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Substantial increase in the investment for automated driving activities and development of electric vehicles charging infrastructure across the globe are expected to remain key defining factors in the global automotive wiring harness market. As per FMI’s analysis, the global automotive wiring harness sales are set to exceed US$ 48 Bn in 2021, whereas in the long-term, revenues will grow at 9.4%. FMI’s latest edition of the report reveals latest perspectives, along with a detailed analysis of how COVID-19 induced slowdown will impact future sales.
The COVID-19 pandemic crisis has severely affected the global economic growth, resulting in complete shutdown manufacturing activities and disruptions in the supply chain networks. However, automotive wiring harness market is expected to recover sharply as the economic activity resumes post the containment of pandemic.
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The COVID-19 outbreak had severely impacted the global supply chain. The halt in vehicle production and closing of country borders impacted raw material and component supplies. Owing to the same, the automotive wiring harness market was also impacted in year 2020. The impact was mostly observed in European and North American countries, as these countries faced longer shutdowns & higher Covid-19 impact as compared to Asian countries.
Though the Covid-19 outbreak impacted the global vehicle productions as well as sales, the demand for electric vehicles surged during 2020. This also impacted the wiring harness market positively. Apart from the growth in the electric vehicle sales, increase in R&D activities and growing need for vehicle weight reduction is further expected to boost this market. The rising demand for less weight and short-length wiring harnesses and developments in optical fiber, mini fakra connectors, and lightweight aluminum harnesses are expected to further boost the market.
After the decline in vehicle production and sales in first half of 2020, a strong rebound in global vehicle production with the recovery of major dependent industries on vehicle production across the globe was observed by the end of 2020. This helped to soften the pandemic’s impact on production for that year. The recovery is expected to continue till 2022-2023, where experts believe that the production numbers would reach to 2019 limits not before end of 2022 or first half of 2023. This recovery is also expected to be fueled by the higher production of vaccines and vaccination rates, allowing businesses to reopen more quickly. This will positively impact the automotive wiring harness demand during the forecast period.
“Manufacturers are focused on developing new wires and cables which occupy less space and are lighter in weight with cost-efficient manufacturing techniques. Raw materials are also being blended to improve the features of the final product. In addition, increase in technology adoption, vehicle customization and various investments and merger strategies to expand their business can be attributed to rise in sales of vehicles which upsurge the automotive wiring harness market. These activities are augmenting the adoption of automotive wiring harness and creating positive prospects for the market growth.” says FMI analyst.
The market is witnessing significant consolidation, in which the leading players account for more than half of the share. The diffusion of small regional players is expected to increase competitive intensity during the forecast period. Some of the key players in the market are LEONI Group, Samvardhana Motherson Group, Sumitomo Electric, Yazaki Group and Fujikura Ltd. These players have considerable hold over market share, and have longstanding relationships with a number of leading end users, giving them a competitive advantage.
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According to government mandates in North America, Europe, and the Asia-Pacific, the growing engine transition such as Euro VI, China VI, BSIII to BSIV electronics engine, BSVI engine increases the integration of electronic devices, sensors, communication devices, ABS, telematics devices, and other safety features. Thus, the growing application of connectivity and data transmission further increases the number of vehicles with wiring harnesses.
The use of active safety systems in vehicles minimizes accidents with the help of onboard sensors, radar, cameras, GPS, and lasers. Anti-lock braking systems (ABS), electronic stability control (ESC), electronic brake-force distribution (EBD), tire pressure monitoring systems (TPMS), lane departure warning systems (LDWS), automatic emergency braking (AEB), blind-spot detection (BSD), forward collision warning (FCW), and traction control systems are some of the common active safety systems used in vehicles.
The rise in demand for safety features would lead to integrating data transmission/electrical wiring in vehicles. As high-end features demand high-speed data transmission, optical cables with their ever-reducing cost, increased bandwidth, extremely high speed, long transmission distance, excellent reliability, and enhanced data security are likely to be used in network transmission and reception.
The growing demand for safety features such as Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Lane Departure Warning System (LDWS) is expected to increase the demand for electronic components in vehicles during the forecast period. The number of electronic components and data transmission wires is expected to increase the number of wiring harnesses in the vehicles. Thus, the number of advanced features in the vehicles is expected to increase the demand for the automotive wiring harness market during the forecast period.
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