The locomotive wiring harness market is estimated to be valued US$ 4,366.50 million in 2023 and US$ 7,388.20 million by 2033, growing at a 5.4% CAGR from 2023 to 2033.
The key factors driving market expansion for locomotive wiring harness are increasing urbanisation, increased demand for expanded public transportation services, and government efforts to modernise existing railway infrastructure to improve rail connectivity. Furthermore, the growing use of trains for transportation and logistics has increased demand for locomotive wiring harness.
The growing trend of autonomous trains, as well as the growing demand for energy-efficient wiring frameworks, is going to provide new growth prospects for the locomotive wiring harness market.
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Market Restraint
The instability of raw material prices, corrosion concerns caused by changing weather conditions and malfunctioning of the wiring system operating under large loads, all contribute to the locomotive wiring harness market’s slow progress.
Market Segmentation – By Train Type
The high-speed rail and bullet train sectors are expected to experience significant growth. These are improved railroad train varieties that operate faster than other trains. To complete quickly, they combine a set of dedicated tracks with a specific arrangement of moving goods.
The development of the high-speed rail/bullet train segment is likely to increase, supporting the growth of the locomotive wiring harness market, due to its accuracy and capacity to quickly cover large geographic areas.
Most Rapidly Expanding Market: Asia-Pacific
Both developed and emerging economies are present in the Asia-Pacific region. The locomotive wiring harness market in these nations is anticipated to be driven by new rail projects for the replacement and maintenance of the current fleet as well as for urban passenger transit.
Asia-Pacific is predicted to experience the fastest development in the autonomous train market and has one of the largest rail networks globally. India, China, and Japan are among the nations with the longest rail lines.
Additionally, public transit is well-liked in many nations, particularly in India, where many people use the metro for everyday commuting. Due to this, the railway system is crucial to the economic growth of the Asia-Pacific region.
Key Takeaways
The German market share for locomotive wiring harness is 4.2% through 2033.
The market share of United States for locomotive wiring harness is 16.9% during the forecast period.
The Japanese locomotive wiring harness market share is 5.7% for the forecast period of 2023-2033.
The market share of Australia for locomotive wiring harness is 2.6% during the forecast period.
The Chinese market CAGR for locomotive wiring harness is 4.4% during the forecast period.
The market CAGR for India is 5.5% for the forecast period of 2023-2033.
The United Kingdom’s market CAGR for locomotive wiring harness is 2.3% through 2033.
Competitive Landscape:
Few companies dominate the market for locomotive wiring harness, including Hitachi Metals Inc., Schleuniger, TE Connectivity, Prysmian Group, and Samvardhana Motherson. Furkawa Electric, Komachine Co., NAC Corporation, APAR, and LECS (Lakshmi Electrical Control System Ltd) are among the other firms trailing the market's expansion.
Recent Development
Purchase
Motherson purchased the electrical wiring division of Bombardier in Huehuetoca, Mexico, in May 2021. The company has stated that it is going to purchase this asset for $10 million in September 2020 through its subsidiary Motherson Rolling Stocks (MRS).
Key Segments
By Component:
Wire
Connector
Terminal
Others
By Material Type:
Aluminum
Copper
Others
By Voltage:
Low Voltage (Up to 1000V)
Medium Voltage (1000V to 25kV)
High Voltage (25kV to 230 kV)
By Train Type:
Metro Rail Transit/Monorail
Light Rail Transit
High-Speed Rail/Bullet Rail