Automotive Wiring Harness Market to grow at 7.9% CAGR through 2031 | Future Market Insights, Inc.
According to FMI, the demand for automotive wiring harness will be higher for existing automotive wiring harness infrastructure for product development of highly efficient vehicles. Moreover, growing electric vehicle infrastructure such as charging stations in emerging economies as well governmental subsidiaries related to it is anticipated to create more opportunities
The latest study conducted by ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights into the key factors driving the growth of the automotive wiring harness market. The report on global sales of automotive wiring harness can be easily tracked in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the automotive industry in general, and the automotive wiring harness market in particular.
The global automotive industry has foreseen substantial growth in recent years. As per FMI predictions, the global automotive wiring harness is expected to showcase lucrative growth opportunities in the future owing to the increasing investments in automotive exploration activities across the globe. The automotive wiring harness is a necessary component having implementation in the electrification of vehicles. Surging growth in the automotive industry is creating potential growth opportunities for wiring harness in the automotive industry.
The COVID-19 pandemic harmed the global economy at various levels and the impact is also reflected in the automotive industry as well. Amidst the COVID-19 crisis, automotive wiring harness market growth witnessed a significant plunge in demand in 2020. Various regional segments including South Asia and Pacific, the Middle East, and Africa saw a significant dip in demand and supply of automotive wiring harness. Despite these minor slumps in Y-O-Y growth, FMI still expects the global automotive wiring harness market to grow at 7.9% CAGR through 2031.
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- In order to explore new applications, the automotive industry pushes its tools to greater limits which open up the need for more robust and high-performance systems is likely to surge in the upcoming years.
- The prime focus of the key manufacturers in the automotive wiring harness market is on developing technologically advanced merchandise, as well as quality aspects of vehicles with improved safety, reliability, and minimal downtime.
- There is a consistent implementation of automotive wiring harness in order to prevent hazards and improve system reliability and vehicle performance for the past few decades. The automotive wiring harness market is expected to improve with the economic recovery post the containment of the pandemic.
- From the manufacturer’s point of view, an automotive wiring harness provides certain benefits such as reduced installation time and installation of multiple wires into the vehicle system. This helps manufacturers save production costs with automated systematic installation. Furthermore, it also reduces the risks of incorrect wiring possibilities.
- The wiring harness is considered to be the nervous system of any automobile. Therefore, advancement in technology and optimization remains a key factor to harness the commercial potential at the manufacturers’ end. Major strategies of key market players consist of tie-ups with one ORM and creating long-term contracts.
Automotive Wiring Harness Market Key Segments
- Chassis & Safety
- Conventional Chassis
- Semi-Forward Chassis
- Full Forward Chassis
- Door & Window
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- First Fit
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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LEONI Group, Samvardhana Motherson Group, Sumitomo Electric, Yazaki Group, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd, YURA Tech Corporation, and Nexans are some of the key companies profiled in the full version of the report.
Automotive wiring harness manufacturers are just as focused on developing the right manufacturing processes. Companies are aiming at strategic collaborations with end users and regional distributors to address the requirements of an expanding customer base. Suppliers adopt acquisition and regional expansion strategies to establish a foothold. Brand consciousness and aggressive marketing make it challenging for new entrants in the automotive wiring harness market. Through these developments, companies are aiming at a competitive advantage. Furthermore, advances in electric vehicle technology are also expected to create positive growth prospects for the growth in demand for the automotive wiring harness.
More Insights into the Automotive Wiring Harness Market
China is set to dominate the global automotive wiring harness market throughout the forecast period of 2021-2031. China has been the world’s largest automotive manufacturing country since 2009. It accounted for over 30 percent of worldwide vehicle production in 2018. This capacity exceeds that of the European Union or that of the United States and Japan combined.
China is also the leading country in the production and sales of electric vehicles. With surging electrification in conventional vehicles and the growing adoption rate of electrical vehicles, the automotive wiring harness market is anticipated to witness significant growth in China during the assessment period.
According to the U.S. electronics solutions providers, the demand for electrical wiring harnesses and cable assembly is projected to exceed production capacity in the U.S. This can be attributed to customers who are asking alternative contract manufacturers to help meet current electrical cable design and assembly needs.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
5. Global Automotive Wiring Harness Market – Pricing Analysis
5.1. Regional Pricing Analysis
5.2. Global Average Pricing Analysis Benchmark
6. Global Automotive Wiring Harness Market Demand (in Value or Size in US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
6.1. Historical Market Value (US$ Mn) Analysis, 2016-2020
6.2. Current and Future Market Value (US$ Mn) Projections, 2021-2031
6.2.1. Y-o-Y Growth Trend Analysis
6.2.2. Absolute $ Opportunity Analysis
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.