Global Automotive Wiring Harness Market is estimated to reach US$ 68.18 Bn by 2027 from US$ 47.08 Bn in 2018

Latest market study on “Automotive Wiring Harness Market to 2027 by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle); Type (Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and Others)– Global Analysis and Forecast”, The Automotive Wiring Harness Market is estimated to reach US$ 68.18 Bn by 2027 from US$ 47.08 Bn in 2018.

Increases are expected in all the major production regions, while the North America and Asia Pacific are likely to perform more dynamically than the European region. The output of vehicles with alternative drive technologies will again very much outpace the overall market. Double-digit rates of growth are expected in all regions, which adds up to a 51 percent global increase in output.

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The key companies operating in the field of automotive wiring harness that are profiled in the report include Sumitomo Electric, Lear Corporation, Delphi Automotive PLC (Aptiv), Yazaki Corporation, Furukawa Electric Co., Fujikura Automotive, Samvardhana Motherson Group, Leoni AG, Minda Spark, and Nexans among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.

Rapid rise in vehicular population as a result of rising disposable incomes

As per the automobile associations, the global vehicular population had crossed 1 billion mark in the year 2010 itself which was driven by the aggressive growth rates in India and China in that fiscal year. The rise in the sales of vehicles and in particular passenger cars can be attributed to the steady increase in the disposable incomes of consumers. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. This would drive the revenue prospects of automotive wiring harness market.

Advancement of technologies for display units, voice recognition systems and consumer electronics

Automobiles of today have evolved with large number of electronic integrations. The dashboard, infotainment systems, and head-up-display units in an automobile require large number of electronic components. As these electronic systems are becoming a common accessory, consumers and automakers have pushed the component suppliers for more innovations and integrations. Consumers demand for more intuitive technology, thus pushes automotive OEMs to look for best-in-class technology and features. Availability of large amounts of accessible content for entertainment and sources of information have left consumers demanding for more features integrated in the vehicle. These factors together would have a positive impact on the growth of automotive wiring harness market.

A steady progress in the development of autonomous vehicles is being witnessed with some of the renowned car manufacturers collaborating with the technology leaders for it to be conceptualized. Autonomous vehicles have evolved on the platform built by ADAS. Companies like Ford, General Motors, Nissan, Tesla, Mercedes, Honda and other major manufacturers have been investing billions of dollars in the research & development of these cars. Also, technology giants like Apple, IBM, and Intel have further collaborated with the leading auto manufacturers to remain competitive. In the next few years, it is anticipated that the autonomous cars would hit the roads and be commercialized. One of the key enabling technologies required in the autonomous vehicles is the presence of sensor fusion, whose function would be of integrating data from an array of sensors to make quick and appropriate decisions. Fusion sensor allows manufacturers to use inexpensive and less powerful sensors, and also save battery life of the car whereas provide maximum functionality.

Segment by Vehicle Type Insights

The global automotive wiring harness market by vehicle type has been segmented into passenger car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle (M&HCV). Wiring harness provides electrical as well as data connection within a vehicle. With the rise of advanced driver assistance systems such as Anti-lock Brake System (ABS), Electronic Brake Distribution (EBD), Lane-keep Assist, Traction Control, Electronic Stability Program (ESP), Adaptive Cruise Control, Automatic Braking, Automatic Parking and Blind Spot Detection (BSD) among others, the demand for data connectivity cables or harness is set to increase. TThe price variation of passenger vehicle wiring harness as compared with LCV and M&HCV is around 30% – 40% on the lower side. However, the sheer volume of the passenger vehicle production has negated the weightage of the LCV and M&HC wiring harness prices thus capturing a larger market share of the among the three vehicle types.

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