Although there are a large number of Vietnam bearing enterprises, due to the limitations of capital, technology, human resources, research and development force, etc., the enterprise-scale is generally relatively small, and the market competition is mainly reflected in the low-end product market. The competition pattern among enterprises in the industry is an all-round competition, including quality, cost, delivery, innovation, and management. The average unit price of export bearings decreased, while the average unit price of import bearings increased. At the same time also shows that we replace the import bearing market is enormous; it is also tough. The following is an analysis of competition in the bearing industry.
Competition in the bearing industry
There are numerous bearing manufacturers at home and abroad, and the product competition is fierce
Due to the low entry threshold and the lack of exit mechanism, a large number of small enterprises that cannot reach the economic scale and lack of technical support squeeze the bearing market with the low-price strategy. Some large enterprises have also been involved in the price war, resulting in the bearings at home and abroad in the low-end market homogenization of vicious competition
Market concentration towards enterprises with scale, technology, brand and channel advantages
Some enterprises with large production scale, distinct management advantages, independent intellectual property rights of core technologies, well-known brands and perfect sales network stand out in the sophisticated and fierce market competition, and the market gradually concentrates on these advantageous enterprises. So in this situation, the company should make adjustments. The product strategy should focus on producing high value-added joint bearings. Wuxi sparks bearing co., ltd. Has a definite competitive advantage. Compared with listed companies in the bearing industry, the company’s operating income and net profit in the middle level.
Wuxi sparks bearing co., ltd. Attaches great importance to the improvement of management level, in order to reduce the cost of management, enhance the competitiveness of the enterprise. Attach great importance to the development of the market and adjust the product structure according to market development. Attach great importance to scientific research. While studying the technical improvement of old products, we should not only develop new products in real-time according to the market but also develop and reserve some future new products in advance according to market development.