Railway Wiring Harness Market size is set to grow substantially over the projected timeframe led by rising investments in urban rail transits, proliferating investments in smart cities, and advancements in railway technologies. Increasing preference for railway travel over long distance owing to economical fares are further expanding the business size.
Governments across the globe are focusing on expanding their railway projects and improve railway infrastructure to support the nation’s economy. Moreover, improving disposable income coupled with proliferating tourism industry are further expanding the market size. For instance, in 2015, the Roads and Transport Authority of Dubai announced the expansion of its metro red railway line amounting to an overall project cost of around USD 3 billion.
Rising adoption of smart transportation projects and improving railway infrastructure globally are positively influencing the railway wiring harness market share. Moreover, governments across the globe are focusing on multiple advanced railway projects that contribute significantly towards improving the overall country’s public transportation. For instance, in 2018, the Indian government announced the purchase order of 18 bullet trains accounting for a total cost of over USD 17 billion.
The increasing incorporation of passenger entertainment and convenient features in trains are providing a positive outlook for the industry expansion. The proliferation of internet, WLAN, and LAN services along with the availability for personal entertainment devices including screens for displaying movies among other entertainment programs further accentuates the railway wiring harness market size. Moreover, the constant requirement for advanced and uninterrupted communication facilities are positively influencing the market growth.
Based on application, the market size is segmented into HVAC, Lighting, Traction System, and Infotainment. The infotainment segment is witnessed to showcase remarkable growth during the forecast period. Rising adoption of entertainment and increasing focus of railway operators to improve passenger in-travel experience are boosting the segment share. For instance, in 2016, UK based Virgin Trains launched entertainment services in its trains that allows customers to watch TV programs and movies, thereby boosting the segment share.
Based on material, the railway wiring harness market share is categorized into aluminum and copper. Aluminum is expected to witness significant growth owing to multiple benefits offered by the material including lower weight and superior strength compared to the counterparts. Moreover, easier maintenance coupled with improved corrosion resistance capabilities further expands the market size over the projected timeframe.
Based on component, the market share is classified into wire and connector. The wire segment is expected to hold a significant share owing to its requirements for a wide range of applications including rail signal transmission and felicitating power supplies. Moreover, the availability of a wide range of wires with diversified materials and configurations for supporting multiple train applications further accelerates the market size.
Based on voltage, the railway wiring harness market share is segmented in to high voltage and low voltage. The low voltage segment is expected to showcase considerable growth on account of the incorporation of wide range of customer convenience features in trains including Wi-Fi devices, charger ports, and music systems.
Asia Pacific is expected to witness significant growth in the railway wiring harness market size. This can be credited to the rising governments support across the region to develop and improve the overall railway infrastructure. For instance, in February 2016, the Indian government created a special purpose governing body, namely the National High-Speed Rail Corporation (NHSRCL). This body is aimed at purchasing and managing bullet trains in the country.
Few players operating in the railway wiring harness market share include Leoni, Prysmian, Nexans, KEI Industries, NKT, Ls Cables & Systems, and Jiangnan Group. Partnerships and strategic joint ventures are among the major strategies adopted by industry participants to increase their market share. For instance, in June 2018, Prysmian Group completed the acquisition of General Cable Corporation along with the purchase of all outstanding shares for USD 30 per share.