The global railway wiring harness market is expected to witness significant growth in the coming years. The market, valued at USD 1.5 billion in 2021, is projected to grow at a CAGR of 4.6% from 2021 to 2026, reaching USD 1.9 billion by 2026. The Asia Pacific region currently holds the largest share of the market, driven by the presence of prominent OEMs such as Hitachi Ltd., Samvardhana Motherson International Limited, Furukawa Electric Co., Taihan Wire Co. Ltd, LS Cables & Systems, and others. These OEMs are expected to invest in railway projects, including the construction of metro systems and expansion of railway networks, which will drive the demand for railway wiring harnesses. For instance, India has plans to construct metro lines in various cities, with a budget allocation of USD 340.4 million for Regional Rapid Transit System (RRTS) projects. Similarly, China has invested USD 50.3 billion in railways during H1 2020. Such investments present growth opportunities for the railway wiring harness market.
The increasing number of projects related to light rail and metro systems in different regions is a key factor expected to propel the market. Governments worldwide are focusing on electrifying existing railway networks to reduce emissions. For example, the Indian Railways has completed the electrification of 40,000 km, with plans to electrify an additional 7,000 km by 2021 and all broad-gauge networks by 2023. Spain has proposed a 36% increase in suburban investments in its railway budget for 2021. These electrification initiatives and infrastructure development projects create a favorable environment for the railway wiring harness market.
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Among various applications, the traction system segment is estimated to hold the largest market share. This can be attributed to the growing rail-based intercity and intracity transportation, increasing adoption of rolling stock, and government investments in infrastructure development. Governments are also considering the conversion of diesel fleets to electric locomotives to reduce emissions. For instance, the Indian Government plans to convert its diesel locomotives to electric locomotives, providing an additional life span and using higher capacity locos. Such initiatives will drive the demand for wiring harnesses in traction systems.
The wire component segment is expected to be the largest and fastest-growing segment due to the rising number of electronic systems and the trend of driverless trains. The wire length requirements vary depending on the application, and as railways expand and new projects are undertaken, the demand for wiring harnesses with different lengths will increase.
Europe is a significant market for railway wiring harnesses, with key players such as Leoni, Nexans, TE Connectivity, Huber+Suhner, and Prysmian Group operating in the region. European countries are actively investing in railways, promoting sustainable infrastructure, and supporting rail transportation projects. The Connecting Europe Express is a notable initiative for 2021, aiming to raise awareness of the benefits of rail and the importance of financing sustainable infrastructure. With these developments, the railway wiring harness market is expected to thrive in Europe.
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The market is dominated by major players like Hitachi Ltd., Prysmian Group, TE Connectivity, Leoni, and Nexans, who offer a wide range of products and have a strong global distribution network. These companies employ strategies such as new product developments, collaborations, and contracts to maintain their market positions. Regional OEMs play a significant role in specific markets around the world.
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