The automotive wiring harness market size is predicted to be worth around US$ 79 billion by 2027, growing with a CAGR of 4.6% over forecast period 2020 to 2030.
OTTAWA, March 03, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Automotive Wiring Harness Market (By Type: Engine Harness, HVAC Wiring Harness, Chassis Wiring Harness, Body & Lighting Harness, Dashboard/Cabin Harness, Others; By Material: Metallic and Optical Fiber; By Propulsion Type: Electric Vehicle and IC Engine Vehicle; By Transmission Type: Electric Wiring and Data Transmission; By Vehicle Type: Commercial Vehicle and Passenger Vehicle; By Sales Channel: OEM and Aftermarket) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Wire harnesses combine wiring of several electronic and electrical devices into a single system. Thus, they benefit in signal transmission and powering up of many electrical and electronic devices. Automotive wire harnesses utilize a range of wire harnesses for the finest possible performance. They are employed to set up electrical circuits in automobiles and are intended to operate in extreme conditions efficiently. They are utilized in two wheelers, cars, three wheelers, commercial vehicles and utility vehicles. Harnesses are manufactured according the geometrical and electrical needs of automobiles, and then implanted in the engine, body, and chassis of that particular vehicles. Body wiring harnesses are implanted in door locks, dashboards, interior electrical components and power windows. Engine wiring harnesses are embedded inside lock breaking systems, fuel injection systems, cruise control systems, speed sensors. Chassis wiring consists of the main, rear and front harnesses.
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Escalating GDP and continuous technological advancements are prime influences stimulating the demand for automotive wiring harness worldwide. Adoption of electric cars such as mild hybrids is expected to grow substantially around the world during coming few years. This will indirectly spur the demand for high voltage wiring harness. Additionally, numerous government regulations and norms executed for vehicle safety are projected to lift the demand for automotive wiring harness. Safety regulations are considered to propel installation of safety devices in vehicles that require substantial usage of body wiring harness.
Demand for automotive wiring harnesses is directly proportionate to augmented manufacturing of different types of vehicles. Elevated disposable income, improved government initiatives including Make in India, and prevalent low labor cost in countries such India and China have augmented light commercial vehicles and of passenger cars manufacturing in different developing nations. This results in substantial demand for automotive wiring harnesses in these economies.
At present, automotive wiring harness market is concentrated on technology advancements including Ethernet cables and heat insulated wires. OEMs are stressing on the advanced automotive wiring harnesses development and to improve vehicles performance at finest level and to guarantee appropriate functioning of all electronic devices tailored in vehicles.
Globally, sale of higher voltage wires is projected to surge due to augmentation in the need for electric vehicles. Mild hybrid and 48V vehicles are estimated to achieve acceptance that offers lucrative prospect for the automotive wiring harness market.
Geographically, Asia Pacific emerged as extremely potential market for automotive wiring harness on account of prevailing awareness for incorporation of navigation and safety devices in vehicles those needs body wiring harness and different other kinds of wiring harness.
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Rising disposable income and augmented GDP in Asian economies is fuelling the growth of automotive market in this region. This supports the sale of automotive wiring harness, as current vehicles necessitate safety features and cutting-edge electronic devices. This will in turn pushes the sale for wires and cables to be employed in vehicles. In Asia Pacific, India has emerged asprime market for light vehicles followed by China. Additionally, favorable government norms executed for vehicle safety are anticipated to increase the demand for automotive wiring harness.Further, elevated automobile production, invention in terms of drive technologies, and flourishing acceptance of electric vehicles are expected to stimulate demand for automotive wiring harness in Europe. Escalating manufacturing facilities in Middle East and Africa, on account of low-cost labor force, is a vital factor urging the growth of automotive industry in regional market.
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Key Players & Strategies
Several players involved in the automotive wiring harness market are progressively concentrating on the design facets of the harness in accordance with electrical and geometrical necessities of a vehicle. The design of automotive wire harnesses is kept in the central database in order to rationalize the designing process in the near future. Some players such as Yazaki are adopting strategies of partnerships and expansions to preserve their prominent position in the automotive wiring harness market. Similarly, a Sumitomo electric industry is looking forward with partnerships as the crucial strategy to endure its position in the market.
The expansion strategy by key companies in emergent economies is projected to propel demand for automotive wiring harness. For example, MothersonSumi Systems, the flagship company of SamvardhanMotherson Group, is anticipated to unveil3 production facilities by 2020. The 2 new plants are situated in Madhya Pradesh (India). One of the plants at Pithampur will produce wires, a process of backward integration, and the other will fabricate wiring harness. The third plant is to be located in Chennai (India) for the purpose of other auto parts.
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