Automotive Wiring Harness Market Share, Trends, Analysis, Report and Industry Forecast, 2017-2024

Automotive Wiring Harness Market some of major companies are Delphi Automotive, Leoni AG, Sumitomo Electric Industries, Yazaki Corporation, Lear Corporation, Furukawa Electric Company Ltd., THB Group, Samvardhana Motherson Group, Spark Minda, Nexans Autoelectric, Yura Corporation, Fujikura Ltd., PKC Group, Quingdao Sanyuan Group, Kyungship Corporation, and Kromberg & Schubert.

Increasing automobile production globally and rising demand for technologically superior electronic safety equipment in the vehicles are the major drivers of the automotive wiring harness market. Automobile production is driven by increasing demand for smart vehicles which reduces overall maintenance costs of vehicles.

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Complex wiring integration, raw material prices and lack of automation in wiring harness manufacturing process are restraining the industry growth. The failure of the system in terms of overheating or short circuit in extreme weather conditions such as snow & rain acts as a technical challenge for the manufacturers. System failure needs replacement of entire system which is the high cost affair thus restricting the adoption of automotive wiring harness.

The manufacturers of automotive wiring harness have potential growth opportunities owing to favorable government regulations in developing countries for automobile safety. Moreover, manufacturers are collaborating with local suppliers to develop high quality systems to address the system failure and augment the installation of advanced driver assistance systems in passenger vehicles.

Increasing demand for advanced driver assistance systems (ADAS) installations in vehicles and consumer preference for automotive electricals are further fueling the industry demand. Installing connectivity systems in cars for simplified and easy connection of electrical components will further support the industry growth.

Disposal of used metal wires in the harness further creates challenge for the manufacturers. The limited availability of copper creates need for recycling process for copper wires used in automotive connectivity systems. A luxury car contains approximately 1500 copper wires, which is about 1 mile in length. But recycling of wire is a complex process as it contains other materials such as insulation material, terminals, connectors, relays and other materials.

Based on the application of the product, the industry is classified as body, chassis, engine, HVAC and speed sensor harness. The chassis segment dominated the overall industry followed by body equipment segment. Speed sensor wiring harness is expected to have highest CAGR during the forecast period owing to rapid adoption of advanced driver assistance systems in the automobiles.

Based on type of electric vehicles, the industry is segmented as plug in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV) and battery electric vehicles (BEV). Electric vehicle segment is steadily growing and possess higher growth potential during the forecast period. This will create demand for wiring harness in electric vehicles to enhance its utility.

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North America and Europe will acquire considerable market share during the forecast period owing to high adoption of safety technologies in automobiles. However, these markets will come to maturity in terms of demand for the product as majority of the vehicles currently installed with technologically superior electronic and safety systems. Countries such as Canada and Mexico are experiencing economic stability owing to establishment of new vehicle assembly plants and expanding vehicle production capacity which will provide demand for the automotive wiring harness market.

Asia Pacific region will observe steady demand rise as automotive production is increasing in the major countries in the region. Increasing awareness of ADAS will accelerate the demand in the Asia Pacific. The major contributing countries in Asia Pacific such as India, China, South Korea and Brazil are experiencing shift in consumer preference for safety and high end electronics in vehicles thus creating opportunities for the OEMs in this region.

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SOURCE The Financial Consulting