Metro Segment to Dominate Asia-Pacific Railway Connectors Market during 2019–2028
According to The Insight Partners market research study on “Asia-Pacific Railway Connectors Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Connector Type, Component, and Application,” is expected to reach US$ 480.67 million by 2028 from US$ 324.94 million in 2021. The market is estimated to grow at a CAGR of 5.8% from 2021 to 2028. Increased number of passengers opting train as a mode of transport and rising railway projects is the major factor driving the growth of the Asia-Pacific railway connectors market. However, higher maintenance costs of rolling stocks and increased complexity in train systems may hinder the growth of Asia-Pacific railway connectors market. The report provides trends prevailing in the Asia-Pacific railway connectors market along with the drivers and restraints pertaining to the market growth.
The Asia-Pacific railway connectors market segmented into connector type, component, application, and country. Based on connector type, the Asia-Pacific railway connectors market is segmented into broad /PCB connector, data connector, pogo pin connectors/ spring load connector, power connector, and others. In 2020, the others segment held the largest share Asia-Pacific railway connectors market. Based on component, the Asia-Pacific railway connectors market is segmented into backshell and connector body. In 2020, the connector body segment held the largest share Asia-Pacific railway connectors market. Based on application, the Asia-Pacific railway connectors market is segmented into light rail/trams, metro, passenger coach, and others. In 2020, the metro segment held the largest share Asia-Pacific railway connectors market. Similarly, based on country, the market is segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific. China contributed a substantial share in 2020.
Allied Electronics Corporation; Amphenol Corporation; Fischer Connectors SA; HARTING Technology Group; KYOCERA-AVX; Molex, LLC (Koch Industries, Inc.); Schaltbau GmbH; Smiths Interconnect; TE Connectivity Corporation; and TT Electronics are among the leading companies in the Asia-Pacific railway connectors market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, TT Electronics' AB Connectors became gold member of rail forum Midlands.
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