Market Research Report
Railway Wiring Harness Market Size, Share & Trends Analysis Report By Component (Wire, Connector), By Material (Aluminum, Copper), By Voltage, By Application, By Train Type, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||937469|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Railway Wiring Harness Market Size, Share & Trends Analysis Report By Component (Wire, Connector), By Material (Aluminum, Copper), By Voltage, By Application, By Train Type, And Segment Forecasts, 2020 - 2027|
|Published: May 12, 2020||Content info: 110 Pages||
Railway Wiring Harness Market Trends & Growth
The global railway wiring harness market size is anticipated to reach USD 5.03 billion by 2027, growing at a CAGR of 8.9%, according to a study conducted by Grand View Research, Inc. Wiring harness, also called as cable harness, cable assembling or wiring loop, are the information circuits working together as a control system. It helps in joining the electric cables with conduit, vinyl and rubber. Application of wiring harness for transmission of electrical power and electric signal is expected to increase its adoption. Moreover, increased safety coupled with lesser installation cost and time can be achieved with the wiring harness as it is installed as a single unit in railways.
Rising scope of application in engines, coaches, and locomotive engines is driving the market growth. The product usage in the mechatronics of railway reduces the space consumption and increases the safety of the systems installed and thus, ensures seamless travel experience for passengers. The wiring harness are manufactured and installed as per the electric and geometric requirement of their application in the railways, such as, high-speed train, metro, monorail, and Light Rail Transit (LRT).
Europe is the major shareholder in this market owing to faster development in connected technology and railway infrastructure. The European government is focused on the developments of the rail networks in the region. By the end of 2017, Europe had 9067 kms of high-speed rail lines. Rail industry in Europe has seen vast technological advancements in railway wiring harness due to presence of a large number of manufacturers in the region. Moreover, Europe has the largest rail supply, services, products, and high-tech rolling stocks.
However, Asia Pacific is expected to register the fastest CAGR over the forecast period due to increasing government investments for the development of railway infrastructure in the region. For instance, in February 2016, the Indian government established a governing body, National High-Speed Rail Corporation (NHSRCL), mainly to look into the development of purchasing and managing bullet trains in the country.
Railway infrastructure is experiencing constant developments. Implementation of advanced features, such as charging systems, music systems, and HVAC, in the railways generates the need of wiring harness, which reduces the complexity of the mechanical and electrical components. However, overheating of the engines or short circuit in the wiring system might lead to replacement of the entire system, which is expensive. This might hinder the market growth.
Railway Wiring Harness Market Report Highlights
Aluminum material type is expected to lead the market over the forecast period owing to its lighter weight and higher durability and reliability than other materials
It is also expected to be the fastest growing material type segment with a CAGR of 11% from 2020 to 2027
Due to increasing number of comfort systems, such as music systems, Wi-Fi devices, and charger ports, low voltage segment is estimated to be the largest as well as the fastest-growing segment over the forecast period
Europe is the largest regional market owing to faster developments and advancements in the mechatronics and railway industry
On the other hand, Asia Pacific is expected to witness the fastest CAGR during the forecast period as the region has the world's second largest railway network
The key companies in the global railway wiring harness market are Hitachi Metals, Ltd.; HUBER+SUHNER; LEONI AG; and others