RAILWAY WIRING HARNESS MARKET TO REACH USD 4 BILLION BY 2024 | CAGR 8.9% – FORENCIS RESEARCH

Global Railway Wiring Harness Market: Key Highlights

• According to the new market research report “Railway Wiring Harness Market by Material (Conductors, Insulation), by Component (Wire & Cables, Connectors, Terminals, Wiring Duct, Others), by Voltage (Low Voltage, Medium Voltage, High Voltage), by Cable Type (Lan Cables, Jumper Cable, Power Cable, Vehicle Connecting Cables), by Application (Driver’s Cab Harness, Harness Connecting to Pantograph, Under-Floor Harness, Door Harness, Power Socket Harness, Harness Connecting to Surveillance Camera, Lighting Harness, Harness Connecting to Cubicle, Others), by Rail Type (High-Speed Train,  Metro Rail Transit (MRT), Light Rail Transit (LRT)), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global railway wiring harness market is estimated to reach USD 4 Billion by 2024 at a CAGR of around 8.9% during the review period.
• Wire harness is a set of wires bundled and electrical cables together mainly for signal transmission and providing electric power supply
• Wiring harness in railway plays an important role as they can be installed as one unit instead of one wire at a time, this helps to save space and increase the overall safety
• Volatility of price of raw materials and durability issues associated are some of the challenges associated with the market

Global Railway Wiring Harness Market: Key Market Dynamics

• Railways undergoing through rapid technological advancement coupled with increasing railway transportation has expected to surge the demand for market  
• Rising urbanization and industrialization has increased the railway infrastructure activities which may surge the demand for market
• Labor intensive production is one of the factor which may hinder the growth of railway wiring harness market 

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Global Railway Wiring Harness Market: Regional Overview

• Europe

The railway management system market in the Europe region is projected to witness high demand owing to the well-established and developed railway systems.  According to the Eurostat, in 2018 rail passenger transport in EU was estimated at 472 billion passengers-kilometers, and was up by 1.5% from previous year.  Moreover, adequate technology infrastructure, high adoption if Internet of things (IoT), and growing demand for railway management tools are some of the factors expected to boost the market growth.

• Asia-Pacific

Rising disposable income, blooming economy, and rapid urbanization are factors contributing the market growth in Asia-pacific region. Additionally, various government initiatives for bringing about digital transformation and modernization in the region rail network are some other factors expected to surge the market growth. For instance, China has invested USD 456 billion for expanding its urban transportation by 6,000 km by 2020.

Global Railway Wiring Harness Market: Key Players Overview

• FURUKAWA ELECTRIC CO., LTD.:

FURUKAWA ELECTRIC CO., LTD. was incorporated in 1884, and operates in various areas including telecommunication, electronic, automotive and construction. In 2018, the company generated revenue of USD 8.7 billion. In May 2018, the company has expanded its vehicle wire harness production center in Philippines which will help to target the North America market.

• Prysmian SpA:

Prysmian SpA is one of the leader in energy and telecom cable system industry. The Group manufactures thousands of miles of underground and submarine cables and systems for power transmission and distribution, as well as medium and low voltage cables for the construction and infrastructure sectors. In Aug 2018, the company completed its acquisition of General Cable with an aim to increase the presence in North America and expand its footprints in Europe and South America.

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