Germany dominates the European Union’s railway sliding bearings market, boasting a substantial global market share of 5.1% as of 2022. Projections indicate a moderate Compound Annual Growth Rate (CAGR) between 2023 and 2033, with an expected valuation of US$ 100 Million by the end of this period. The proliferation of Original Equipment Manufacturer (OEM) companies has significantly fueled the expansion of the sliding bearing market within the country.
In contrast, the demand for railway sliding bearings is experiencing a more rapid surge in the United Kingdom compared to Germany and other regions. As per the global analysis report on the railway sliding bearing market, the United Kingdom is poised to grow at an annual rate of 3.4% until 2033. Furthermore, the ambitious plans of several regional and national governments to expand their rail networks have intensified interest in locomotive engines, carriages, and bogies.
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The Railway Sliding Bearing Market expected to be worth 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$ 1,973.2 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.
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 Mn 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 Mn 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 Mn 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.
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.
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