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The wire harness market is expected to grow from US$ 88,639.39 million in 2022 to US$ 129,995.33 million by 2028
It is estimated to grow at a CAGR of 6. 6% from 2022 to 2028. European technological advancement has made Europe a highly competitive market. The region is one of the most prominent users and suppliers of wire harnesses globally, as the continent holds strong automotive and telecom sectors.
New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Material, and End User" - https://www.reportlinker.com/p06316350/?utm_source=GNW
Europe houses major commercial vehicle producing and selling countries, such as Germany, France, and others. According to the ACEA report, 9.9 million passenger cars were manufactured in the European Union in 2021, down 7.7% from 2020.
Furthermore, the region is also represented by automakers, such as Navistar, PACCAR, BMW and Freightliner (Daimler), Toyota, Volvo, and General Motors.Governments of European countries are also taking the initiative to develop the automotive sector, such as Zero Emission by 2050, which will drive the adoption of electric vehicles over the next few years.
In addition, increasing investment in upgrading traditional grids and existing electrical infrastructure to reduce ongoing T & D losses will drive the wire harness market. Similarly, rising demand for consumer electronics with increased adoption of mobile phones, headphones, and laptops will strengthen the business outlook for the region during the forecast period.
However, the European wire harness market is going through a substantial change owing to the Russia Ukraine War.Automakers, such as Volkswagen, BMW, and Porsche, are struggling to procure essential wiring harnesses.
Western Ukraine suppliers have been shut down due to the Russian invasion, and production has ceased at German car factories.The production of the parts needed to organize miles of vehicle wiring has hit suppliers such as Leoni, Fujijura, and Nexans.
However, some companies are starting to manufacture wire harnesses in-house.For instance, Skoda manufactures wire harnesses in-house due to a wartime shortage in Ukraine.
The company assembles wire harnesses for a small station wagon, Fabia, at its factory in Muradah Boreslav near Prague. Production of wire harnesses for Octavia, Kodiaq, Karoq, and Suburb models is scheduled to begin in August 2022.
The use of appliances is increasing in several industries, such as food & beverages and agriculture.In food & beverages, appliances, such as vending machines, refrigerators, brewing machines, and electric ovens are most used.
The wire harness is a highly demanded vending machine.The superior quality wire harness increases productivity levels.
Many electronic manufacturers are including wire harnesses due to their rising demand.
Wire harness market players, such as HELUKABLE, Powersonic, and Marsh Electronics, are offering wire harnesses for the food & beverages industry.Further, wire harnesses for the agriculture industry are used in the harvester tractors, water pumps, disc harrows, and various other agricultural equipment.
Companies, such as Car Manufacturing Company, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment.
Moreover, due to rising technologies, electronic equipment manufacturers are producing a variety of equipment.For instance, in April 2022, the world’s first burger vending machine was launched in New Jersey.
This RoboBurger cooks burgers without human assistance. Such equipment functions with the help of wire harnesses, and with the increase in demand for such appliances, the wire harness market is rapidly growing.
Market players are implementing various strategies to expand their regional footprints. For instance, in March 2021, Cypress Industries, manufacturers of custom wire harnesses, announced the construction of its new production facility for wire harness and cable assembly in India.
COVID-19 Impact on Europe Wire Harness Market Size
Many European countries partially closed their borders and implemented drastic measures on imports and exports of goods.These measures caused a decline in the production volumes in various industries and hampered Europe’s wire harness market share in 2020.
The COVID-19 pandemic severely affected the operations of electronics and semiconductor manufacturers, including wire harness market players, as they continued their operations with limited workforces.This, in turn, adversely impacted the product deliveries in 2020.
Due to the sudden COVID-19 outbreak and subsequent lockdowns across Europe, the semiconductor industry witnessed significant changes in the past year.Furthermore, constraints and nationwide lockdowns brought on by the pandemic in Europe continue to impair the supply chains of semiconductor manufacturing facilities.
Despite industries starting their operation in the region in 2021, the wire harness market is at a loss in 2022 as the region is still struggling for semiconductor components, which is expected to continue indefinitely.
Companies profiled in the wire harness market analysis are DRÄXLMAIER Group; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation. Wire harness market players are following both organic and inorganic growth strategies to sustain the competitive edge. For instance, in May 2022, Leoni AG sold its Business Group Automotive Cable Solution (BG AM) to STARK Corporation. This step allows Leoni to focus more on its wiring systems business. Such initiatives by key players will contribute to the wire harness market growth during the forecast period.
The overall wire harness market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the wire harness market.
The process also serves the purpose of obtaining an overview and forecast of the wire harness market size with respect to all market segments.Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights.
The participants typically involved in the wire harness market study include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the wire harness market.
Read the full report: https://www.reportlinker.com/p06316350/?utm_source=GNW
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