New York, United States , May 21, 2024 (GLOBE NEWSWIRE) -- The Global Railway Wiring Harness Market Size Expected to Grow from USD 1.78 Billion in 2023 to USD 2.73 Billion by 2033, at a CAGR of 4.37% during the forecast period 2023-2033.
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Wiring harnesses are essential components of railway infrastructure because they safely transmit electric power and signals from the source to the intended system. This ensures safe and efficient power transfer with low losses, making wiring harnesses an important part of the railway network. For instance, in October 2023, UKB Electronics, India's largest electrical and electronics producer, received a license from the Research Designs and Standards Organization (RDSO) and railway coach makers to offer a variety of items to Indian Railways. Furthermore, the company won orders from Indian Railways to supply wire harness systems for the production of several types of passenger coaches. To improve overall rail connectivity, developing countries' governments are launching new rail projects while also improving and broadening their existing rail infrastructure. The use of high-speed rail (HSR) transit is growing rapidly as passengers in HSR-operated countries expand in response to enhanced transportation options. In addition, the business is being fuelled by a surge in smart city projects. However, most trains run in an open environment that is susceptible to weather variations. Water leaks wear out wires and create inside corrosion, causing issues for many train systems. Wire harness corrosion may thus be a significant impediment to the railway wire harness industry.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the" Global Railway Wiring Harness Market Size, Share, and COVID-19 Impact Analysis, By Train (Metro, Light Train, High Speed Train/ Bullet Train), By Cable (Power Cable, Jumper Cable, Transmission Cable), By Material (Copper, Aluminum, Others), By Application (HVAC, Brake Harness, Lighting Harness, Traction System Harness, Infotainment), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The high-speed train/ bullet train segment is expected to hold the largest share of the global Railway Wiring Harness market during the anticipation timeframe.
Based on the train, the global railway wiring harness market is categorized into metro, light train, and high-speed train/ bullet train. Among these, the high-speed train/ bullet train segment is expected to hold the largest share of the global railway wiring harness market during the anticipation timeframe. The advantages of high-speed rail and bullet trains, such as efficient freight movement and the ability to cover vast geographic areas in a short amount of time with accuracy, are anticipated to increase demand for these sophisticated rail systems.
The power cable segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the cable, the global railway wiring harness market is categorized into power cable, jumper cable, and transmission cable. Among these, the power cable segment is expected to grow at the fastest CAGR during the anticipation timeframe. Railway power supplies to the trains are frequently provided by power cables. Transmission cables are also widely used to convey data and information.
The copper segment is expected to hold a significant share of the global railway wiring harness market during the anticipation timeframe.
Based on the material, the global railway wiring harness market is categorized into copper, aluminium and others. Among these, the copper segment is expected to hold a significant share of the global railway wiring harness market during the anticipation timeframe. Copper is widely utilised in wiring harnesses because both metals are excellent conductors of electricity. Also, an energy-efficient wiring system is essential since it promotes proper electricity utilisation and minimises leaks and short circuits.
The Infotainment segment is predicted to dominate the global railway wiring harness market during the anticipation timeframe.
Based on the application, the global railway wiring harness market is categorized into HVAC, brake harness, lighting harness, traction system harness and Infotainment. Among these, the Infotainment segment is predicted to dominate the global railway wiring harness market during the anticipation timeframe. The infotainment system can receive and analyse real-time information regarding rail links and business news while smoothly integrating into each train's onboard screens, which are equipped with GPS devices. With such an increase in electronics systems on board, the need for wiring harnesses is likely to skyrocket throughout the projected timeframe.
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Asia Pacific is projected to hold the largest share of the global railway wiring harness market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global railway wiring harness market over the anticipation timeframe. Asia Pacific's growing markets will continue to grow significantly, particularly in the urban rail and mainline infrastructure construction sectors. Urbanization in countries such as China and India have fuelled the region's industrial expansion. The majority of the population in these developing countries relies on public transport for their daily commute. The European Investment Bank (EIB) inked a USD 182 million financing deal with the Indian government for the second phase of the Pune Metro Rail project in Maharashtra in 2021 during a virtual signing ceremony. This project is projected to improve urban mobility for a broad population, particularly the working class.
Europe is expected to grow at the fastest CAGR growth of the global railway wiring harness market during the anticipation timeframe. The European railway sector has adopted technologically advanced rail systems and is improving its infrastructure and high-tech communication. All of these factors contribute to the growth of the railway wiring harness market in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global railway wiring harness market are Furukawa, Leoni, Hitachi, Nexans, Prysmian, TE Connectivity, Samvardhana Motherson, General Cable, Taihan, NKT, and others.
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Recent Developments
- In October 2022, HUBER+SUHNER has purchased Phoenix Dynamics. This strategic move aims to strengthen HUBER+SUHNER's position in the railway wire harness business while also providing access to Phoenix Dynamics' expertise in custom cable assembly and design.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global railway wiring harness market based on the below-mentioned segments:
Global Railway Wiring Harness Market, By Train
- Metro
- Light Train
- High Speed Train/ Bullet Train
Global Railway Wiring Harness Market, By Cable
- Power Cable
- Jumper Cable
- Transmission Cable
Global Railway Wiring Harness Market, By Material
- Copper
- Aluminum
- Others
Global Railway Wiring Harness Market, By Application
- HVAC
- Brake Harness
- Lighting Harness
- Traction System Harness
- Infotainment
Global Railway Wiring Harness Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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