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.
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