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.
- Automotive wiring harness demand is driven by healthy demand from automotive production in countries such as Germany, China, Japan and France. Investments to reduce CO2 emission and increase passenger safety are propelling demand
- Leading automotive wiring harness manufacturers are focused on developing technologically advanced harnesses to improve safety and reduce downtime
- Increasing preference of end users towards use of efficiently operating vehicles with advanced HVAC wiring harness systems, sensors wiring harness and chassis wiring harness is expected to fuel the market growth during the forecast period
- East Asia and Europe is expected to lead the market in terms of market share owing to prevalence of major automotive wiring harness companies in the Germany and China. Furthermore, thriving development in the automotive industry in European countries such as U.K., France etc. results in substantial growth rate for the Automotive Wiring Harness demand growth