August 08, 2022 09:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Aug. 08, 2022 (GLOBE NEWSWIRE) -- 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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Automotive Wiring Harness Market Key Segments
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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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3.1. Key Trends Impacting the Market
5. Global Automotive Wiring Harness Market - 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
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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.
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