Wiring Harness Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2022- 2032
The wiring harness market is likely to witness major growth, thanks to global initiatives by G20, which promises to bridge gap in infrastructure with US$ 15 trillion in the next ten years. Moreover, according to the Global Infrastructure Hub, the financial performance of infrastructure investments has surpassed expectations. This has happened due to growing yield stability, and lowered risk in asset classes. This has led to robust investments in the past including US$ 1.2 trillion dollars in brownfield assets in 2019. The same agency, a G20 initiative also reports that based on current trends, the investment in infrastructure remains at USD79 trillion, and will need to reach USD94 trillion to meet new objectives. The wiring harness is an important installation for the construction industry, and will likely aid development of bridges, roads, and other public infrastructure. The rising investment in global infrastructure initiatives, growing investment in regional, and local infrastructure initiatives by China, and India respectively, will drive major growth for the wire harness market.
The Rising Demand for Electric Vehicles Promises Tremendous Opportunities for Growth:
The wire harness apparatus is also useful for automobile assembly. It is a core part of engine assembly, and provides electric transmission for signals, which will be key in development of electric vehicles. According to International Energy Agency, over 9 million American consumers delayed their vehicle purchases in 2019. The agency attributed this to financial struggle due to Covid-19, and also horizon of better fuel-usage economy due to advent of electric vehicles. The agency estimated that electric vehicles made up 2% of global vehicle sales, and will likely rise to 3% in near future. Furthermore, the growth of low-cost Chinese electric vehicles will also expand the electric vehicle market to new regions of Asia Pacific, wherein rising auto sales, and limited scope of expansion of luxury motors like Tesla remains a challenge to growth for the expansion of the wire harness market.
Rise in Demand for Vending Machines Promises New Segments for Growth
Vending machines have been around in the developed world for a long time. However, the growth of organic, and ready-to-eat meal varieties with several different cuisine choices is a new trend gripping the food industry. Moreover, the higher margins in this arena, thanks to growing demand for e-commerce, and the low-cost of operation for vending machines remains a major promise for growth in the wiring harness market. Companies like Supreme Cable Technology Inc, have reported increasing production capabilities to manufacture food service and machinery. Moreover, high demand in new regions like Asia Pacific remains a major promise for growth as large population, with rising disposable income continues to remain a major growth prospect for players in the global wire harness market.
Apart from conventional industries like construction, and automotive, interior car decorations by third-parties also remains a promising prospect for growth. Rising consumer shift towards DIY trends, and growing availability of information online remain key drivers of sophisticated interior decorations. Moreover, large players in the wire harness market are also investing in technology to build high, and low intensity electronic medical equipment. The growing digitalization in the healthcare sector remains a key opportunity for players in the wire harness market.
The key players of the global wire harness market are Delphi Technologies (BorgWarner Inc.), Furukawa Electric Co. Ltd., Lear Corporation, Leoni AG, Nexans Autoelectric GmbH, PKC Group Plc (Motherson Sumi Systems Ltd.), Samvardhana Motherson Automotive Systems Group B.V., Sumitomo Electric Industries Ltd., THB Group (AmWINS Group, Inc), YAZAKI Corporation, YURA Corporation, etc. and others.
The Wiring Harness Market is Segmented as Below:
- Body & Lighting
By Transmission Type
- Data & Electrical
- ICE & Electric Vehicle
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA