Market Trends of Construction Machinery Wiring Harness Industry
This section covers the major market trends shaping the Construction Machinery Wiring Harness Market according to our research experts:
Electrification of Construction Equipment
An increase in construction activities across the globe has resulted in increased consumption of diesel. Although diesel has high energy content compared to gasoline its combustion releases dangerous exhausts into the environment. Governments and pollution regulatory bodies across the globe have established norms and regulations that require diesel engines to produce almost negligible NOx and SOx emissions. This has opened the doors for OEMs to switch to hybrid and completely electric vehicles in the future. Electric construction equipment is not only zero-emission machines but also produces very less heat, noise, and vibrations.
Electric construction equipments use fewer parts compared to diesel equipment and use of electricity brings down the total cost of operations both for rental company and customer. Many key construction equipment manufacturers across the globe have launched their electric construction equipments. Pon Equipments and Caterpillar have jointly created a 323F electric excavator that has an operational time of 7 hours in a single battery charge. A 1000-volt charge can fully charge 323F in just 90 minutes.
Telematics in a construction machinery assists in numerous ways such as CO2 emission tracking, geofencing and path tracking that assists driver to stick to pre-determined routes and paths for maximum efficiency, telematics mapping and providing report on the condition of equipment for timely service and maintenance of equipment. OEMs are now providing telematics in small construction machinery as well. The growth in construction machinery telematics market is expected to drive the demand for construction machinery wiring harness.
Asia-Pacific is expected to dominate the Global Market
Asia Pacific countries exhibit the fastest economic growth rates in the entire world. The Asia-Pacific region is expected to be a major market propelling the global construction industry, with augmenting construction activities in countries, such as India, China, and ASEAN countries.
India is investing a huge amount of money in its ambitious smart city project and development of Special Economic Zones and National Investment and Manufacturing zones. India is also investing in setting up renewable energy generation centers like windmill farms and solar parks. This will surely give a boost to the growth and development of the construction industry. India's ambitious programs such as make in India are creating an environment for domestic component manufacturers to ramp up the production and export. This factor is expected to drive the market growth in India.
Ongoing mega projects in China needs a lot of machinery and materials to be displaced from one part of the country to the other. Projects like Tianhuangping hydroelectric project, South North water transfer project, and Beijing airport are some of the many projects that will deploy a large number of construction equipment and thus, it will drive the market growth for construction machinery wiring harness.
