Several players in the global automotive wiring harness market are focusing on unveiling products to meet the high performance parameters of end-use applications in vehicles. To this end, they are majorly focusing on strength and bending properties of the developed materials. Transparency Market Research (TMR) notes that numerous companies in the automotive wiring harness market are focusing on entering into strategic tie-ups to garner competitive gains in the near future. In addition, top players are focusing on expanding their geographical footprints. Some of the prominent companies intensely engaged in competing against one another are Delphi Automotive LLP, Lear Corp., Leoni Ag, Minda Automotive Solution, Nexans Autoelectric, and THB Group.
The automotive wiring harness market stood at US$45.4 bn in 2014. The market will garner a promising CAGR of 8.60% during 2015–2021 and attain a worth of US$80.5 bn by 2021 end.
Among the various types of vehicles, light vehicles has been dominating the global automotive wiring harness market for past few years. The extensive uptake is attributed to the low maintenance aspect of light vehicles and better fuel combustion efficiency.
On the regional front, Asia Pacific holds vast potential in the global automotive wiring harness market and is projected to clock a major CAGR during 2015–2021. The regional demand is fueled by the rising prospect of wiring harness as advanced automotive electronics technologies in vehicles. Regulatory impetus for safe driving is also bolstering demand for automotive wiring harness.
Rising Demand for High-Performance Automotive propelling Market’s Growth
The rising need for high-performance and intricate wiring for advanced electrical and electronic devices is a key trend bolstering the demand for automotive wiring harness materials. Rapid strides being made by the automotive and automobile industry are fueling the attractive strides in the market. The industry has witnessed consistently large momentum from the various regulations world over to minimize the fuel consumption and improve the safety parameters in vehicles. The concerns has been driving demand for high strength and high performing wiring harness in various automotive parts.
Automakers are constantly upgrading electronics used in vehicles to make way for high-performance automotive. This is a noticeable trend opening vast opportunities for market players to capitalize on. The rapid pace of technological advances in automotive is also bolstering the need for high-performing wiring harness. Over the past few years, steady manufacturing advances have been made, thereby paving way to the advent of high-end automotive wiring harness.
Growing application in Hybrid Vehicles underpinning Lucrative Prospects
The growth of the automotive wiring harness is bolstered by growing demand for connectors that can world in environments with extreme conditions, such as temperature variations, vibrations, and electromagnetic interference. The rising demand for automotive wiring harness for hybrid energy vehicles has opened vast lucrative prospects in the global market. The rising sales of these vehicles, especially in emerging economies, and rapid strides made in developed countries are key factors boosting the global automotive wiring harness market.