Positive Economic Conditions amidst Ongoing COVID-19 Crisis Provide Business Opportunities
Virtual events and webinars are being conducted to discuss how the COVID-19 (coronavirus) crisis has caused an impact on the wire harness market. According to the Wire Harness Manufacturer’s Association, vehicle sales have been affected during April and May. However, it is estimated that vehicles sales will show improvement and stabilize by the first quarter of 2024. As such, companies in the wire harness market are diversifying their supply chains for electronics and computers since their sales are relatively good.
A historic decline in the U.S. GDP (Gross Domestic Product) is anticipated to offset revenue losses of the current year by 2024-2022. Wire harness manufacturers are handling different COVID-19 requirements such as reduced staffing, closing facilities, and safety rules, among others. They are having an overall positive outcome for the economic conditions of the wire harness business.
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Bioscience Technologies Help Wire Harness Manufacturers Gain Competitive Edge
The low cost vending machine wiring harness is in high demand in the food industry. Custom cable assemblies and wire harnesses are increasing productivity levels in the food sector. Electronic parts supplier in North Washington, Supreme Cable Technology Inc., is increasing its production capabilities to manufacture reliable, durable, and safe wire harnesses for food service machinery and equipment. Innovative wiring assemblies are bolstering the growth of the wire harness market, which is predicted to reach a valuation of US$ 191 Bn by the end of 2030.
Demanding applications in the food service business have triggered the demand for wiring harness solutions. These harnesses are being extensively used in heating/warming equipment, mixers, slicers, and the likes. Companies in the wire harness market are increasing R&D in breakthrough technologies pertaining to bioscience in order to gain a competitive edge.
Vehicle-to-Trailer Wiring Eliminates Issues of Loosing Battery Charge
The ever-increasing automotive industry is creating stable revenue streams for companies in the wire harness market. However, common symptoms of bad wiring harness involve loosing battery charge quickly and frequently. Hence, companies in the wire harness market are offering vehicle-to-trailer wiring, which consists of a simple, plug-and-play electrical device that eliminates the need for splicing, cutting, and soldering during installation. This type of wiring is growing popular in various lighting and entertainment systems.
Vehicles without a towing package are probably not equipped with a trailer wiring connector. Hence, manufacturers are increasing the availability for custom wiring harnesses. SourceTech411— an information platform for gadgets, batteries, and personal devices is increasing awareness about custom wiring harnesses that can be easily plugged into a vehicle’s power system.
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Preference for Adaptable and Biocompatible Wire Harnesses in Healthcare Equipment
Wire harnesses have become customary in virtually all end-use cases such as in mechanical lifts, medical equipment & devices, and consumer technology. Companies in the wire harness market are innovating in solutions that adapt to varying degrees of high and low intensity applications of electronic medical equipment and instruments. The healthcare industry is creating stable revenue streams for companies in the wire harness market due to an alarmingly high prevalence of diabetes and cardiovascular diseases amongst individuals. As such, medical devices and instruments are subject to heavy usage, which is ultimately fueling the demand for wire harness solutions.
Healthcare is one of the most critical industries worldwide. Wire harness assemblies need to be adaptable, durable, and biocompatible in order to meet demanding needs of medical professionals. Defibrillators and radiological equipment need to function without failures.
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Analysts’ Viewpoint
The ongoing COVID-19 crisis has led to a sharp contraction in the global wire and cable demand, owing to reduced industrial activity, fixed investment, and private consumption. Hence, manufacturers should diversify their supply chains in electronics and medical equipment applications to shift focus from declining automotive sales. However, issues with wire harnesses such as poor wire harness layout and shoddy labeling are emerging as a challenge for manufacturers. In order to overcome these issues, manufacturers should increase the availability of custom wiring solutions to meet demanding applications of end users. Companies in the wire harness market should adhere to long time industry norms and staples in order to boost their credibility credentials.
Wire Harness Market: Overview
- According to Transparency Market Research’s latest research report on the global wire harness market for the historical period 2018–2019 and the forecast period 2024–2030, usage of wire harness in automotive and telecommunication sectors and increasing application of wire harness in consumer electronics are factors expected to boost the global wire harness market during the forecast period
- In terms of revenue, the global wire harness market is estimated to exceed value of US$ 191 Bn by 2030, expanding at a CAGR of ~6% throughout the forecast period
Growing Demand from End-use Industries: A Key Driver
- Powering automotive, medical devices, aerospace, and electronics manufacturing industries worldwide have created a robust foundation for wire harness manufacturers. Considering the demand from the automotive industry alone, the rising electronics and electrical complexity in vehicles today has been a key driver for the wire harness market. New generation vehicles, at times contain more than 150 pounds of wiring, which subsequently results in application of thousands of wire harnesses in a single vehicle.
- Although the first half of 2024 was overshadowed by COVID-19 lockdowns causing unprecedented decline in monthly vehicle sales from February onward; however, in the near future, growth in demand for electric vehicles is projected to continue to drive the global wire harness market
Advent of Factory Automation, Automated Manufacturing, and Production Technology to Generate Growth Opportunities
- Transformation and automation in manufacturing and production technologies have resulted in increased production capacity across all industries, including wire harness manufacturers. The wire management products landscape foresees an optimal growth opportunity in terms of innovating and improving the products.
- Technological advancements in various segments have resulted in electrification of several conventional products, thus snowballing the demand for electrical components and wire management products. Burgeoning complexity of electronic devices and automation is expected to widen the growth opportunity for players across the wire harness value chain.
Lack of Harmony of Standardized Products: Key Restraint of Wire Harness Market
- Wire management products are crucial to maintain functionality and safety in a wide range of applications. Unfortunately, wire management products have been overly complicated by their base standards, which include various regional standards from the Association of Standardization and Certification (ANCE), the CSA Group (formerly the Canadian Standards Association), International Electrotechnical Commission (IEC), and Underwriters Laboratories (UL).
- Consumers of wire management products have not had a consistent benchmark of performance and quality due to this complexity, often resulting in unexpected total business costs. The industry is being served by varying benchmarks for compliance testing and certification, as standards for wire management products are not harmonized.
Impact of COVID-19 on Global Market
- The overall production and supply of wire harness products were hampered due to the outbreak of the COVID-19. However, it has generated immense opportunities for suppliers or retailers to expand their sales channels and increase the overall profitability of their business.
- Companies are working with local governments to reach lockdown places and provide their product to distributors. India and China are expected to be key markets post the COVID-19 scenario. However, this market in Asia Pacific and Europe is expected to witness higher growth as a result of increasing demand for wire harness products in the automotive segment.
Wire Harness Market: Competition Landscape
- Detailed profiles of providers of wire harnesses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global wire harness market are
- Aptiv Plc
- Fujikura Ltd.
- Furukawa Electric Co.
- Lear Corp
- LEONI AG
- THB Group
- Yazaki Corporation
- Sumitomo Electric Industries Ltd.
- Motherson Group
- AmWINS Group Inc.
Wire Harness Market: Key Developments
- Key providers of wire harnesses, such as Aptiv Plc, Fujikura Ltd. Furukawa Electric Co., Lear Corp., and LEONI AG are focusing on the production of quality wire harnesses to attract more customers. Some other key developments in the global wire harness market are highlighted below:
- In July 2024, LEONI developed two new cables for the industrial data transmission standard Single Pair Ethernet (SPE), which can be used in drag chain and torsion applications
- In July 2024, LEONI AG with its business units Automation & Drives, and Tailor-Made Products was one of 39 companies participating in the DC-INDUSTRY 2 research project
- In October 2019, Lear Corp established a magnet wire joint venture with Superior Essex and transferred heavy magnet wire to the joint venture
- In the global wire harness market report, we have discussed individual strategies, followed by company profiles of providers of wire harnesses. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global wire harness market.
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