According to a new market research report "Railway Wiring Harness Market by Application (HVAC, Lighting, Traction System, Infotainment), Material, Train Type (Metro/Monorail, Light Rail, HRS), Component (Wire, Connector), Voltage (High, Low), Cable Type, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is estimated to be USD 2.36 billion in 2018 and is projected to reach a market size of USD 4.21 billion by 2025, growing at a CAGR of 8.61% during the forecast period.
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The market growth is driven by factors such as the increasing adoption of electronics systems and increasing railway projects across the globe. For instance, Dubai plans to undertake a five-stage extension of the Dubai Metro Red Line by 2020 and the project costs around USD 2.9 bn.
Traction system is estimated to be the largest segment in the Railway Wiring Harness Market, by application
The traction system is expected to be the largest segment, by application, of Railway Wiring Harness Market. Rapid urbanization in emerging countries in the Asia Pacific region is expected to enhance the demand for public transport such as rail networks. The increasing rolling stock is expected to boost the market for railway wiring harness and would also drive the growth of traction system wiring harness market.
The light rail is estimated to be the largest segment in the Railway Wiring Harness Market during the forecast period, by train type
The light rail is estimated to be the largest segment, by value, of the Railway Wiring Harness Market during the forecast period. The light rail, which runs within cities, requires lesser space as compared to other types of trains. These trains are best suited for small and congested towns. These advantages of light rail are expected to boost the market for railway wiring harness in the light rail segment.
The Middle East & Africa (MEA) region is the fastest growing market for railway wiring harness
The MEA region is the fastest-growing market in the global Railway Wiring Harness Market. The market growth in the MEA region can be attributed to the increasing railway projects and increased government spending in the transportation sector in countries such as the UAE and Mozambique. Also, the growing trend of driverless trains is fostering the growth of the Railway Wiring Harness Market in the region. The Middle East region, in particular, offers high growth opportunities for railway transportation. The region's metro and monorail network is expected to double in the coming years in terms of kilometers. The increasing railway projects in Dubai is projected to drive the Middle East Railway Wiring Harness Market.
The ecosystem of the Railway Wiring Harness Market consists of manufacturers such as Furukawa (Japan), Leoni (Germany), Hitachi (Japan), Nexans (France), and Prysmian (Italy).
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