Railway Bearings Market Report
Railway Bearings Market is Segmented by Train Type (Locomotive, Bogie & Carriage, Railcar, and Others), by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others), Plain Bearing, and Others), by Material Type (Metallic Bearings, Non-Metallic Bearings, and Hybrid Bearings), by Application Type (Drive Units, Chassis, Railcar Bodies, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Railway Bearings Market is Segmented by Train Type (Locomotive, Bogie & Carriage, Railcar, and Others), by Bearing Type (Ball Bearing [Angular Contact Ball Bearing, Deep Groove Ball Bearing, and Others], Roller Bearing [Tapered Roller Bearing, Cylindrical Roller Bearing, Spherical Roller Bearing, and Others), Plain Bearing, and Others), by Material Type...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Bearings are deployed for varied applications in the railway industry to enable rotational or linear movement while reducing friction and handling stress. They play a very crucial role as they enhance speed and efficiency while enabling the devices to roll. Bearings are usually designed to bear axial, radial, or a combination of both loads. When selecting a bearing for a particular application, factors like bearing friction, temperature, and lubrication along with the design and construction of the bearing, need greater scrutiny.
The outbreak of the COVID-19 pandemic created havoc in the industry landscape. The overall performance of the rail industry has a visible impact on the demand for bearings used in various rail applications. The rapid spread of the pandemic led the market to register a double-digit decline in the year 2020.
Amid the speculations of new strains, almost all key players have taken immediate measures to acclimate their operations to the minimum required capacity in order to reduce overall costs and risks. Numerous governmental authorities have proposed economic support for the railway industry. Furthermore, there have been several announcements regarding the investments for high-speed trains and metro rails in the major markets. These are among the few key factors signaling towards the industry’s take-off to a healthy recuperation, helping the market stakeholders to grow at a rate of more than 3.0% during 2021-2026 to reach a value of US$ 3.0 Billion in 2026.
Based on the train type, the railway bearings market is segmented as locomotive, bogie & carriage, railcar, and others. The locomotive is expected to steer the market demand during the forecast period. Expansion of rail network infrastructure, rising urbanization and environmental sustainability, technological advances in design and structures of locomotives aimed at higher pulling capacities, and lower fuel consumption are some of the key factors driving the demand for bearings in the locomotive segment.
Based on the bearing type, the market is segmented as ball bearing, roller bearing, plain bearing, and others. Ball bearings are further classified as angular contact ball bearing, deep groove ball bearing, and others. In a similar way, roller bearings are further classified as tapered roller, cylindrical roller, spherical roller, and others. Roller bearings are expected to remain the largest segment of the market during the forecast period, driven by the growing usage of tapered roller bearings, across the industry for a wide range of applications.
Based on the material type, the market is segmented as metallic bearing, non-metallic bearing, and hybrid bearing. Metallic bearings are expected to remain the dominant segment of the market during the forecast period. High load handling and excellent wear-resistant capacity of stainless steel position it as a desirable material type for OEMs and bearing manufacturers. The application of hybrid bearings is limited to electric motors, where under unfavorable conditions, metallic bearings could be damaged by the passage of current.
In terms of regions, Asia-Pacific is expected to be the largest and the fastest-growing market for railway bearings during the forecast period. China and Japan are the biggest markets in the region owing to the presence of large-to-small scale railway operators, constructors, and railway-bearing suppliers. India is expected to register the highest growth during the forecast period, mainly attributable to the developing transport infrastructure, rapid urbanization, and mostly the population explosion.
The supply chain of this market comprises several nodes including raw material suppliers, bearing manufacturers, OEMs, and MRO companies. The following are the key players in the Railway Bearings market-
The industry is shifting towards developing application-specific bearings based on customer requirements. The development of bearings with lower maintenance requirements, higher efficiency, extended operating life, and wear-resistant coatings remain the indispensable focused area of the leading players regarding product developments.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Railway Bearings market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our automotive bearings, aerospace bearings, and wind energy bearings market report from the industry stakeholders, we have tried to further accentuate our research scope to the Railway Bearings market in order to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The railway bearings market is segmented into the following categories.
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The railway bearings market is estimated to grow at a healthy CAGR of more than 3.0% by 2026.
AB SKF, Schaeffler Technologies AG & Co. KG, NSK Ltd., The Timken Company, C&U Group Ltd., NTN Corporation, JTEKT Corporation, Harbin Bearing Manufacturing Co., Ltd. (HRB Group), Wafangdian Bearing Group Corporation (ZWZ), and LYC Bearing Corporation are the leading players in the Railway Bearings market.
Asia-Pacific is estimated to remain dominant in the railway bearings market in the foreseen future.
The locomotive is expected to steer the railway bearings market during the forecast period.
Roller bearings are expected to remain the largest segment in the railway bearings market in the coming years.
Metallic bearings are expected to remain the dominant segment in the railway bearings market in the coming five years.