Market Size of Railway Sliding Bearing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Railway Sliding Bearing Market Analysis
The railway sliding bearing market is anticipated to register a CAGR of about 6%, during the forecast period (2020 - 2025).
- Railway fares are on the lower side compared to other modes of transport, so more people are opting for rail travel than other modes of transport. Due to increased CO2 emissions and atmospheric pollutants, people are moving towards public transport instead of private vehicles. In developed nations like UK also Wales experienced 11-year high growth in railway passenger numbers. Railway stations in Wales experienced a rise of about 40% passengers in year 2018-19. Cardiff Central was the busiest station in the country, with 14,204,684 entries and exits, a rise of more than 1.2 million compared with the previous year. The Welsh government had to introduce additional trains to accommodate the passengers.
- With the growing population and increasing use of public transport in countries like China and India, Asia- pacific region is expected to be the dominating market during the forecast period. For instance, the Chinese government has invested approximately USD 148 billion to deploy more metros in the cities of Baotou, Urumqi, and Xiamen. Similar kind of efforts are observed in other Asian countries such as India, Japan, and Thailand. These projects will drive the demand of sliding bearings as new engines and bogies will be required for these projects.
