Automotive wiring harness systems play a vital role in vehicle connectivity and operations. They comprise of bundles of wires or cables that transmit signals or power throughout a vehicle. Wiring harness find extensive applications for engine management systems, climate control systems, airbags, entertainment systems, seat functions and other electronic controls. Automotive wire harnesses provide protection against electrical shorts, electromagnetic interference and damage. They comprise protective sheaths, insulation layers and connectors. Advancements in automotive electronics, telematics and connectivity solutions have been driving greater integration of electronic control units in vehicles. This has augmented the demand for high-quality wiring harnesses to support increased data transmission and power requirements in modern automobiles.
The Global Automotive Wiring Harness Market is estimated to be valued at US$ 66.24 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2031.
Key players operating in the Automotive Wiring Harness market are Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv
PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc.
Key Takeaways
Key players analysis: Key players operating in the Automotive Wiring Harness are Sumitomo
Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation,
Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc.
Growing demand:
The growing advancements in vehicle electrification, connectivity, and autonomous driving technologies are expected to drive greater incorporation of electronic control units in automobiles, boosting the Automotive Wiring Harness Market share investing heavily in expanding their manufacturing footprint in major automotive manufacturing hubs to cater to the growing needs of OEMs globally and gain access to international markets.
Market Key Trends
The growing popularity of lightweight wiring harnesses made from materials like thermoplastics and engineering polymers, to reduce the overall weight of vehicles, is a key trend. Automotive wires are also moving from traditional copper cables to aluminum conductors which provide weight savings. Adoption of lighter weight wiring solutions helps in meeting stringent fuel efficiency standards.
Porter's Analysis
Threat of new entrants: The automotive wiring harness market requires high R&D investment, technology and manufacturing capabilities which pose as a entry barrier for new players.
Bargaining power of buyers: Original equipment manufacturers control a major part of the wiring harness production for vehicles. This gives them higher negotiating power over suppliers.
Bargaining power of suppliers: The industry is dominated by few giant players who supply to global automakers, giving them an advantage in pricing negotiations.
Threat of new substitutes: There are no cost-effective substitutes for automotive wiring harnesses currently.
Competitive rivalry: The market is consolidated with top 5 players accounting for over 50% share. Intense competition exists in areas of technology, quality, reliability and pricing.
Geographical Regions
Automotive Wiring Harness Market Regions Analysis shows that Asia Pacific accounts for around 40% of the global market value, driven by high vehicle production in China, India, Japan, and South Korea.
North America region is projected to witness fastest CAGR during the forecast period. Due to rising electrification of vehicles and increasing auto sales led by the US market, wiring harness consumption is increasing in the region at a rapid pace to integrate advanced driverassistance and connectivity features in new cars.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137)
