The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Automotive floor harness Market: Introduction
Automotive floor harness is also known as the body harness, a harness set that is applied to vehicles to serve various applications. The automotive floor harness set will mostly be the wire to wire type of connection and relative function will include radio and din cable contact areas, black sonar system, telephone with navigation connection, speaker use link, HDMI video and others. The weight of automotive wiring harness is increasing year by year owing to the newly added functions in the vehicle. In recent years, environmental friendly products have gained significant traction. This includes high-voltage wiring harness systems for electric vehicles (EVs) and hybrid electric vehicles (HEVs) and weight-saving wiring harness systems designed to improve fuel efficiency. As a result, aluminum wiring harness is gaining more popularity, which support the overall weight reduction target of a vehicle. This also results in improvement in fuel efficiency and the CO2 emission. The prominent manufacturer involved in the manufacturing of automotive floor harness are laying particular emphasis on the aftermarket services, in order to gain a competitive edge in the domestic as well as global market
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Automotive floor harness Market: Segmentation
Globally, the Automotive Floor Harness market can be segmented on the basis of vehicle type, component type, and sales channel
Based on the vehicle type, the Automotive Floor Harness market can be segmented into
- Passenger Vehicles
- Compact
- Midsize
- Luxury
- SUV
- Commercial Vehicles
- LCV (Light Commercial Vehicles)
- HCV (Heavy Commercial Vehicles)
Based on the component type, the Automotive Floor Harness market can be segmented into,
- Wires
- Connector
- Terminals
Based on the sales channel, the Automotive Floor Harness market can be segmented into,
- OEM
- Aftermarket
Automotive floor harness Market: Dynamics
Automotive floor harness market is driven by the significant growth of automotive industry owing to several technological advancement witness recently. In addition, technological advanced featured implemented in the vehicle such as ADAS (Advanced Driver Assistance System), electric brake, and others, is resulting in increasing demand for wiring harness, in particular automotive floor harness. Increasing adoption of electric vehicles in developed as well as in the emerging economies is also considered to be one of the key factor fueling the demand for automotive floor harness across the globe. Increasing penetration of electric vehicles in emerging economies, is expected to create noteworthy opportunities in the global automotive floor harness market.
Carmakers are focusing in designing vehicles with various safety features and electronic gadgets. In the comparison with the conventional wiring methods, automotive floor harness provides reliable and secure connection, among such features. In addition, deployment of such automotive floor harness increases the fuel economy of the vehicle and satisfies the ongoing government regulations regarding fuel usage and carbon emission.
However, in the regions where climatic conditions are extreme, such as snow and rain, there is chances of short circuit or overheating of the automotive floor harness, which in turns results in high cost of replacement. The aforementioned factor is considered to be a key restraining factor in the automotive floor harness market growth.
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Automotive floor harness Market: Regional Outlook
Automotive floor harness market is anticipated to lead by Asia Pacific, owing to increase in the demand of premium vehicles and growing middle class population. The other factor which is expected to drive the automotive floor harness market in this region is the increasing demand of technological advanced features in the vehicle, such as speed sensor, ADAS and others. Europe is anticipated to witness substantial growth in the automotive floor harness market, due to steadily growing automotive industry and increasing stringent government regulations on the fuel consumption and carbon emission. North America region with large automotive fleet is considered to be a significant market for the automotive floor harness system and is expected to witness a robust growth, owing to relatively higher adoption rate of advanced features in vehicle and growing emphasis on the safety features of the vehicles. Latin America and Middle East and Africa regions, with low automotive production, is expected to witness moderate growth in the automotive floor harness marker.
Automotive floor harness Market: Market Participants
Some of the key player involved in the automotive floor harness market include
- Delphi Automotive LLP
- Sumitomo Electric Industries, Ltd.
- Furukawa Electric Co. Ltd.
- SPARK MINDA
- Lear Corporation
- Samvardhana Motherson Group
- Yazaki Corporation
- Nexans Autoelectric
- Yura Corporation
- QINGDAO SANYUAN GROUP
The research report presents a comprehensive assessment of the Automotive Floor Harness market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Automotive Floor Harness market segments such as component, type, application, end-user and region, etc.
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Persistence Market Research’s proactive approach identifies early innovation opportunities for clients in the global automotive sector. Our insights on next-generation automotive technologies such as connected cars, automotive emissions control, vehicle-to-vehicle (V2V), autonomous cars, electric and hybrid vehicles, and augmented reality dashboards ensure clients stay at the forefront of innovation.
Our competencies go beyond regular market research to deliver tailored solutions in an industry marked with increasing environment regulations, evolving consumer preferences, and a shifting landscape of emerging markets.
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