Automotive Wiring Harness Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
Report ID: GMI1614
Automotive Wiring Harness Market size will expand at a healthy CAGR through 2026 on account of growing demand for integration of advanced electronic safety functions in automobiles. Manufacturers are shifting their focus on using technologically superior electric components in vehicle to provide standardized and high-quality safety systems to OEMs.
Automotive wiring harness refers to an assembly of cables that transmit signals during electrical applications. Wiring harnesses bring together the wiring of myriad electronic and electrical devices into a single system, thus helping signal transmission and powering of these devices. These systems are used in automobiles to set up electrical circuits, designed to maintain operational efficiency, even in harsh conditions.
Automotive companies employ various types of wire harnesses to ensure optimum vehicle performance, in cars, commercial vehicles, two wheelers, utility vehicles and three, wheelers, among others. Wiring harness designs vary as per the geometric and electrical requirements of different automobiles, and are usually embedded within the engine, chassis, or body of the vehicle.
A key trend stimulating the automotive wiring harness market outlook in recent years is the escalating integration of electronic devices into automobiles, to augment the safety features of the vehicles. Through the ubiquitous integration of automotive electronic systems, producers have been able to bring about improvements in fuel efficiency, driving performance as well as the safety and comfort of riders and drivers alike. Most modern vehicles are equipped with numerous electronic systems, because of consistent innovation in automotive technologies.
Given the rapid transition of auto mechanisms from mechanical to electronic systems, these automotive electronics are quickly becoming the core of automobile architecture. Digitalization is providing wire harness makers the tools they need to adapt to an increasingly dynamic industrial landscape. Solution partners such as Capital, for instance, are offering integrated software portfolios to facilitate the complete flow of wiring harness engineering and production, from development to production.
Burgeoning popularity of sensors, including automated steering control systems and blind spot detection systems are projected to present lucrative opportunities for market expansion. These sensors are integrated extensively in technologically superior vehicles, to reinforce safety systems, infotainment systems, lighting systems and battery systems, among others.
Chassis wiring harness systems are also gaining vast prominence in the auto industry, owing to their wide application scope in components such as headlamps, fuel flaps, turn indicators, fog lamps and infotainment systems, among others.
The automotive wiring harness industry is strengthened by the presence of strong entities such as Sumitomo Electric Industries, Quingdao Sanyuan Group, Delphi Automotive (now Aptiv), Furukawa Electric Company Ltd., PKC Group (Motherson Sumi Systems), Kromberg & Schubert, Fujikura Ltd., THB Group (AmWINS Group, Inc.), Leoni AG, , Lear Corporation, Nexans Autoelectric, Spark Minda, Kyungship Corporation, Yazaki Corporation, Yura Corporation and Samvardhana Motherson Group.
Favorable automotive safety regulations implemented by governments across emerging economies are creating a lucrative atmosphere for the growth of these automotive wiring harness manufacturers. Furthermore, the industry players are undertaking several strategic initiatives such as collaborations with locals suppliers, to augment their position in the global automotive wiring harness market space.
For instance, Indian auto component producer Elconconnectors Cables has recently inked a joint venture with the PT Askara Internal and PT Banshu Group from Indonesia, to develop and manufacture wiring harnesses for the Indian market.
Even as the COVID-19 continues its rampage across the globe, the auto industry has seen the impact of the crisis evolve from a drastic supply hit to a rapid decline in global demand. It is estimated that automotive sales in the US, China and European markets may witness as much as 14-22% decrease in the year 2020, as a direct consequence of the ongoing pandemic.
However, despite the uncertainty surrounding the true and long-term impact of the crisis, several organizations are planning and developing various contingency plans to help them navigate through this turbulent phase. Furthermore, with industry dynamics evolving to a great extent, the market, in addition to other facets of the auto industry, is adapting to the paradigm change or “new normal” that is likely to prevail in the post-pandemic era, by investing heavily in risk mitigation techniques such as digitization in manufacturing and production operations.
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