DUBLIN, Jun 15, 2021--(BUSINESS WIRE)--The "Railway Wiring Harness Market by Application (HVAC, Lighting, Traction System, Infotainment), Material, Train (Metro/Monorail, Light Rail, HRS), Component (Wire, Connector), Voltage (High, Low), Cable, Wire Length ,End Use and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The railway wiring harness market, by value, was USD 1.5 billion in 2021. It is projected to grow at a CAGR of 4.6% from 2021 to 2026, to reach USD 1.9 billion by 2026.
Increased Investments for Introducing Advanced Technologies in Trains is to Drive Wire Segment by Component
The wire segment is expected to be the largest and fastest-growing market due to the increasing number of electronic systems in a train and the rising trend of driverless trains. Increasing urbanization, rising demand for increased connectivity, and the comfort, reliability, and safety offered by rail transport have led to the growth of wire components for rail transportation. Rolling stock plays a vital role in the infrastructure of a city or a country. There is a rising demand for convenient, eco-friendly, and safe modes of transportation from commuters and governments. For instance, in 2020, China announced investments of USD 14 billion for Intercity transportation and high-speed rail projects. In 2020, 24 European countries came together to boost international rail routes and provide international services for passengers who travel in a range of 300 km-800 km such as digital solutions for complex ticketing systems for multiple journeys. This is expected to boost the passenger transportation market in the coming years. Thus, with growing applications of wiring harnesses in railways, wiring with different lengths would witness significant demand.
Increasing Demand for High-End Connected Trains is Driving Railway Wiring Harness Market
OEM is estimated to hold the largest market share during the forecast period. Increasing advanced rolling stock orders and deliveries, economic growth across the regions, and increasing demand for passenger comfort in trains are the factors driving the railway wiring. Most new trains are equipped with advanced features such as enhanced lighting, HVAC and infotainment, leading to higher demand for the wiring harness. As a result, the OEMs segment would continue dominating the market. In 2020, Over 7,000 conventional coaches are expected to be denounced as Indian Railways has begun the massive exercise of replacing the entire fleet with German-designed LHB (Linke Hofmann Bosch) coaches in a phase-wise manner, a move aimed at strengthening safety and increasing the speed of all trains. Aftermarket is estimated to show the highest CAGR growth due to the changing technologies which require regular upgradation in the rolling stocks system.
Improving Safety of The Electrical and Electronic Systems of the Train to Drive the Market
The global demand for rail vehicles is fuelled by the rising population in urban areas, which is placing significant pressure on the existing transportation infrastructure and necessitates the expansion of the network infrastructure. According to UNCTAD (2020 report), 51.1% lived in urban areas ten years ago. The share of the urban population increased to 55.7% in 2019. It is generally higher in the developed (80.5% in 2019) than in the emerging world (51.1%), with transition economies in between the two (65.4%). Over the last ten years, urbanization has been most prominent in emerging economies, especially in Asia, which witnessed the urbanization rate increase from 42.3% in 2009 to 49.1% in 2019.
The increasing urban population is expected to require governments to increase urban transportation facilities such as metros, light rails, monorails, and subways. This is expected to drive the demand for new rail vehicles including locomotives, multiple units, wagons, and coaches. The increase in rail projects will directly impact the demand for railway wirings as they carry and provide electric energy for the systems across the train. Presently, trains have a greater number of wiring due to the inclusion of a larger number of electric systems such as surveillance cameras, sensors, visual boards, and chargers. A wire harness is compact and is insulated with plastic, which improves the safety of the electrical and electronic systems of the train.
Increasing Railway-Related Projects
Increasing Demand for Safety and Security Concerns
Rising Smart City Projects
Environmental Challenge for Wiring Harness
Growing Trend of Driverless Trains
Development of Energy-Efficient Wiring System
Fluctuating Prices of Copper
Lack of Proper Railway Infrastructure
Advanced Transit Manufacturing and Fortitude Industries, Inc.
Furukawa Electric Co., Ltd.
LS Cable & System Ltd
Samvardhana Motherson International Limited
Taihan Wire Co, Ltd.
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