Railway Wiring Harness Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The railway wiring harness market was valued at USD 1.67 billion in 2021, and it is anticipated to reach USD 2.26 billion by 2027, registering a CAGR of about 5.13% during the forecast period (2022 – 2027).

The unprecedented outbreak of covid-19 tends to hault the passenger railway operations which turns to flatten the annual revenue curve of global railway market. Although, the freight activity was not hindered but due to muted industrial activities the frequency has significantly reduced. Whereas, 2021 was marked as the year of transition and the pace in railway activities are obbseved by the Q3 2021 which is expected to remain in growth trajectory over the assesment period.

The growing need for urban transportation including metro/monorails has increased exponentially over the past two decades and expected to posses the same inclination over the forecast period. The expanding urban population and increasing disposable income has propeled the demand for metro/monoraails, developing countries including China and India are likely to be at focal point over the coming years due to significant potential.

Increasing railways budget allocation would act as an catalyst factor for the growth of market. Railway wiring harness is expected to foray with increase in railways fleet across the world. For instance, In February 2021, Indian government announced INR 1,10,055 crore budget allocation for Indian railways.

Scope of the Report

Railway wiring harness is a collction or bunch of wires and cables which are used in railways, coaches, locomotive engines and elctrical & elctronic parts.

The Railway Wiring Harness Market is segmented by Insulation(PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, Polyethylene), by Wire Material (Copper, Aluminum, Others), by Train Type (High-Speed Rail, Light Rail, Metro/Monorail), by Application (HVAC, Engine, Lighting, Braking System, Infotainment System, Traction System, Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The profiles of major players in the market are also covered in the report along with their market shares. The market size and forecast are provided in value (USD billion).

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Key Market Trends

Automation and Electrification of Railways

Increasing electrification across the transportation industry irrespective of the mode of transport, has led to the development of electrific trains which brings it to the forefront of electric transport after road transport. Electric locomotives are seen as a viable alternative to the existing diesel locomotives in the sectors of mining and heavy-haul for long distances stretching up to 2000kms or more at times.

With the increase in the traffic congestion across the urban centers around the globe, there is a strong need to develop faster, efficient and reliable transportation systems coupled with the advancement in technology and its integration with transportation systems like artificial intelligence and machine learning is expected to aid the market growth during the forecasted period.

Although the railway industry is still in nascent stage of automation, the need for huge investments for R&D of the equipment that can meet international quality and safety standards for automation, makes it difficult for new companies to enter the market and leaves the field to major players. 

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