FMI states in its recent study on the global automotive wiring harness that the market will record an impressive CAGR of 7.9% during 2021-2031. Demand for automotive wiring harness is anticipated to continue surging due to the rapid growth in the automotive industry in recent years.
“The leading automotive wiring harness manufacturers are focused on developing technologically advanced merchandises, as well as quality aspects of vehicles with improved safety, reliability, and minimal downtime.” says the FMI analyst.
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Automotive wiring harness Market – Important Highlights
- Semi-Forward Chassis is expected to remain dominant during the projected years, on account of its vast usage across electric and conventional vehicles.
- According to vehicle type, passenger cars are anticipated to lead the market in the upcoming years.
- The market in China is projected to be the most lucrative during the upcoming years, due to it being the world’s largest automotive manufacturing country
- Germany is expected to account for the lion’s share of the European market, due to its advancements in the automotive sector.
Automotive wiring harness Market – Drivers
- Great investments in R&D for developing secure and reliable systems are driving the growth of the market.
- Rising environmental concerns are driving the growth of the electric vehicles market
- The rapid rise in the automotive industry all over the world is creating a massive demand for the automotive wiring harness market
- The demand for the production of highly efficient vehicles is further expected to drive the market
Automotive wiring harness Market – Restraints
- strict government regulations regarding Environmental concerns are hindering the growth of conventional car production, which is acting as a restraint in the market
- The issues of durability and reliability associated with the usage of automotive wiring harness in electric vehicles are expected to act as a barrier in the growth of the automotive wiring harness market during the projected years.
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COVID-19 Impact on Automotive wiring harness Market
The automotive wiring harness market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. With the number of end-users affected in regions like South Asia, the supply and dearth in demand are expected to result in a significant drop in sales during the period. however, the market is anticipated to set on a path of regaining as economies steadily stabilize.
The automotive wiring harness market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. Suppliers are taking up acquisition and regional expansion strategies to establish a strong grip on the market. Some of the key market players profiled by FMI include LEONI Group, Samvardhana Motherson Group, Sumitomo Electric, Yazaki Group, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd.