July 20, 2021
According to the research report titled ‘Global Railway wiring harness Market Size study, by Component Type (Operational data, Wire, Connector, Terminal, Others), Application (OPERATIONAL DATA, HVAC, LIGHTING, BRAKES, TRACTION SYSTEM, ENGINE, INFOTAINMENT, OTHERS) and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global railway wiring harness market was worth USD 1.43 billion in 2020 and is expected to register 4.6% CAGR with a valuation of USD 1.96 billion over 2021-2027.
Increasing number of smart city projects, in consort with emphasis on expanding railway infrastructure to enhance connectivity to remote areas are catalyzing the growth of global railway wiring harness market.
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According to the reports of India Brand Equity Foundation, India railways will open 40% of dedicated freight corridor (DFC) for traffic by the end of the fiscal year 2021 and 2800 km route will be finished by June 2022.
For the unversed, railway wiring harness is basically the connection of electrical cables or wires by using different materials such as rubber, vinyl, and others. It is used to transmit electrical power and electronic signals. Increasing number of bullet train and metro train projects is also bolstering the product demand.
On the contrary, environmental challenge is likely to hamper the market scenario during the analysis timeframe.
In terms of service, the industry size is classified into wire, operational data, terminal, connector, and others. Based on ownership, the marketspace is bifurcated into HVAC, brakes, engine, operational data, lighting, traction system, and infotainment.
As per expert verbatim, North America held major portion of worldwide railway wiring harness industry share in the recent past, owing to focus on setting up fastest means of commute with projects like bullet train & monorail as well as technological advancement.
Parallelly, Asia Pacific market is anticipated to record a strong growth rate over 2021-2027, creditable to surge in FDI, rising populace, and numerous bullet train projects.
Leading companies in global railway wiring harness market sphere include Hitachi Ltd., TE Connectivity, Samvardhana Motherson International Limited (SAMIL), Taihan Electric Wire Co. Ltd., HUBER+SUHNER, Leoni AG, Prysmian S.p.A., Furukawa Electric Co. Ltd., Nexans S.A., and LS Cable & System among others.