Global Railway Wiring Harness Market projected to grow to USD 2.73 billion by 2033.

From GlobeNewswire.: 2024-05-21 09:00:00

The Global Railway Wiring Harness Market is projected to grow from USD 1.78 billion in 2023 to USD 2.73 billion by 2033, with a CAGR of 4.37%. Wiring harnesses are essential for safe power transmission in railways, with UKB Electronics securing orders from Indian Railways. High-speed rail projects and smart city initiatives are driving market growth. Asia Pacific is expected to dominate the market. The High-Speed Train/ Bullet Train segment is anticipated to lead the market, with the power cable segment projected to grow the fastest. Copper wiring harnesses are expected to hold a significant share of the market. The Infotainment segment is predicted to dominate the market, driven by increasing electronics systems onboard trains. Europe is expected to have the fastest CAGR growth in the market. Competitive analysis highlights major vendors such as Furukawa, Leoni, and Hitachi, with HUBER+SUHNER acquiring Phoenix Dynamics to strengthen its position in the market. Recent developments include strategic acquisitions to enhance capabilities. Market segmentation includes analysis based on train type, cable type, material, application, and region. Other related reports on automotive and OTR tires markets are available.



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