According to the report, “Railway Wiring Harness Market by Application, Material, Train Type, Component, Voltage, Cable Type, and Region - Global Forecast to 2025” by MarketsandMarkets, the market is estimated to be $2.36 billion in 2018 and is projected to reach $4.21 billion by 2025, growing at a CAGR of 8.61% during the forecast period. Growth is driven by 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 $2.9 Billion.
Report Takeaways
- Traction system is estimated to be the largest segment in the Railway Wiring Harness Market, by application
- The light rail is estimated to be the largest segment in the Railway Wiring Harness Market during the forecast period, by train type
- The Middle East & Africa (MEA) region is the fastest growing market for railway wiring harness
- 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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