Railway Connector Market is expected to reach US$ 1,150.21 million by 2028

    Published on 15-Feb-2022
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    Report : Railway Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Connector Type (Boar Level Connector/PCB Connector, Data Connector, Pogo Pin Connector/Spring Load Connector, Power Connector, and Others), Component (Backshell and Connector Body), and Application (Light Rails/Trams, Metro, Passenger Coach, and Others)

    According to the latest research report titled "Railway Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 803.50 million in 2021 to US$ 1,150.21 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2021 to 2028.

    Increasing Number of Train Passengers and Railway Projects to Drive Market during Forecast Period Railway transportation is mainly considered a more secure, safe, and economical mode of transport than road transportation. Public rail transport systems provide less traffic congestion, less pollution, safer travel, lower expenditures, and better predictability than road transport. Moreover, the demand for railway transportation is growing among travelers owing to its high precision and capability to cover maximum geographic areas. Government projects, such as Dubai Route 2020 Metro, for building new rail infrastructure and increasing investments in expanding train connectivity are contributing to the growth of the railway sector. In December 2021, two new high-speed railway lines were launched in China's Central and North-East regions to support regional, social, and economic development. Therefore, increasing government investments will rise the number of railway projects which will further boost the growth of the global railway connector market.

    In 2020, the COVID-19 pandemic created a large-scale negative impact on economies across the world. The pandemic led to many challenges across various markets, such as the railway connectors market. The demand and supply were majorly reduced due to low production. Further, the railway industry was negatively impacted due to lockdown. China, India, and Japan are the among the countries with large number of electronics manufacturers. Even though the infection rate was high in Asia in 2021, manufacturing facilities were fully operational. For instance, despite the emergence of second wave in Q2 in India, Amphenol facility in Pune, India was operating at full capacity and scheduled deliveries date was not hampered. Similarly, with the ongoing rise in cases in China, factories are still operational. Moreover, the railway operations in Asia Pacific were completely operational in 2021. Meanwhile, several railway projects were announced by government from Q3 of 2020. For Instance, in November 2020, The National Development and Reform Committee of China announced a US $12.86 billion a 270 miles high-speed rail project in the southwestern part of the country which increase the demand of railway connector in the country. In September 2021, South Korea announced to invest US $ 99.88 billion in railway network over the next 10 years under fourth national railway plan. Thus, railway connector market was hampered in 2020; however, robust market initiatives propelled the railway connectors market from 2021.

    Growing population, changing lifestyle, and rapid urbanization require an interconnectivity railway communication system, where the presence of intelligent rail transport is playing vital role to meet this demand. Intelligent railway is the easiest and fastest way to travel than any other mode of transport. The railway sector continues to adopt new technologies and systems that play an essential role in transforming it. Analog railway transport is replaced with metro, high-speed rail, and sustainable transport to compensate for the travel demand in the modern era, which drives the railway connector market growth.

    Key Findings of Study:

    The global railway connector market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The US, Canada, and Mexico are among the key countries in North America. APAC holds a significant share in the global railway connector market, owing to the higher awareness among the application.

    Passenger demands, expectations, and behaviors have changed in the last few years, due to which railway operators and authorities are focusing on offering a safe passenger experience, supporting rail transformation, and ensuring a sustainable railway business. For instance, in 2019, Indian Railway launched Industry 4.0 in its Pilot Project. Industry 4.0 is a system that synergies production with digital technologies, such as artificial intelligence, analytics, machine learning, big data, and cloud computing. Furthermore, the regional connectivity of the railway network in Southeast Asian countries is becoming better due to the implementation of several projects to connect existing routes under the Pan Asia railway network. Thus, the rising project initiation and development plans of the APAC government in the railway sector would drive the railway connector market growth during the forecast period.

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