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SKF’s external analysis in brief

Demand for bearings is falling due to electrification in general within industrial production, (e.g. the automotive sector, where it is estimated that there are 70% fewer bearings in an electric car).

New digital sales channels are changing the market logic. SKF already sells bearings through Amazon. The challenge is to make sure the customer chooses SKF products rather than just choosing those with the lowest price. Global competition, especially from suppliers in China, is adding to the price pressure on bearings

SKF’s strategy in brief

SKF sells ‘performance’ rather than ‘products’. Machines are equipped with sensors which collect information on how they behave, perform and fail, (e.g. temperature, friction, wear, speed – a little like an ECG works on people). It is important to package the information generated and make it into a basis for an enriched value-added customer offer.

“This is a service that guarantees mechanical performance at a fixed price”, says Larsson. “If performance improves, we want a share of the increased profitability, and vice versa if performance declines.”

This development is in its infancy, but at a number of pulp mills, especially in Latin America, where interruptions in delivery are devastating and access to capital is sometimes scarce, there are already customers leasing equipment through performance-based contracts.

Fredrik Larsson’s main role is to develop new concepts and establish partnerships in the ecosystems that are emerging in manufacturing as a result of digitalization. “I work with establishing partnerships” he says. “Automation companies will be the platform, but we are in partnerships where we deliver services in the ecosystems together with others”.