Automotive Wiring Harness Market increasing with Boom Opportunities in Upcoming Years

Posted on 2019-07-29 by P&S Intelligence in Automotive // 0 Comments

Automotive Wiring Harness Market

The global automotive wiring harness market is growing, due to increase in demand for electronics and safety features in passenger car, technological advancement in automotive wiring harness system, and growing demand for electric vehicles. Additionally, the increase in overall vehicle production and legislation mandating automotive safety technology are also supporting the growth of the market. Wiring harness for alternate energy vehicles and growing automotive safety norms in developing countries are some of the factors providing ample growth opportunities for the global automotive wiring harness market. Some of the factors restraining the growth of the market are maintenance issues related with automotive wiring harness, and their high cost.

The automobile sector is growing, especially in Middle East & Africa, due to increasing government support in form of tax exemptions and fiscal incentives in free zones of the region. In Japan, the small car segment of the automotive industry is growing, which is supporting the growth of the automotive wiring harness market. Additionally, the adoption of module, demand for car digitalization and connectivity, and platform strategies adopted by key passenger car manufacturers, such as Volkswagen and General Motors are supporting the growth of the market. Due to strict government regulations for reducing harmful fuel emissions, the demand for hybrid and electric vehicles is increasing. Moreover, the motorization trend has substantially improved the economy of the countries in Asia-Pacific, especially China, which is resulting in the growth of automotive industry, thus leading to increased demand for automotive wiring harness.

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Among all the vehicle types, the commercial vehicle and passenger vehicle holds more than three-fourth share of the global market. Additionally, the hybrid vehicle category is expected to lose its share in the coming years, due to higher cost as compared to other vehicle types. Among all the products, the chassis wiring harness is expected to lead the global market in the coming years. The Original equipment manufacturers (OEMs) are focusing to design a light weight and compact wiring harness, which occupies less space in the interfacing of electronics and electrical devices of the vehicle. The global market of automotive wiring harness is also growing due to the increasing need of protection against abrasions and vibrations, compact wiring, and simplicity of operation in managing different electronic devices.

Some of the competitors in the market are Lear Corporation, Furukawa Electric Co. Ltd., Samvardhana Motherson Group, Nexans Autoelectric GmbH, Sumitomo Electric Industries Ltd., YAZAKI Corporation, THB Group Ltd., and Delphi Automotive LLP.

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