Global Automotive Secondary Wiring Harness Market Report Information by Application (Cabin, Door Harness, Engine, Electronic Parking Brakes, Airbag Harness, and Electronic Gear Shift System), by Vehicle Type (ICE and EV), by Region- Forecast till 2023
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Market Scenario:
A wiring harness is a structured set of wires, terminals and connectors, which run throughout the vehicle and relay information and electric power. Technologies such as advanced infotainment system and safety and security system have augmented the instances of assembling secondary wiring harnesses in a vehicle.
Several factors aid the growth of the global automotive secondary wiring harness market, the primary being an increase in electric vehicle production to trigger the demand. In recent years, the sales of electric vehicle sales in North America have increased significantly. Thus, with many of these vehicles being assembled in U.S., federal and state incentives also play a major role in boosting EV sales, making EVs more affordable. For instance, in May 2017, the U.S. Department of Energy estimated that refueling the average EV cost the equivalent of gasoline priced at only USD 1.17 per gallon, roughly half the price of gasoline. According to IEA, China was by far the largest electric car market, accounting for more than 40% of global sales of electric cars and more than double the amount sold in U.S in 2016.
Of late, the demand for electric vehicle products is rising rapidly. These products have a wide voltage range (from low voltage to high voltage) and require a special set of wires for operation. Across the globe, the manufacturers of wiring harness systems are focusing on the development of secondary wiring harness systems to support high technology systems such as infotainment systems, lighting systems, electronic brakes, and connectivity technology. Secondly, growing complexities of on-board electronics is also expected to foster the growth of the market. With increased emphasis on safety of passengers, comfort, and the rising incidences of vehicle customization there is a rising need for automotive wiring harness. However, the high cost of wiring harness is hindering the growth of the global automotive wiring harness market. Despite the increase in the price of wires and cables, manufacturers need to upgrade their wiring systems due to the increased competition. Automotive wiring harness for electric and hybrid vehicles has a higher cost as these vehicles require comparatively high voltage wiring harness assembly. The global automotive secondary wiring harness market is expected to expand with a CAGR of approx. 11% (2018 to 2023).
Automotive Secondary Wiring Harness Market by Segmentation:
On the basis of application, the market is segmented as cabin, door harness, engine, electronic parking brakes, airbag harness, and electronic gear shift system. In 2016, the cabin harness segment has accounted for the highest share by application type in the global automotive secondary wiring harness market.
Based on regions, the automotive secondary wiring harness market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to lead the market demand in the automotive secondary wiring harness. The large population in this region coupled with a rising middle class causes the automotive sales in this region to rise continuously. As a result, boosting the demand for automotive secondary wiring harness market.
In Europe, Germany is estimated to dominate the market during the forecast period. The country is considered one of the technology hubs of automotive industry, globally, coupled with presence of established players in the region.
Key Players
The key players in automotive secondary wiring harness market are Sumitomo Electric Industries, Ltd. (Japan), Lear Corporation. (US), Aptiv PLC (UK), Yazaki Corporation. (Japan), and Furukawa Electric Co., Ltd. (Japan), Nexans (France), Samvardhana Motherson Group. (India), Leoni AG (Germany), THB Group. (China) and Spark Minda, Ashok Minda Group (India) are amongst the other important players in this market.
The report for Global Automotive Secondary Wiring Harness Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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