Posted On: 2021-05-24
Mexico wire harness market witnessed steady growth in recent years – 6Wresearch.
The Mexico wire harness market grew at a steady rate in recent years, owing to the opening up of several new IT and automobile manufacturing facilities in the central region of Mexico. Wire harness manufacturing in Mexico encompasses automobiles, airplanes, household appliances, and other types of electrical items. With advancing technology, wire harness manufacturing in Mexico will be more intricate, and the country's leadership in the production of this key component will continue to grow.
According to 6Wresearch, the Mexico Wire Harness Market size is projected to grow at a CAGR of 1.7% during 2021-2027F. A prominent position held by Mexico in the industry over the decades, the automotive manufacturing is a sector of the economy with a bright future. With the advent of artificial intelligence, the automobile parts and components required to achieve electric based autonomous driving and mobility will have to be manufactured. Mexico will be a major player in producing these items and will continue to lead the way through increased manufacturing wire harness in the country.
According to Navneet Aggarwal, Senior Research Analyst, 6Wresearch, "North and central regions of Mexico are the vital revenue generating regions in the overall wire harness market driven by the ongoing transportation infrastructural development growing investment in the pharmaceuticals and automobile manufacturing industries. However, the ongoing COVID-19 pandemic has adversely affected industries, especially manufacturing, oil & gas, textiles units, and the subsequent shutdown across various, leading to the decline of the Mexico wire harness in the year 2020. However, as economic activity is expected to close to normal in the near future, the market is expected to recover in the coming years."
According to Monis Raees, Research Associate, 6Wresearch, "Projects such as industrial parks, tech-parks, residential & commercial projects, Trans-isthumus project is expected to fuel the demand for wire harness components installation across aerospace, industrial and power & energy sectors over the coming years. Moreover, numerous automobile brands are planning to invest in Mexico to start producing Electric vehicles. For instance, Ford released a statement to invest in their Mexican facility to install assembly line to manufacture Mustang Mach-E, such project is expected to trigger the demand for wire harness in the years to come."
"Automotive sector is not the only industry driving up demand for wire harness manufacturing in Mexico. The demand for newer generation aircraft and the subsequent need for the electrical wiring harness and custom cable assemblies. In addition, the growing market demand for medical devices is driving the demand for wire harness. For example, recently, Nortech Systems developed a new facility in Monterrey to increase its ability to produce wire harnesses and cable assemblies for industrial and medical end users." Monis concluded.
Mexico Wire Harness Market (2021-2027F) report provides an in-depth analysis with 12 figures and 12 tables, covered in 100 pages. The Mexico Wire Harness market report comprehensively covers the market by components, application, and region. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities, high growth areas, and market drivers, which will help stakeholders to plan and adapt their market strategies with greater market force in the current and future markets.