The global railway wiring harness market size was valued at USD 1.5 Billion in 2021 and is expected to reach USD 1.9 Billion by 2026, at a CAGR of 4.6% during the forecast period. The increasing number of projects such as light rail and metro in various regions are expected to drive the market for railway wiring harness. Electrification of existing track length is expected to drive the market. Various governments plan to electrify existing railway networks. For instance, the Indian Railways completed the electrification of 40,000 km of which, 18,605 km was completed during the period from 2014 to 2020. A target has been set to complete the electrification of an additional 7,000 km by 2021. India plans to electrify all broad-gauge networks by 2023. Spain has proposed a 36% increase in suburban investments in its railway budget for 2021 presented in October 2020. All this is supporting the growth of railway wiring harness demand across various countries.
Growing Railway Related Projects
Rapid urbanization and continuous economic growth across the world are leading to increased investments in the rail and transit sector to improve the quality of public transport. Governments of different countries in the Asia Pacific region, such as China, Singapore, Malaysia, and Thailand, are carrying out new rail projects and upgrading and expanding their existing rail infrastructures to improve their overall rail connectivity. The adoption of high-speed rail (HSR) transport is increasing heavily since the ridership in the HSR-operated countries is increasing to experience enhanced transporting modes. According to the International Union of Railways (UIC), the global HSR line will grow at a faster rate and is expected to reach up to more than 41,000 km by 2025. For example, China is constructing a high-speed rail network with a distance of 420 km between Nanchang and Guangzhou opened in 2019. These rail projects increase the requirement of wiring used in the manufacturing of locomotives and coaches, which is expected to directly drive the railway wiring harness market.
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Growing Trend of Driverless Trains
Developed countries have initiated plans for the advancement of driverless train networks, which is expected to propel the growth of the transportation sector. Countries such as China, India, South Korea, the US, the UK, Mexico, Brazil, and South Africa are planning to revolutionize their rail networks with the introduction of driverless trains. Rail manufacturers are expanding geographically by investing in infrastructure for the manufacture of driverless trains. Developed regions like North America and Europe are improving the safety and security of railways by retrofitting trains and replacing existing systems with advanced systems. These retrofitting and deployment of new driverless trains require an extensive amount of wiring, which creates a huge opportunity for the growth of the railway wiring harness market. For example, in the European region, a new initiative known as the fourth railway package has been undertaken to create a single European rail area with structural and technical reforms. The initiative aims at providing high levels of safety, interoperability, and reliability to the European rail network. These developments are expected to boost the market for the railway wiring harness.
Asia Pacific market is projected to hold the largest share, in terms of volume, by 2026
Asia Pacific is home to emerging economies such as China and India, along with developed countries such as Japan. It is the second-largest market for the rail industry. The emerging countries in Asia Pacific are expected to experience significant growth, primarily in urban rail and mainline infrastructure construction markets. The industrial growth in the region can be attributed to urbanization in countries such as China and India. Most of the population in these developing countries is dependent on the public transport system for their commute.
Urbanization in emerging countries in this region is growing at an unprecedented rate and is expected to enhance the demand for public transport, such as rail networks. The increasing concern for safety is expected to boost the demand for railway wiring harness. Many countries in the region are also increasing the comfort systems in trains by introducing HVAC system in normal trains too, which increases the demand for the wiring harness. In 2021, After Economy AC, Indian Railways announced to roll out new air-conditioned general second-class coach. Rapid Urbanization in Asia Pacific countries, such as China and India, has intensified the need for the expansion of the existing rail infrastructure and construction of new railway projects, especially for urban transport. For instance, in 2020, Guangzhou Metro Corp opened an extension of Line 8 from Cultural Park on the west side of the city centre to Jiaoxin in Baiyun District to the north on November 26, adding 16·3 km and 11 stations. These projects are expected to drive the railway wiring harness market in the region.
Key Market Players:
The major players in the global railway wiring harness market include Hitachi Ltd. (Japan), Prysmian Group (Italy), TE Connectivity (Switzerland), Leoni (Germany), and Nexans (France).
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