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(IT-NEWSWIRE.COM, March 26, 2020 ) Market Overview
• The Global Automotive Wiring Harness Market is expected to grow at a CAGR of 14% during the forecasting period (2019-2026).
• The rise in electric vehicle demand all around the world due to the favorable government policies is the major factor for the rise in the automotive wiring harness market.
• A wiring harness is an organized set of wires, terminals, and connectors that run throughout the entire vehicle and relay information and electric power, thereby playing a critical role in “connecting” a variety of components. Power and information travel through this network much like the circulatory and central nervous systems of the human body.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Automotive Wiring Harness market. The global Automotive Wiring Harness market has been segmented based on Region, Vehicle Type, Component, and Application.
Download free sample: https://www.datamintelligence.com/download-sample/automotive-wiring-harness-market
Market Dynamics
• The global Automotive Wiring Harness market growth is primarily driven by the rise in electric vehicle sales all around the world owing to the favorable government policies to reduce pollution by switching to electric vehicles. According to International Energy Agency (IEA), in 2017, more than one Billion EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share.
• However, the high maintenance cost due to the rusting problem of the metal that will hinder the growth of the Automotive Wiring Harness market for the forecast period. Another reason is the availability of the alternate connectors better than harness. For instance, Panasonic has commercialized a connector with a unique structure that allows direct connection between an automotive FPC (flexible printed circuit) and the board. This connector eliminates the need for wire harnesses previously needed for connection.
Market Segment Analysis
• By Component, the global Automotive Wiring Harness market is segmented into Electric Wire, Connectors, Terminals, and Others. Terminals have the dominant share in the Component segment and are expected to retain its dominance in the forecast period. However, the rise in the transportation industry due to the growing number of travelers will boost the Automotive Wiring Harness industry. Rising advancement in the technology of the automobile industry such as self-driving is asking for more complex wire harnessing will drive the market for the terminals. However, the connectors will grow with higher CAGR due to the adoption of various safety systems such as airbags, anti-lock braking system (ABS), and others which use connectors.
• By Vehicle Type, the global Automotive Wiring Harness market is segmented into Two Wheelers, Passenger Cars, and Commercial Vehicles. Passenger Cars have the dominant position in the Automotive Wiring Harness Vehicle type segment and is expected to retain its dominance in the forecasted period due to the large demand and sales of the passenger cars all around the world. Moreover, the rise in demand for electric passenger cars is also boosting the market for the following period. However, the rising pollution is creating demand for commercial electric vehicles which will boost the market of wiring harness for the commercial vehicle segment in the forecast period.
Regional Analysis
• By geography, the global Automotive Wiring Harness Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• Asia-Pacific holds the largest market share for Automotive Wiring Harness Market due to the increasing sales of passenger cars in the region. The major contributor to the market share in China, Japan, and India. The rise in sales of passenger cars in the region is having direct impact on the automotive wiring harness market.
• Europe is after Asia-Pacific in terms of market share in the global Automotive Wiring Harness market, due to rise in the production and sales of the commercial vehicles in the region. Germany, Spain, and France are having large sales in commercial vehicles. With the growing need for various features such as HVAC and other safety systems in the commercial vehicles will be boosting the market for the wiring harness market for the forecast period.
Competitive Analysis
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Automotive Wiring Harness Market is a fragmented market with the presence of various global and regional players in the market. The major players include Delphi Automotive LLP, Furukawa Electric Co. Ltd, Sumitomo Electric Industries Ltd., Lear Corporation, and THB Group. Other key players in the market include SPARK MINDA, Samvardhana Motherson Group, Nexans Auto electric, Yazaki Corporation, and Yura Corporation.
• In July 2019, A new way of wiring a car has been revealed by electric carmaker Tesla that may greatly improve production time of upcoming models such as the Model Y and its all-electric Tesla ute. By using the new wiring system as published in a new patent, the EV maker also hopes to avoid the type of issues it faced when it tried to automate production of the Model 3.
• In February 2019, Aurangabad-headquartered Dhoot Transmission, the second-largest wiring harness manufacturer in two-wheeler segment in the country, has acquired San Electromec, Bengaluru-based iconic brand in wire harness and control panel in of highway and railway sector to enhance its portfolio, especially in railways, defense, construction, and specialty vehicle segments.
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pr@datamintelligence.com
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