the opinion that there is confidence in the industry and normality will be restored!
If you have any questions, please don’t hesitate to get in touch! – Contact Us