The Railway Wiring Harness Market is estimated to be USD 2.36 billion in 2018 and is projected to reach USD 4.21 billion by 2025, at a CAGR of 8.61% from 2018 to 2025. The key growth drivers for the market are the growing number of new railway projects and the increasing demand for advanced applications and features in a train.
The market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Furukawa (Japan), Leoni (Germany), Hitachi (Japan), Nexans (France), and Prysmian (Italy).
Opportunities:
1. Growing Trend of Driverless Trains
2. Need for Energy Efficient Wiring System
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The high-speed rail/bullet train segment is estimated to be the fastest-growing market for the railway wiring harness. The increased focus on high-speed rail programs in the Asia Pacific, Europe, and North America and the increasing government investments in rail infrastructure and equipment would drive the market for the railway wiring harness. The rapid growth of the high-speed train network can be attributed to the numerous benefits of high-speed train technology, which includes freight transport. The increase in the adoption rate of high-speed trains has raised the demand for railway wiring harness across the globe. According to the Union des Industries Ferroviaires Européennes (UNIFE), Asia Pacific has the second-largest rail network in the world. Countries such as China, Japan, India, and South Korea are supporting the growth of the railway industry, thus driving the growth of the railway wiring harness market.
The low voltage segment of the railway wiring harness market is projected to grow at the highest CAGR during the forecast period. The increasing number of comfort systems such as charger port, Wi-Fi devices, music system, and others has increased the demand for low voltage wiring. The Asia Pacific is expected to be the fastest-growing market for low voltage wiring because of the ongoing investments in upgrading the technology of the rolling stock.
The infotainment segment of the railway wiring harness market is projected to grow at the highest CAGR during the forecast period. Infotainment systems are anticipated to show substantial growth in the coming years due to the increasing adoption of high-end electronics features by rail manufacturers. Therefore, the rising installation of high-end electronics and safety features in the metro, light rail, and high-speed rail/bullet train is the key factor fueling the growth of the market.
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Europe is estimated to be the largest market for the railway wiring harness. The rail industry in Europe is the largest for rail products, services, and high-tech rolling stock. The European railway industry is technologically advanced and is witnessing fast progress in upgrading its total infrastructure with connected technology.
Target Audience:
- Legal and regulatory authorities
- Rail components manufacturers
- Rail manufacturers/OEMs and suppliers
- Railway associations
- Railway wires and cables manufacturers
- Railway wiring harness component suppliers
- Railway wiring harness design companies
- Raw material suppliers
- Traders and distributors of railway wiring harness systems
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