The
automotive industry is one of the fastest developing sectors at
present and is predicted to display substantial growth during the
forecast horizon. The global automotive wiring harness market is
currently focused on technological advancements such as ethernet
cables as well as insulated wires. For vehicles to function at the
ideal level and to establish proper performance of all the electronic
devices integrated in vehicles, OEMs are working on introducing
developed automotive wiring harnesses.
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Automotive
wiring harness constitutes as a vital part of any vehicle. It
oversees and ensures appropriate function of the vehicle and enables
it to operate smoothly without any problem. Automotive wiring
harnesses comprise cables, wires, connectors, ethernet cables, and
various other components that distribute power to all electronic
devices and components in a car, such as ignition, wipers, lights,
and others.The automotive wiring harness market was estimated at
US$45.40 billion in 2014, is expanding at an 8.6% CAGR between 2015
and 2021, and will reach US$80.50 billion by 2021.
In
terms of vehicle types, the global automotive wiring harness market
is segmented into light vehicles and heavy vehicles. The automotive
wiring harness market was dominated by light vehicles. Reasons such
as economical maintenance and improved fuel efficiency are expected
to bring about an increase in demand for light vehicles during the
forecast horizon. The light vehicles segment consist of LCV, LUV, and
passenger cars.Rise in GDP and disposable incomes in emerging nations
is fuelling the automotive market. This results in a rise in demand
for automotive wiring harnesses because of the requirement for
sophisticated electronic devices and safety features in modern
vehicles, which increases the demand for cables and wires for use in
vehicles.
Asia
Pacific the Most Appealing Market for Automotive Wiring Harness
Manufacturers
On
the basis of geography, the global automotive wiring harness market
has been segmented into four major regions: North America, Europe,
Asia Pacific, and Rest of World (RoW). Increase in utilization of
HVAC wiring harness and speed sensors wiring harness owing to
increased demand for premium vehicles, coupled with the expansion of
the upper middle class in Asia Pacific, is the key factor raising the
demand for automotive wiring harnesses.Developing countries such as
China and India manufacture a huge number of heavy vehicles as well
as light vehicles, which also stimulates the demand for automotive
wiring harnesses from Asia Pacific.
North
America trails Asia Pacific in terms of market attractiveness.
Dependable and robust wiring harnesses are in huge demand in the
North America automotive market. Nonetheless, the maximum market
share was represented by Europe in the global automotive wiring
harness market. A majority of the vehicles in Europe are assembled
with high-tech devices and cutting-edge electronic devices, which
entail utilization of body wiring harnesses.
The
key manufacturers operating in the global automotive wiring harness
market are Minda Automotive Solution, THB Group, Sumitomo Electric
Industries, Nexans Autoelectric, Delphi Automotive LLP, Leoni Ag,
Samvardhana Motherson Group, Furukawa Electric Co. Ltd , Lear
Corporation, and Yazaki Corporation.
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