Flourishing Automotive Industry Post Economic Depression Is Driving The Global Automotive Wiring Harness Market
According to a new market research report published by Credence Research “Automotive Wiring Harness Market (By Material: Copper, Aluminum and Other Metals and Alloys; By Vehicle Type: Two Wheelers, Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles; By Application: Chassis, Body, Engine, HVAC and Sensors) – Growth, Future Prospects, and Competitive Landscape, 2017-2025”, the automotive wiring harness market is expected to reach US$ 92.9 Bn in 2025.
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Post economic depression, growing demand for automobiles with enhanced safety and functionality features has been a major driving factor for the growth in the global automotive sector. From past few years, growth in the automotive sector has created new avenues for adjacent industries such as automotive wiring harness market to flourish. Consumer preference for technologies such as advanced driving assistance and smart automotive electrical components have encouraged automobile manufacturers to incorporate these technologies into their vehicles.
In addition, stringent regulations framed by the automobile associations such as Society of Automotive Engineers (SAE) and International Standard Organization (ISO) for safety and fuel economy have been major driving factors for a revolution in the automotive industry. Demanding nature of new age automobiles has created a need for efficient wiring harnesses to sustain rising electric load.
Thereby, the demand for enhanced automotive wiring harness is expected to flourish in the following years. Automotive wiring harness manufacturers have been focusing on expanding their network in rising economies of the Asia Pacific region. Developing countries in the Asia Pacific region such as India and China have created a promising market for the automobile sector to grow. This has certainly, fuelled the demand for automotive wiring harness in this region.
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The automotive wiring harness market is highly fragmented and comprises several international as well as local manufacturers producing automotive wiring harness for a variety of vehicles. Manufacturers have to abide by strict regulations laid down by the automotive parts regulatory organizations in order to provide standardized automotive electric solutions. In addition, prominent players have been experiencing intense competition with local wiring harness providers in terms of product pricing and market reach.
Major players in the automotive wiring harness market include Ashok Minda Group, China Auto Electronics Group Limited (THB Group), Delphi Automotive LLP, Furukawa Electric Co., Ltd., Fujikura Ltd., LEONI AG, Lear Corporation, Nexans autoelectric GmbH, PKC Group, Sumitomo Electric Industries, Ltd., Qingdao Yujin Electro-Circuit Systems Co., Ltd., Spark Minda, Kromberg & Schubert KG, Samvardhana Motherson Group and Yazaki Corporation.
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- Stringent regulations and standards enforcing installation of advanced automotive wiring harness
- Consistently growing demands for efficient automobiles, especially in the emerging markets in the Asia Pacific region
- Intense price-based competition between international players and local manufacturers