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 2023. 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 2023-2022. 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.
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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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 2023 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.