Global Railway Wiring Harness Market: Key Highlights
Global Railway Wiring Harness Market: Key Market Dynamics
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Global Railway Wiring Harness Market: Regional Overview
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.
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. 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 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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