Railway Wiring Harness Market | Forecast to 2025

Posted on 2021-04-29 by MarketsandMarkets in Industrial, Technology // 0 Comments

Railway Wiring Harness Market

The Railway Wiring Harness Market is projected to grow at a CAGR of 8.61% during the forecast period. The market is projected to reach $4.21 billion by 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.

Furukawa (Japan), Leoni (Germany), Hitachi (Japan), Nexans (France), Prysmian (Italy), TE Connectivity (Switzerland), Samvardhana Motherson (India), General Cable (US), Taihan (South Korea), NKT (Denmark), Huber-Suhner (Switzerland), and LS Cable & System (South Korea) are the prominent players in the railway wiring harness market.

Opportunities:

The growing trend of driverless trains

Developed countries have initiated plans for the advancement of driverless train networks, which is expected to propel the growth of the transportation sector. Countries such as China, India, South Korea, the US, UK, Mexico, Brazil, and South Africa are planning to revolutionize their rail networks with the introduction of driverless trains. Rail manufacturers are expanding geographically by investing in infrastructure for the manufacture of driverless trains. Developed regions like North America and Europe are improving the safety and security of railways by retrofitting trains and replacing existing systems with advanced systems. These retrofitting and deployment of new driverless trains require an extensive amount of wiring, which creates a huge opportunity for the growth of the railway wiring harness market. For instance, in the European region, a new initiative known as the 4th railway package has been undertaken to create a single European rail area with structural and technical reforms. The initiative aims at providing high levels of safety, interoperability, and reliability to the European rail network. These developments are expected to boost the market for the railway wiring harness.

Need for energy-efficient wiring system

Railway transportation is one of the most energy-efficient and environment-friendly means of transportation. Various technological improvements are taking place year on year that leads to higher energy consumption. The higher the number of electronic systems in a train, the more energy the train consumes while running. The manufacturers are developing energy-efficient systems that consume less electric energy for operation. However, benchmarking the electronic system alone is not enough to reduce energy consumption. The wiring harness also needs to support the system and be energy efficient. Driverless trains equipped with inbuilt energy-efficient systems are expected to reduce power consumption in the future. Connected trains are also set to play a pivotal role in the railway industry. Such connected trains with a larger number of safety, infotainment, and entertainment systems will be able to provide comfort and ensure the safety of passengers. These systems would also need energy-efficient wiring to minimize energy consumption while the train is in transit. This creates opportunities for railway wiring manufacturers, which can boost the global railway wiring harness market.

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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 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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