The railway bearing market is poised for substantial growth, with Future Market Insights projecting a robust CAGR of 9.00% from 2023 to 2033, indicating a rise from US$ 1.32 billion in 2023 to US$ 3.12 billion in 2033.
Bearings play a crucial role in railway operations by reducing friction between moving parts, ensuring the smooth functioning of various components within railway systems. These bearings are employed across a wide range of applications within railways, including engines, wheels, interiors, and exteriors. Regardless of the specific components they connect, their primary function remains consistent: facilitating the seamless motion of diverse railway components, thereby contributing to the overall efficiency and reliability of railway systems.
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The growing investments directed towards enhancing railway infrastructure globally, coupled with the modernization of railway systems, are expected to be the key drivers propelling the growth of the railway bearing market over the forecast period. As railway networks evolve and expand, the demand for high-quality, reliable bearings is anticipated to increase, driving market growth and presenting lucrative opportunities for market players in the railway bearing industry.
Regional Evaluation
Throughout the projected period, the Asia-Pacific region is anticipated to be a strong and swift railway bearing market. The presence of large-to-small-scale railway operators, builders, and suppliers has made China and Japan the top two marketplaces in the area.
India is to experience significant growth during the projected period, largely as a result of the nation’s expanding transportation infrastructure, quick urbanization, and massive population expansion.
Freight Train Segment Occupies a Significant Market Share
According to train type, freight train adoption is predicted to channel the bulk of revenue, accounting for more than two-fifths of global market value. The segment’s dominance can be ascribed to private operators’ substantial spending to assure the smooth running of the systems, which necessitates timely component upgrades.
Growth of rail network infrastructure, increasing urbanization and environmental sustainability, technological advances in locomotive design and structure targeted at increased pulling capacity and lower fuel consumption are some of the main determinants propelling rail bearing demand.
Railway Bearings Competitive Environment
Market competitors are concentrating on creating products with novel features including improved durability, greater lightness, minimal maintenance requirements, and cost-effectiveness.
Several of the top contributors, including NSK Ltd., The Timken Company, JTEKT Corporation, National Engineering Industries Limited, Amsted Rail Company, NTN Corporation, Schaeffler Group, and SKF AB among others, control the railway sliding bearing market, which is very concentrated. Among these, SKF, Schaeffler, and NTN hold a sizeable market share of the railway bearing market.
To stay ahead of their competitors, businesses are forming new strategic alliances, making significant investments in research and development projects, and introducing new products to the market.
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Product Advancements Pivotal for Railway Bearings Manufacturers
- NSK Ltd. created high-reliability, low-maintenance gearbox bearings in March 2020 that can be applied to both large and small gears. Similarly, NSK Ltd. declared in September 2020 that Japan’s Shinkansen fast train was using its bearings.
- Players in the market are collaborating with one another to raise their profiles and strengthen their distribution capabilities.
- Important advancements in this theory include AB SKF’s relationship with Siemens to distribute its wireless bearing products in 2018.
Key Segments
Product Type (Roller Bearing, Ball Bearing, Plain Bearing) Train Type (Very High-Speed Train, Mainline Train, Metro Train, Freight Train, Special Train) Application (Engine, Wheel, Interior, Exterior) Sales Channel (OEM, Aftermarket) Region (North America, Latin America, Europe, South Asia & Pacific, East Asia, Middle East and Africa)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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