Automotive Wiring Harness Market to Grow with Rising Production of Premium Passenger Cars
Automotive wiring harness forms an integral part of any vehicle. It provides proper functioning of a vehicle and enables it to run smoothly without any trouble. Automotive wiring harness consists of wires, cables, ethernet cables, connectors and other components which transmit power to each and every electronic device and electrical components like lights, ignition, wipers and others devices. The ignition, power delivery and the overall performance of the vehicle depends on the wiring harness and the wires transfers’ current to the engine which leads to engine starting. Moreover the entire electrical system depends on wiring harness as the wires acts as a connector for all electrical operation of a vehicle. Automotive wiring harness is one of the main components as it handles the overall current flow across all the components of a vehicle including its wipers, lights, electronic devices and other electrical components. The reasons for substantial growth in demand for automobiles are the increase in adoption of new technologies used in vehicles and stable financial condition in the countries of Asia Pacific
New and flexible wires are being fitted in wiring harness setup for better current delivery. Automotive wires are being manufactured to withstand more heat and handle current flow to a large number of equipment fitted in a vehicle. Moreover, new wire connectors and cables are equipped with better insulation and bent-proof technology to ensure better lifespan of automobile wires under extreme conditions. Thus, the use of newer technology in automotive wiring harness is a key driver of the market globally. The global automotive wiring harness market is growing at a steady pace due to increase in demand for automobiles across the globe. The demand for more performance-oriented vehicles, which depends largely on the electrical components, is driving the market for automotive wiring harness. Upgrade from basic passenger cars to premium segment vehicles is another factor driving the markets in Asia Pacific and Rest of the World as these vehicles uses a complex setup of cables, wires, and wiring connectors. Increase in disposable income and steady growth in the global economy is also propelling the demand for automotive wiring harness market globally. Huge investments in research and development are required to keep companies up-to-date with the latest technologies in the wiring harness market. Therefore, the companies need to develop new products, use the latest technology, and adhere to different norms laid down by governments in order to keep going in this industry.
An Essential Component in Vehicle i,e. Automotive Wiring Harness: http://bit.ly/2awN8hC
The most attractive market for automotive wiring harness is Asia-Pacific. Increase in use of speed sensors wiring harness and HVAC wiring harness due to more demands of premium vehicles along with the rise of upper middle class in the Asia Pacific region are the major factors increasing the demand for automotive wiring harness market. Infrastructural development in the Asia-Pacific is also driving the automotive wiring harness market as it increases the demand for heavy vehicles which requires technologically upgraded automobile wires and cables with heat insulation. Moreover, emerging countries such as India and China manufacture a large number of both heavy vehicles and light vehicles in the Asia Pacific region which also drives the demand for automotive wiring harness. Asia Pacific is followed by North America from the market attractiveness point of view. Reliable, high-quality, and powerful wiring harnesses are in great demand in the North America automotive market. The wiring harness market in North America generates most of its revenue from sales in the comfort and luxury automobile segment. Majority of vehicles in North America are equipped with safety features and high end devices due to strict Government norms in the automobile sector. However, Europe held the maximum market share for automotive wiring harness. Most of the vehicles in Europe is equipped with high tech devices and advanced electronic devices which require the usage of body wiring harness. Moreover the Europe market is dominated by premium automobile manufacturers producing premium cars. These vehicles have a very high top speed and require speed sensors for optimum performance. This creates demand for speed sensors wiring harness.
Light vehicles dominated the market share of the automotive wiring harness market followed by heavy vehicles. Due to low maintenance and better fuel combustion, the light vehicles are expected to increase during the forecast period. Moreover, the light vehicles segment includes passenger cars, LCV and LUV. Increase in GDP and high consumption expenditure in Asia Pacific is driving the automotive market. This results in increased demand for automotive wiring harness as modern vehicles require safety features and advanced electronic devices which increases the demand for wires and cables used in vehicles. India is the prime market for light vehicles in Asia Pacific followed by China. In addition, government norms and regulations implemented for vehicle safety are expected to increase demand for the automotive wiring harness as the safety regulations will increase installation of safety devices in vehicles which requires usage of body wiring harness.
THB Group, Minda Automotive Solution, Nexans Autoelectric, Leoni Ag, Delphi Automotive LLP, Samvardhana Motherson Group, Sumitomo Electric Industries, Yazaki Corporation, Furukawa Electric Co. Ltd and Lear Corporation are among some of the key players in the automotive wiring harness market.