December 14, 2022 10:00 AM ET |Source: GreyViews GreyViews
Pune India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Automotive wiring harness market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive wiring harness market are present across various countries in the above-mentioned regions. Automotive Electrical Wire Connectors
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the material, propulsion, vehicle, application and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automotive wiring harness market are Quingdao Sanyuan Group, Samvardhana Motherson Group, Delphi Automotive , Furukawa Electric Company Ltd, Sumitomo Electric Industries, Kromberg & Schubert, Fujikura Ltd, Leoni AG, PKC Group (Motherson Sumi Systems) among others. To achieve a substantial market share in the worldwide aluminium foil packing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A wiring harness is an orderly network of wires, terminals, and connectors that runs throughout the vehicle and transmits power and data. Wire harnesses are essential for connecting a wide range of components. As automobile technology advances, an increasing number of its component parts require electronics to meet other requirements. Wiring harnesses have been shown to significantly contribute to the development and success of vehicle manufacturers all over the world. Wiring harnesses, which are composed of closely spaced wires and data circuits, make up the brain of a car. Numerous electrical systems in cars ensure safety, carry out essential tasks (including moving, turning, and stopping), and provide comfort and convenience. To function, these devices require electrical power from the battery and control signals. The wire harness of the vehicle is used to transmit both these signals and electrical power. The engine, body, dashboard, chassis, and other parts of the car are all connected via the automotive cable harness. It is made to conform to vehicle dimensional specifications. Connectors, Ethernet cables, and wires from automotive wiring loom kits are used to power all electrical components and devices, such as wipers, the ignition, and lights. Since wires are what power the electrical components of the car, the wiring harness is crucial to the smooth operation of the entire electrical system.
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Scope of Automotive wiring harness market report
The aluminium segment is expected to be the fastest-growing segment in 2021.
The Material segment includes Copper, Aluminum, and Others. The aluminium segment is expected to witness the highest growth rate during the forecast period. Aluminum is expected to grow quickly throughout the forecast period as it quickly replaces heavier copper conductors in the automotive wire harness industry. What gives it its weight-saving properties is its capacity to decrease total weight and permit vehicle electrification, which can improve fuel efficiency. Aluminium is a great copper alternative material.
The electric vehicles segment is expected to be the fastest-growing segment in 2021.
The Propulsion segment includes ICE Vehicles and Electric Vehicles. The electric vehicles segment is expected to witness the highest growth rate during the forecast period. The electric vehicle category is likely to grow more swiftly during the forecast period. The reasons for this increase include increased government incentives, falling battery prices, and expanding charging infrastructure. As the use of electric vehicles across the globe rises, certain wire and cable producers are investing a lot in increasing their manufacturing capacity to keep up with the mounting demand. For instance, LS Cable and System said in September 2020 that it has begun manufacturing aluminium wires in significant quantities for electric vehicles. The company also mentioned that it built a facility in Korea exclusively for the production of aluminium wire. Hyundai and Kia Motors are only two of the well-known automakers that the company supplies with aluminium wires.
The passenger cars segment is expected to be the fastest-growing segment in 2021.
The Vehicle segment includes Passenger Cars and Light Commercial Vehicles. The passenger cars segment is expected to witness the highest growth rate during the forecast period. The market was dominated by the passenger car segment, which will grow at a faster CAGR than other segments. This is because passenger automobiles are the most frequently produced vehicles, which raises demand in this market segment. It is the largest car segment in terms of sales. according to Statista. The rise of the segment may be attributed to the increased global sales of passenger vehicles, which are directly influencing the segment's growth.
The chassis harness segment is expected to be the fastest-growing segment in 2021.
The Application segment includes Engine Harness, Chassis Harness, Battery Harness, Airbag Harness, Seat Harness, Door Harness, and Others. The chassis harness segment is expected to witness the highest growth rate during the forecast period. The wiring for the chassis is made up of the front, rear, and main harnesses. The headlights, entertainment systems, turn indicators, and fuel flaps are among the chassis parts that belong to the vehicle wire harness.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive wiring harness include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
Germany Automotive wiring harness market size was valued at USD 16.38 billion in 2021 and is expected to reach USD 24.29 billion by 2029, at a CAGR of 5.3% from 2022 to 2029. Germany is recognised for its technological innovations and substantial R&D expenditures. Germany is also recognised for offering top-notch auto facilities. This and the above-mentioned factors are expected to drive the German automotive wire harness market.
China Automotive wiring harness’s market size was valued at USD 29.78 billion in 2021 and is expected to reach USD 43.50 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. The world's largest market for automotive wire harnesses is in China. China accounted for almost 30% of global vehicle manufacturing in 2018, producing more automobiles than the entire European Union.
India's Automotive wiring harness market size was valued at USD 5.96 billion in 2021 and is expected to reach USD 9.32 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. The quick technological development of India is advantageous for the automotive wire harness industry there. Additionally, surveys show that India has the seventh-largest global automobile market. This illustrates the untapped market's potential in India. As a result, the Indian market has drawn several foreign investors, making India a strong competitor. The Indian market for automotive wire harnesses appears to have a bright future as more automakers focus on building battery-powered vehicles. Covid-19 Impact Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by rising trend toward integrating cutting-edge technology to enhance driving enjoyment and vehicle performance.
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