Market Trends of Railway Wiring Harness Industry
This section covers the major market trends shaping the Railway Wiring Harness Market according to our research experts:
Automation and Electrification of Railways
Increasing electrification across the transportation industry irrespective of the mode of transport, has led to the development of electrific trains which brings it to the forefront of electric transport after road transport. Electric locomotives are seen as a viable alternative to the existing diesel locomotives in the sectors of mining and heavy-haul for long distances stretching up to 2000kms or more at times.
With the increase in the traffic congestion across the urban centers around the globe, there is a strong need to develop faster, efficient and reliable transportation systems coupled with the advancement in technology and its integration with transportation systems like artificial intelligence and machine learning is expected to aid the market growth during the forecasted period.
Although the railway industry is still in nascent stage of automation, the need for huge investments for R&D of the equipment that can meet international quality and safety standards for automation, makes it difficult for new companies to enter the market and leaves the field to major players.
Asia-Pacific – Fastest Growing Market
Asia-Pacific is characterized by the presence of both developed and developing economies, such as Singapore, Malaysia, Indonesia, and Bangladesh. New rail projects for urban passenger transportation, as well as for the replacement and maintenance of the existing fleet, are expected to drive the market in these countries.
Asia-Pacific has one of the largest rail networks across the world and is expected to show the highest growth in the autonomous train market. Countries, such as India, China, and Japan have among the longest stretch of railways. Moreover, public transportation is also very popular in these countries, such as in India, where people often travel by metro for daily commuting. Due to this, the railway network plays a very significant role in the economic development of countries in Asia-Pacific.
The Indian rail market is witnessing steady growth, The installed base of metro-rail rolling stock in India is expected to increase to 5,458 railcars by 2023, owing to huge demand for commuter transportation in metropolitan cities. A total of 3,343 railcars are planned to be added to the metro-rail network, over a period of five years from 2018 to 2023. Of these, contracts for 1,758 railcars have already been awarded. Such factors can boost the demand for railway wiring harness.
