Automotive Wiring Harness Market

Market Leader - Automotive Wiring Harness Market

The automotive wiring harness market, by value, is projected to reach USD 55.4 billion by 2027 from USD 43.3 billion in 2019, at a CAGR of 3.1%. Some of the pivotal factors boosting the demand for automotive wiring harness include rise in vehicle sales and increase in demand for premium segment vehicles. Additionally, incorporation of advanced features for better driving experience and growing penetration of electric vehicles is likely to fuel the demand for wiring harness further.

Geographic expansions have been the key strategy adopted by major players from 2017 to 2019 in the wiring harness market. Wiring harness manufacturers are also focusing on expansions in newer technologies and different applications. They are keen on emerging markets such as electric vehicles and autonomous cars which is shifting the market toward optical fibers for wiring. In June 2017, Yazaki started a new manufacturing facility in Arizona to meet the rising demand for wiring harnesses by local automakers. The company is trying to become a manufacturing hub for driverless vehicles and related technology. On July 4, 2018, Furukawa Electric Co., Ltd. announced plans to bolster its business involving radar systems for ADAS and other in-vehicle parts at an accelerated pace. Furukawa Electrics automotive parts operations include wire harness and in-vehicle parts. The company will increase the proportion of in-vehicle parts business to its total automotive parts operations operating income.

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The automotive wiring harness market is largely dominated by global players with limited penetration of country/regional players. Yazaki is expected to be the leading player in the automotive wiring harness market. The company took to geographic expansion to gain a competitive edge in the wiring harness market. In July 2017, Yazaki started a new subsidiary for its automotive wiring harness business in Serbia. Yazaki Serbia is a fully-owned subsidiary of Yazaki Wiring Technologies GmbH. Yazaki Serbia will produce automotive wiring harnesses for European truck makers. In June 2017, Yazaki completed the expansion of manufacturing operations for Circuit Controls Corporation (CCC) in Michigan. The center was expanded by 22,000 sq. feet, which would help manufacture 40 million terminals in a day.

Sumitomo Electric Industries is another prominent player in the global automotive wiring harness market. The company invests heavily in R&D activities. It also plans to expand its wiring harness portfolio to cater to various customers around the world, thereby establishing itself as a strong player in the market. Some of the prominent strategies adopted by the company include partnerships/collaborations and expansions to extend its presence in the automotive wiring harness market. In February 2018, Sumitomo and NEC Corporation collaborated for the development and planning of automotive components in the mobility business segment. The two companies plan to develop and demonstrate software and hardware for transportation and in-vehicle infrastructure.

Related Reports:

Automotive Wiring Harness Market by Application (Engine, Chassis, Cabin, Body & Lighting, HVAC, Battery, Seat, Sunroof, Door), Transmission Type (Data & Electrical), Category, ICE & Electric Vehicle, Component, Material, and Region - Global Forecast to 2027

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Report Code
AT 2837
RI Published ON
11/22/2019
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