ID: MRFR/AM/1778-CRR | June, 2018 | Region: Global | 111 pages | Cooked Research Reports
Global Automotive Wiring Harness Market Research Report By Material Type (Copper, Aluminum and Others), By Component Type (Wires, Connectors and Terminals), By Application (Engine, HVAC, Body, Chassis, Sensors, Others), By Vehicle Type (Passenger Vehicle and Commercial Vehicle)
The global automotive wiring harness market is anticipated to reach USD 93,074.4 million by 2023, as per a new detailed report by Market Research Future (MRFR). It is expected to exhibit a 6.35% CAGR during the assessment period (2017-2023). Developments in semiconductor technology to reduce the number of units and weight of cars is anticipated to drive market growth. Increasing demand for cars by consumers for travelling purposes is projected to bolster market demand over the forecast period.
Automotive wiring harness comprise an array of wires, terminals, and connectors which relay electrical signals between vehicle components. The wiring harness protects wires and cables from moisture, abrasion, vibrations, and other external influences. Benefits of integrating harnesses include low probability of electrical shortage, reduced installation time, improved fuel efficiency, and superior performance. In addition, integration of advanced driver assistance systems and infotainment systems in cars is touted to drive market demand in the coming years.
Improved purchasing parity of consumers coupled with increasing demand for latest systems is anticipated to influence the market. Policies to reduce greenhouse gas emissions and fluctuating fuel prices can spur demand for automotive wiring harness. Demand for electric vehicles is anticipated to create growth opportunities for the market.
This report allows the user to gain a deeper understanding of the ongoing events and trends in the global market for automotive wiring harness. By correlating the historical data with key market dynamics, analysts were able to make highly accurate projections in the report. MRFR’s report includes a thorough segmental analysis of the global automotive wiring harness market segmented by material type, component type, application, vehicle type, and region with astute insights. This report has been prepared to assist industry participants in making informed decisions on growth strategies and operation management. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
By material type, the automotive wiring harness market has been segmented into copper, aluminum, and others. By component type, the market is segmented into wires, connectors, and terminals. Based on application, the market has been segmented into engine, chassis, sensors, body, heating, ventilation, and air conditioning (HVAC), and others. By vehicles, the market covers trends on passenger and commercial vehicles.
The segments and sub-segments covered in the report are analyzed under four major regions –North America, Europe, Asia Pacific, and the Middle East and Africa, with respective country-level market sizing. For the scope of research, the standard definition of the product/ service “automotive wiring harness” is included in the report. The report discusses and interprets the current and future opportunities of the industry delivering an unbiased growth assessment.
Lear Corporation (U.S.), Sumitomo Electric Industries Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), PKC Group (Finland), YAZAKI Corporation (Japan), Fujikura Ltd. (Japan), THB Group (China), Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.), Leoni AG (Germany), Motherson Sumi Systems (India), and others are prominent players in the automotive wiring harness market.
The report offers comprehensive profiles on these market players and assesses their current standing in the automotive wiring harness market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, M&A activities, and latest R&D initiatives are outlined in the report.
Market Research Future (MRFR) uses a combination of primary and secondary research to compile market reports. Primary data is accumulated from interviewing industry stalwarts and secondary research is collated by studying white papers and annual reports of leading players. Our analysts use top-down and bottom-up approaches to validate the findings of the report. The report consists of news, current trends, and future prospects related to the market, all of which can provide a thorough understanding of the market to clients. Industry leaders can make accurate business decisions based on our insights.
For the scope of research, the report offers a comprehensive analysis of the global automotive wiring harness market
The global automotive wiring harness market is anticipated to reach a valuation of USD 93,074.4 million by 2023, expanding at a 6.35% CAGR during the assessment period (2018-2023). High sales of cars is the primary factor driving the market. Focus on automotive manufacturers in developing nations and complexities in on-board electronics are anticipated to spur market growth during the forecast period. Integration of advanced driver assistance systems (ADAS) and infotainment systems in cars is predicted to provide growth opportunities for players.
Automotive wiring harness is a unit comprising of bundled wires and data circuits which acts a conduit between all electrical components of an automotive. The unit protects wires and cables from abrasion, moisture, and other external influences. Rise in disposable income levels of consumers is expected to play a major role in market demand in the coming years. Increasing emphasis on passenger comfort and safety is touted to play a developmental role in the market.
The automotive wiring harness market has been segmented by material type, component type, application, vehicle type, and region. By material type, the market is segmented into copper, aluminum, and others. The copper segment is expected to generate significant market revenue by 2023 owing to highly regarded properties of coating adherence, finish, resistivity, and high tensile strength.
By component type, the market is segmented into wires, connectors, and terminals. The wires segment is projected to grow at a 6.43% CAGR over the forecast period. Wires play a pivotal role in relaying electrical signals to various vehicle components. They are used to power meters, engine lights, navigation systems, power windows and doors, etc.
On the basis of application, the market has been segmented into body, engine, sensors, chassis, heating, ventilation, and air conditioning (HVAC), and others. The engine segment is projected to exhibit a 6.61% CAGR during the forecast period owing to the engine being at the nexus of control of all vehicle components.
By vehicle type, the market is segmented into passenger and commercial vehicles. The passenger vehicle segment had accounted for a large market share in 2016. It can command a respectable CAGR during the forecast period owing to demand for passenger cars by consumers with disposable incomes.
On the basis of regions, the global automotive wiring harness market has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The APAC market is deemed to grow at a 6.79% CAGR over the forecast period. Presence of various automobile manufacturing units in China and India are expected to spur market growth. Increased production of passenger and commercial vehicles is anticipated to bolster market demand in the coming years.
The North America market accounted for a large market share owing to the U.S. Demand for latest vehicles integrated with the latest technology is expected to bode well for the market. Development of connected vehicles and self-driving vehicles is projected to present new opportunities for local players.
The Europe automotive wiring harness market is expected to exhibit a remarkable CAGR owing to presence of commendable automobile manufacturers in the U.K. and Germany. Fiats outlined by regulatory agencies with respect to percentage of pollutants to be emitted is anticipated to lead to rapid adoption of wiring harnesses. In addition, sales of electric vehicles and hybrid electric vehicles can influence market demand in the coming years.
PKC Group(Finland), Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.), Furukawa Electric Co., Ltd. (Japan), YAZAKI Corporation (Japan), Fujikura Ltd. (Japan), Sumitomo Electric Industries Ltd. (Japan), Leoni AG (Germany), Motherson Sumi Systems (India), Lear Corporation (U.S.), THB Group (China), and others are some of the noteworthy players in the automotive wiring harness market. Acquisitions and new product launches are strategies employed by players to gain a larger share in the market. Stringent policies undertaken by regulatory agencies to reduce carbon emissions is expected to bolster market demand in the coming years.
Automotive Wiring Harness market are coming up with various strategies to stand in the competition
In competitive landscape, the report covers the growth strategies adopted by the companies between 2015 and 2017. The key players adopted various strategies to retain and/or expand their market share.
Sumitomo Electric Industries Ltd. is one of the major player, holding the top position in the global automotive wiring harness market. The company is a global provider of products related to automotive electronics, info-communications, industrial materials and environment and energy. In the automotive segment, the company provides wiring harnesses, anti-vibration rubber products, and other automotive parts. The major focus of the company is on new growth in the current business field, investment in integrated business field, and expansion of customer fields.
Delphi Automotive Plc. is an automotive company, based in the U.K. The company designs and manufactures vehicle components, and provides electrical, electronic, and safety technology solutions to the automotive and commercial vehicle markets worldwide. The Signal and Power Solutions division designs, manufactures, and assembles vehicle’s electrical architecture, including engineered component products, connectors, wiring assemblies and harnesses, cable management, electrical centers, and hybrid high voltage and safety distribution systems. It operates 126 major manufacturing facilities and 15 major technical centers across the globe. It has offices in 46 countries, which is focused on developing market relevant products and solutions for customers. The company’s major focus is on increasing its manufacturing footprint in Asian markets, including China, and establishing strong business relationships with Asian automotive manufacturers.
Lear Corporation is headquartered in the U.S. and engaged in the manufacturing of seating assemblies and other components for automotive and aircraft industries. The company operates in 39 countries and has had 18 major acquisitions across the globe. Lear has more than 143 manufacturing facilities in 22 low-cost countries. It serves all of the world’s major automotive manufacturers across businesses and various component categories in both, seating and E-Systems segments. The company’s strategy is to invest in the growth of the business, improve long-term competitiveness, and consistently return cash to shareholders, while maintaining a strong and flexible financial position.
Leoni AG, a German company, has two major business segments namely, wiring systems, and wire & cable solutions. The wiring systems division provides complete wiring systems and customized cable harnesses for the motor vehicle industry. Its products and services comprise cable harnesses, integrated wiring systems, high-voltage wiring systems for hybrid and electric vehicles, energy distribution components, and special connectors and related services. The compan has more than 86,000 employees in 31 countries.
The other major players operating in this market, who have adopted these strategies are Fujikura Ltd (Japan), PKC Group (Finland), Motherson Sumi Systems (India), Furukawa Electric Co., Ltd. (Japan) and THB Group (China).