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

Development of Advanced and New Systems Suitable for Complex Data Communication to Provide Growth Opportunities for Railway Connector Market during 2021 to 2028

According to our latest market study on "Railway Connector Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Connector Type, Component, and Application," 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.

The global railway connector market is segmented into five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. In 2020, APAC led the market with a substantial revenue share, followed by North America and Europe. The growing emphasis of government across the world on increasing the railway network and improving railway infrastructure to strengthen transport infrastructure is driving the growth of the railway connectors market. However, high maintenance costs of rolling stocks and increased complexity in train systems hamper the growth of the market. On the other hand, with the growing urbanization, governments worldwide are increasingly deploying metro rail and subway projects, which is expected to flourish the railway connectors market in the coming years.

The global railway connector market is segmented on the basis of connector type, component, and application. Based on connector type, the market is segmented into broad level connector/PCB connector, data connector, pogo pin connectors/spring load connector, power connector, and others. Based on component, the market is bifurcated into backshell and connector body. Based on application, the global railway connector market is segmented into light rail/trams, metro, passenger coach, and others. In terms of geography, the market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, South Korea, Japan, and the Rest of APAC), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).

Impact of COVID-19 Pandemic on Railway Connector Market

The COVID-19 pandemic has shaken several industries. The unprecedented growth in the COVID-19 confirmed cases has urged governments worldwide to impose strict restrictions on vehicles and human movement. The pandemic has not much negatively impacted the operations of European electronics manufacturers and the railways connectors market. However, from Q1 of 2021, the market ramps the production to fullest capacity. For instance, in March 2021, Amphenol, one of the major railways connectors manufacturers in Europe, announced its The manufacturing facility in France and suppliers were fully operational. Further, Amphenol announced that it can meet scheduled product delivery timelines. Also, in June 2021, Fisher Connector announced its supply chain is robust and the company can respond to the rising volume of orders. Also, various railways projects were announced to revive the railway industry in 2021 in Europe. For instance, British government allocated ~US$ 277.2 million for upgrading the Merseyside and North Wales to revive the railway industry. Thus, from the Q2 of 2021, the railway connector market showcased positive trend in terms of revenue.

Amphenol Corporation, Kyocera-AVX, Fischer Connectors SA, Harting Technology Group, Molex, LLC (Koch Industries, Inc.), Schaltbau GmbH, Allied Electronics Corporation, Smiths Interconnect, TE Connectivity Corporation, and TT Electronics are among the major companies operating in the railway connector market.

Railway Connector Market - by Geography, 2020 and 2028 (%)

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