How Demand of Wire Harness and Cable Assembly Market has Increased

Demand in Food & Beverages Industry

The low cost wire harness used in vending machine is in high demand in the food and beverages industry. Customized cable assemblies and wire harnesses are increasing productivity levels in the food sector. Many large and medium players who are involved in the manufacturing of electronic parts are increasing their production capabilities to manufacture reliable, durable and safe wire harnesses for food service machinery and equipment. New and innovative wiring assemblies are bolstering the growth of the wire harness market, which is predicted to reach a valuation of US$ 191 billion by the end of the year 2030.

The demand for wire harness and cable assembly has increased comparatively in the applications in the food service business. These harnesses are being extensively used in heating or warming equipment, mixers, slicers and many more equipment. “The number and variety of companies with products and services developed specifically for the wire harness industry has grown exponentially that did not exist even a few years ago”, says Loren M. Smith, CEO, Blue Valley Capital.

Increasing Surge in Automotive Industry

Automotive industry keeps evolving with time and created stable revenue stream for companies in the wire harness market. Majority of companies offer 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. Experts say that this type of wiring is growing popular in various lighting and entertainment systems. Generally, the vehicles which are without a towing package are probably not equipped with the trailer wiring connector. Therefore, manufacturers are increasing the availability for customised wiring harnesses. “Proactive government regulations and growth in development of autonomous vehicles are anticipated to pave the way for multiple opportunities for wire harness and cable assembly market across the globe”, says Aldo Kamper, CEO, Leoni.

Useful in Medical Devices

Wire harnesses have become customary in virtually all end use cases such as in mechanical lifts, medical equipment, devices, and consumer technology. Lately, players in the wire harness market have started 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 fuelling the demand for wire harness solutions. As healthcare is one of the most critical industries worldwide, wire harness and cable 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.

How’s the Future of Wire Harness Market

Manufacturers across the globe are planning to capitalize on this necessity and thus are focusing on providing quick and reliable data transmission solutions with high speed cable assemblies. Also, players in the wire harness market are increasing research and development in breakthrough technologies pertaining to bioscience in order to gain a competitive edge. These factors are expected to further provide potential opportunities for the growth of the cable assembly market in the forthcoming years.