Automotive Wiring Harness Market Size, Outlook, Forecast By 2021 – 2028

      

DataM Intelligence2

Market Overview
The Global Automotive Wiring Harness Market is predicted to reach a high CAGR of 14% during the forecast period (2021-2028).

(ProNewsReport Editorial):- Amherst, New York Nov 9, 2021 (Issuewire.com) – Market Overview

The Global Automotive Wiring Harness Market is predicted to reach a high CAGR of 14% during the forecast period (2021-2028).

A wiring harness is a combination of wires, terminals, and connectors that covers the entire vehicle. They transfer information and electric power to different parts of the vehicle like the circulatory system and respiratory system of the human body. The increase in the sales of electric vehicles all over the world is driving the market of automotive wiring harnesses.

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Market Dynamics

The major factors driving the Global Automotive Wiring Harness Market are the increasing sales of passenger cars and commercial vehicles in different parts of the world. The increase in the sales of electric vehicles in countries such as Norway, Sweden, Netherlands etc is also driving the market growth for automotive wiring harnesses.

The increasing sales of passenger cars and commercial vehicles are driving the market growth for the automotive wiring harness

The increase in sales of passenger cars and commercial vehicles in different parts of the world is driving the market growth for automotive wiring harnesses. According to the report by the International Organization of motor vehicles manufacturers (OICA), the Asia-Pacific countries like China, Japan, the USA, Germany, India and France were ranked 1, 2, 3, 4,  5, 6 with 20.17 million, 3.8 million, 3.4 million, 2.9 million, 2.433 million and 1.65 million respectively passengers cars sold in 2020 and number of passengers cars sold in China, USA, Japan, India, France and South Korea were 21.4 million, 4.7 million, 4.3 million, 2.9 million, 2.214 million and 1.497 million respectively in 2019. The number of passenger cars sold in the world was 63.7 million in 2019 and 53.5 million in 2020. According to the International Organization of Motor Vehicle Manufacturer’s report car sales dropped in 2020 by 13.8% in comparison to 2019. According to the report by the International Organization of motor vehicles manufacturers (OICA), the total number of commercial vehicles sold in the world reduced from 26.69 million in 2019 to 24.37 million in 2020. The USA, China, Canada, Japan and India were ranked 1, 2, 3, 4, 5 in terms of sales of commercial vehicles with a total of 11.1 million, 5.1 million, 1.2 million, 0.78 million and 0.505 million units sold in 2020 and a total of 12.3 million, 4.3 million, 1.44 million, 0.89 million and 0.85 million units sold in 2019.

The increasing demand for electric vehicles in several parts of the world is driving the market growth for automotive wiring harness

The demand for electric vehicles is increasing in several countries of the world due to government policies to reduce pollution and even countries are focussing to remove the dependency on petrol and diesel as there is a monopoly of several oil-producing countries which according to their interests and profits produce more or less crude oil which affects the price of crude oil and in turn affecting the citizens of oil-importing countries like due to the less supply and more demand issue the current price of petrol and diesel is above INR 100 and INR 85 respectively in several states of India. According to the report, the number of electric vehicles sold increased by 39% in 2020 with 3.1 million units sold and the share of electric vehicles sold among the sales of passenger cars increased to 4.5% in 2020. This increase sales of electric vehicles are driving the market growth of automotive

wiring harnesses. Tesla Model 3 and Wuling Hongguang mini EV were the most sold electric cars in 2020 with a total of 365000 units and 119000 units sold.

The high maintenance cost due to rusting of metal and availability of alternative connectors  are hampering the market growth for the automotive wiring harness market

The COVID-19 pandemic has affected many industries due to the disruption in the supply chain, as there were full or partial lockdowns in many countries of the world and restrictions across borders and closure of airports hampered world trade. The construction sector was also severely affected due to covid-19 as there was disruption of the supply chain and people preferred health over their jobs. Companies couldn’t operate with proper covid norms. It was also difficult for staff and workers to work with social distancing norms. affected severely as many workers returned to their homes during covid-19 resulting in a massive loss for the industry. The sales of passenger cars decreased during the covid-19 pandemic which hampered the market growth for automotive wiring harnesses. According to the report by the International Organization of motor vehicles manufacturers (OICA), the Asia-Pacific countries like China, Japan, the USA, Germany, India and France were ranked 1, 2, 3, 4,  5, 6 with 20.17 million, 3.8 million, 3.4 million, 2.9 million, 2.433 million and 1.65 million respectively passengers cars sold in 2020 and number of passengers cars sold in China, USA, Japan, India, France and South Korea were 21.4 million, 4.7 million, 4.3 million, 2.9 million, 2.214 million and 1.497 million respectively in 2019. According to the International Organization of Motor Vehicle Manufacturer’s report car sales dropped in 2020 by 13.8% in comparison to 2019. The number of passenger cars sold in the world was 63.7 million in 2019 and 53.5 million in 2020. According to the International Organization of Motor Vehicle Manufacturer’s report car sales dropped in 2020 by 13.8% in comparison to 2019. According to the report by the International Organization of motor vehicles manufacturers (OICA), the total number of commercial vehicles sold in the world reduced from 26.69 million in 2019 to 24.37 million in 2020. The USA, China, Canada, Japan and India were ranked 1, 2, 3, 4, 5 in terms of sales of commercial vehicles with a total of 11.1 million, 5.1 million, 1.2 million, 0.78 million and 0.505 million units sold in 2020 and a total of 12.3 million, 4.3 million, 1.44 million, 0.89 million and 0.85 million units sold in 2019.

An increase in the sales of electric vehicles during the pandemic in 2020 is driving the market growth for automotive wiring harnesses. . According to the report, the number of electric vehicles sold increased by 39% in 2020 with 3.1 million units sold and the share of electric vehicles sold among the sales of passenger cars increased to 4.5% in 2020. This increase sales of electric vehicles are driving the market growth of automotive wiring harnesses.

Segment Analysis

By Vehicle Type

  • (Two Wheelers
  • Passenger Cars
  • Commercial Vehicles

By Component

  • Electric Wire
  • Connectors
  • Terminals
  • Others

By Application

By Component

  • Body Wiring Harness
  • Engine Wiring Harness
  • Chassis Wiring Harness
  • HVAC Wiring Harness
  • Sensors Wiring Harness

Geographical Analysis

Based on the Region, Global Automotive Wiring Harness Market is segmented as – North America, Europe, Asia-Pacific, The Middle East, Africa and South America.

The Asia-Pacific region had a market share of XX% in 2020 and is expected to hold XX% by 2028. The Asia-Pacific region has the highest market share among all the regions as the demand from countries like India, China, Japan and South Korea is increasing for passenger cars and even sales of passenger cars are increasing in the region. According to the report by the International Organization of motor vehicles manufacturers (OICA), the Asia-Pacific countries like China, Japan, India, South Korea were ranked 1, 2, 5, 8 in terms of total passengers cars sold with 20.17 million, 3.8 million, 2.433 million and 1.6 million respectively in 2020 and number of passengers cars sold in China, Japan, India, South

Korea were 21.4 million, 4.3 million, 2.9 million and 1.497 million respectively in 2019. According to the International Organization of Motor Vehicle Manufacturer’s report car sales dropped in 2020 by 13.8% in comparison to 2019. According to the report by the International Organization of motor vehicles manufacturers (OICA), the total number of commercial vehicles sold in the world reduced from 26.69 million in 2019 to 24.37 million in 2020. China, Japan and India were ranked 2, 4, 5 in terms of sales of commercial vehicles in the world with a total of 5.1 million, 0.78 million and 0.505 million units sold in 2020 and a total of 4.3 million, 0.89 million and 0.85 million units sold in 2019.

Competitive Landscape

The Global Automotive Wiring Harness Market is fragmented with key global players in the market and there are many large companies in the market. Some of the major companies contributing to the market’s growth are – Delphi Automotive LLP, Furukawa Electric Co. Ltd, Sumitomo Electric Industries Ltd., Lear Corporation, THB Group, SPARK MINDA, Samvardhana Motherson Group, Nexans Auto electric, Yazaki Corporation, Yura Corporation and many others.

Mergers and Acquisitions, agreements, expansions, joint ventures etc increases competition in the market like Dhoot Transmission acquired a Bangalore based company called San Electromec in February 2019. Lear Corporation acquired M&N plastics in March 2021. Furukawa Electric Co. Ltd established a new base in Vietnam for increasing the production capacity of Wire Harness in September 2020. Furukawa Electric Co. Ltd also expanded the production centre of the automotive wire harnesses in the Philippines in May 2018.

New Innovations, New products, services launched also increase competition between companies and many companies are developing innovative technologies. Partnerships and Collaborations between companies are also making the market more competitive. Divestments and investments by the company and split of companies are also making the market quite competitive.

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