Market Size of Railway Wiring Harness Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.13 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Railway Wiring Harness Market Analysis
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.
