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Automotive Wiring Harness Market for Electric vehicle segment is steadily growing and possess higher growth potential during the forecast period

Author : Ronak Bora | Published Date : 2019-03-28 

North America and Europe will acquire considerable automotive wiring harness 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.

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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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.

Based on components used, the industry is divided in to copper, aluminum and other materials. Aluminum segment is expected to dominate the market as use of aluminum results in weight reduction of the harness system. The manufacturers are using aluminum to develop light weight wiring harness systems which reduces the overall vehicle weight and decrease in carbon dioxide emission.

On the basis of vehicle type, the automotive wiring harness market is divided in to light weight vehicles and heavy vehicles. The high volume of production in light weight vehicles will support the adoption of wiring harness equipment in the light vehicles.

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. Although companies such as Toyota are developing new technology recycling process to reuse the copper, it is not sufficient measure to reduce the demand supply gap of materials.

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Based on the application of the product, the automotive wiring harness market 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.

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.

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The major companies in the automotive wiring harness market 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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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