The aggregate market value for all the railway sliding bearings market expected to be sold globally in 2023 is approximately US$ 1,061.1 Million. Furthermore, a 6.4% annual increase rate is expected to propel the worldwide market to nearly US$ 3 million by 2033.
Railway sliding bearing manufacturers are concentrating on creating designs with advanced features including extra stability at greater lightness. Minimal requirements of maintenance and cost-effectiveness of railway sliding bearings are also considered by the manufacturers.
Consequently, global railway sliding bearings market participants are concentrating their resources on R&D activities in order to attain the same. Maglev train networks have started to take over in recent years hinting there would no longer be a need for any type of railway bearings. In this regard, RCT bearings are impressively gaining popularity amongst end-users and OEMs because of their capacity to function in certain conditions.
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Key Takeaways from the Railway Sliding Bearing Market Study
- The USA is the largest market in comparison to any other country and captures a share of nearly 17.3% of global sales. As per the statistics report in 2022, it generated around US$ 178 Million from the sales of railway sliding bearings.
- China is now the second-largest market in manufacturing and sales of most railway components including sliding bearings. It is expected to follow a CAGR OF 6.8% through 2033 and emerge as a major challenge for the US.
- As a result of many potential railroad interests, India is the fastest growing and is projected to register a CAGR of 5.1% through 2033.
- Japan’s railway sliding bearing market holds 5.6% of the global market share and might reach a valuation of US$ 110.5 Million by 2033.
- According to the survey report, the market for railway sliding bearing in Australia has emerged noticeably in the last few years. Presently, it contributes around 1.7% of the revenue generated by the market globally and is predicted to reach US$ 33.5 Million by 2033.
- As the bogie is a fundamental component of all locomotives it constitutes the largest application segment for the market
- Due to its better capability of enduring high temperatures and hostile environments, the metallic sliding bearing segment is projected to keep dominating the market.
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Competitive Landscape for the Railway Sliding Bearing Market
Some of the key players in the sliding bearing market are Schaeffler (Germany), SKF (Sweden), NTN Corporation (Japan), Minebea Mitsumi (Japan), Timken (US), GGB Bearing (US), THK (Japan), Fujian Longxi Bearing Company Limited, RBC Bearings Incorporated, and Saint-Gobain Performance Plastics Pampus GmbH among others are the market participants profiled in the research for the global railway sliding bearing market
Continental adopted the strategies of collaboration and new product development to retain its leading position in the market. SKF adopted supply contracts as a key strategy to sustain its market position.
Railway Sliding Bearing Market: Segmentation
By Bearing Type: Linear bearing, Thrust bearing, Radial bearing, Angular contact bearing, Other bearings
By Material: Metallic, Non-metallic
By Application: Engine, Brakes, Bogie, Interior, Exterior
By Railway Type: Locomotive, Diesel Multiple Unit (DMU), Electric Multiple Unit (EMU), Coach, Wagon, Light and Metro rail, High-speed train, Others
By Region: North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa (MEA)
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Recent Developments in the Railway Sliding Bearing Market Industry
- Advanced Truck Systems (ATS) and SKF started working together in March 2019 to create solutions to lower the life cycle costs of rail freight. In order to decrease on-track breakdowns and facilitate predictive maintenance, both decided to work together on a new 2-piece bogie system with high-capacity wheel bearings.
- The Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program of the US provided funds totaling $248.5 million in March 2020. This investment is anticipated to stimulate the market since sliding bearings indirectly affect the safety of railway rolling stocks and services.
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