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The automotive industry is undergoing a transformation, and one key aspect influencing the automotive wiring harness market is the growing number of cars, particularly in the Asia Pacific region. The European Automobile Manufacturers Association has reported a steady increase in the average age of vehicles since 2012, indicating their longer lifespan and higher sales of new cars. According to LMC Automotive, over half of the new car and light truck sales in 2013 were in emerging markets. China, a significant player with a 13% share in global car and light truck sales, had 83 million registrations by 2012, showcasing substantial growth potential. As of 2016, emerging markets and developing economies, including China, accounted for 23% of global car production, reaching 50% by 2013. This trend suggests that emerging nations will soon contribute more than half of the world's car production.
The surge in new vehicle registrations extends beyond China to other emerging markets like South East Asia and India, making these regions crucial for the automotive wiring harness market. While much technological development occurs in western economies, its impact trickles down to the manufacturing potential in emerging nations. This shift is expected to favor the automotive wiring harness market in the coming years.
In conclusion, the automotive wiring harness market is poised for growth, driven by the increasing number of vehicles, especially in emerging markets like Asia Pacific, and the ongoing technological advancements that influence these regions. Manufacturers in the automotive wiring harness sector are presented with lucrative opportunities in these evolving economies. As the automotive industry experiences a shift towards emerging nations, the wiring harness market is expected to benefit from this trend in the foreseeable future.
The worldwide automotive wiring harness market boasts prominent companies in the automotive components sector. The strong presence of these established players creates challenges for new entrants, mainly due to the significant capital needed to enter the market. Additionally, the rapidly evolving landscape of the automotive industry demands substantial investments in research and development.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Application and Vehicle Type |
Automotive Secondary Wiring Harness Market Highlights:
Automotive Secondary Wiring Harness Market Overview
The Automotive Secondary Wiring Harness Market is projected to grow from USD 3200.2 Mn in 2021 to USD 6787.56 Mn by 2032, exhibiting a compound annual growth rate (CAGR) 10.2% during the forecast period (2023 - 2032).
The wiring harness is the wires, connectors & terminals that spread throughout the vehicle and offer electrical power and information. The wiring harness in a vehicle plays a crucial role in the smooth operation of the vehicle. With the help of this, the vehicle can send, receive the sensor signals and supply power to the system.
The various components include speed sensors, air conditioning, heating, ventilation, electrical devices, and other electrical features. In the Automotive Secondary Wiring Harness industry, the wires are designed to give their required length using a special wire-cutting machine. With the help of a special machine, the wires get printed while the cutting process goes on a different machine. After the end of the process, the exposed metal is fixed on the required connector housings. All the cables are clamped and assemble onto a pin board. After the fitting process, it is directly fitted on the vehicles shipped to different locations.
There is substantial demand for the automotive industry for the past few decades, and it has propelled the market size. The global market growth is due to the high demand for advanced features added to the vehicles. High competition among car manufacturers to produce cars with great design, electronic gadgets, and safety features, is driving the market size of Automotive Secondary Wiring Harness. Automotive Secondary Wiring Harness has provided effective solutions to many problems in the automotive sectors, and that's why the market trends are expected to grow a lot more in the forecast period.
Automotive Secondary Wiring Harness Market Covid-19 analysis
In 2019, a virus named corona started spreading all over Wuhan city, china. In just a few months, it was all over the world. Due to the rapid spread of coronavirus, the world economy was down, and the businesses were going through a massive downfall. The government declared lockdown guidelines and social distancing to reduce the spread of the virus. Many business sectors were highly affected by it, but the automotive sector faced a massive loss. The production of cars was on halt because of the shutdown and shortage of laborers.
Apart from that, travel restrictions had a harmful impact on the automotive market as well. Many people lost their jobs, and they were going through a financial crisis and due to this, their purchasing power was low. All the factors affected the automotive sectors, and due to this, the market growth declined. As Wiring Harness is highly is used in the automotive sector, the lack of production of vehicles impacted the global market trends. The key market players were trying their best to keep the demand stable, and it is expected that the market will see a positive result after the post-Covid situation.
Automotive Secondary Wiring Harness Market Competitive landscape
The major key players in the Automotive Secondary Wiring Harness market are
- Aptiv PLC (UK),
- Yazaki Corporation. (Japan)
- Furukawa Electric Co., Ltd. (Japan)
- THB Group (China)
- Spark Minda, Nexans (France),
- Samvardhana Motherson Group. (India),
- Leoni AG (Germany),
- Sumitomo Electric Industries, Ltd. (Japan),
- Lear Corporation. (US)
- Ashok Minda Group (India)
Among these key players is Yazaki Corporation. (Japan) contribute highly in the market.
Automotive Secondary Wiring Harness Market Recent development
The Automotive Secondary Wiring Harness market was valued at 43.3 billion in 2019, and it is all set to register a CAGR of 11% in the forecast period.
Automotive Secondary Wiring Harness Market dynamics
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Major Drivers
Various factors play a huge part in driving the demand of the market. One of the major factors is the huge demand for advanced and safe cars. Wiring Harness offers various safety features and also electronic gadgets. The demand for advanced cars with great design is increasing among car manufacturers. As a result, it is propelling the Automotive Secondary Wiring Harness market growth. Compared to the traditional wiring methods, the wiring harness offers reliable and secured connections and improves the vehicles' fuel capacity. Population growth is also a major factor. With population growth, the demand for vehicles will also grow significantly. According to the Green Mobility report by the World Bank, 1.2 vehicles were on the road by 2020 and are increasing rapidly.
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Opportunities
Automotive Secondary Wiring Harness systems provide better fuel consumption ability. Due to this, the government is taking the initiative to increase its use. The fuel need will be lower by decreasing the emissions of harmful chemicals into the environment. And it will generate opportunities for the Automotive Secondary Wiring Harness industry.
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Restraints
In some regions with critical climate conditions such as heavy rain and snowfall, the wring system shows heating and short circuit problems. A small problem in the wiring can lead to the replacement of the entire system. The high-cost replacement and the technical problems in some regions are restraining the Automotive Secondary Wiring Harness market growth.
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Challenges
With the increasing need for advanced vehicles, the manufacturer of the wiring system has to produce a better wiring system. The lack of manufacturers in underdeveloped regions is a major challenge for the Automotive Secondary Wiring Harness industry. The key players in the market are trying their best to overcome all these challenges and boost the Automotive Secondary Wiring Harness market.
Automotive Secondary Wiring Harness Market Cumulative growth analysis
A wiring harness is used in the electronic brakes, infotainment systems, connectivity technology, and lighting systems. The wide application of wiring systems will drive the market growth. The market is expected to grow with a healthy CAGR of 11% in the market's forecast period.
Automotive Secondary Wiring Harness Market segmentation
The Automotive Secondary Wiring Harness market is segmented based on application, vehicle type, and electric vehicle type.
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Automotive Secondary Wiring Harness Market By application
Based on application, the market is further divided into door harness, cabin, electronic brakes, airbag harness, engine, and electronic gear shifting. The cabin segment was responsible for the highest market share in 2016.
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Automotive Secondary Wiring Harness Market By vehicle type
Based on vehicle type, the market is segmented into two-wheelers, commercial vehicles, and commercial vehicles. Among these, commercial vehicles hold the highest market share. Passenger vehicles are expected to reach 1.5 billion in revenue by the year 2026.
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Automotive Secondary Wiring Harness Market By electric vehicles
The global market is divided into BEV, PHEC, and HEV based on electric vehicles. HEV holds the highest market share, but BEV is likely to take over in the future. BEVs can work in multiple environments, and it is expected to grow rapidly in the forecast period. In 2018 BEVs accounted for a 26% share in the market, and it will grow to 58% by 2027.
Automotive Secondary Wiring Harness Market Regional analysis
The major regions in the Automotive Secondary Wiring Harness market are Asia-pacific, North America, Europe, and the rest of the world. Among these regions, Asia- the pacific will witness rapid growth due to the increasing demand for the luxury car market in this region. China is producing highly advanced and luxury cars like Maserati and Lamborghini, and they saw huge growth in sales in 2016. Due to this, other regions in Asia-pacific like India and Japan have increased their car production over the past five years. Many big car brands have established their market in the Asia-Pacific region. Due to this, the demand for cars in this region is increasing. As a result, it is driving the demand of the market.
North America is also a strong region in the market due to the economic development and the presence of key big market players. The security system in the passenger cars has become extremely important, and due to that, the Automotive Secondary Wiring Harness market will have huge growth in all the regions. The European region also witnesses huge demand in the market due to big luxury car manufacturers.
Automotive Secondary Wiring Harness Market Report Overview
This global Automotive Secondary Wiring Harness market report is based on the qualitative and quantitative analysis of the market. This report highlights the Automotive Secondary Wiring Harness on the market overviews, covid-19 analysis, market dynamics, and market analysis. This market also highlights the data about regional analysis, competitive landscape, and recent market development.
Automotive Secondary Wiring Harness Market Segmental table
Global Automotive Secondary Wiring Harness market,
Automotive Secondary Wiring Harness Market by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Secondary Wiring Harness Market Electric Vehicle Type:
- BEV
- PHEC
- HEV
Automotive Secondary Wiring Harness Market Application Type:
- Cabin
- Door Harness
- Engine Harness
- Airbag Harness
- Electronic Gear Shift System
- Electronic Parking Brakes
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