Automotive wiring harnesses can be compared to the arteries and veins of our body. Wiring harnesses relay electric power to the components of the vehicle. The innovation in automotive technology has led to the development of vehicles with advanced features. These modern vehicles require wiring harnesses that are efficient, durable, and lightweight. In order to cater to the emerging demands from the automotive industry, wiring harness technology need to evolve as well.
Focus on safety and comfort have meant that wiring harnesses have become much more complex. Prominent wiring harness manufacturers, including Sumitomo Electric, Haywire, Inc., American Autowire, and Furukawa Automotive Systems Inc. are focusing on building wiring harnesses that offer enhanced productivity without drastically increasing the weight and size of the vehicle.
Growth of Automobile Sector Crucial for Wiring Harness Market
The growth in the automotive sector has provided an impetus to the wiring harness market. Global production of automotives witnessed an increase of over 2% in 2014, a positive factor for the prospects of the automotive wiring harness market. The growth is especially strong in the Asia Pacific region, with China and India driving the growth of the market.
Consumer focus on safety and comfort is another key driver for the wiring harness market. Consumers today demand high-end features at affordable costs in their vehicles, and this has presented an opportunity for wiring harness manufacturers to come up with innovative wiring harness systems.
Government Regulations on Safety will Further Boost the Market
Governments around the world are prioritising passenger safety and it is anticipated that the regulations governing this will become more stringent in the future. This is especially true in the emerging economies of China and India - countries where the automotive market is anticipated to witness a stellar growth in the future. Many vehicles in developing countries lack even the basic safety measures, such as airbags. These issues have been raised by ombudsmen and not-for-profit groups, and it is anticipated that there be regulations about their inclusion in the near future. These developments are anticipated to provide a boost to the automotive wiring harness market in the future.
Analysis on the Global Automotive Wiring Harness Market
Passenger and commercial vehicle segments account for bulk of the demand of the automotive wiring harnesses. Although wiring harnesses are also used in electric and hybrid vehicles, the demand is weak as the sales of electric and hybrid vehicles are not remarkable. According to FMI’s market research report on the global automotive wiring harness market, commercial segment will account for the major demand for the automotive wiring harness market.
The global automotive wiring harness market is anticipated to witness a CAGR of 8.9% through 2020. FMI pegs the value of global automotive wiring harness market at around US$ 70.4 Bn by 2020. Western Europe, which currently is a lucrative market for the automotive wiring harness market, is anticipated to maintain its dominance through 2020. Other key regions for the wiring harness market are Asia Pacific and North America.
Although the automotive wiring harness market is anticipated to expand at a healthy rate, there are some challenges that can stifle its growth. Increase in cost of raw materials has increased the manufacturing costs. Also, utilisation of automotive Ethernet has provided automotive manufacturers an alternative that does not impact the size and weight of vehicles.
Browse Full: "Automotive Wiring Harness Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/global-automotive-wiring-harness-market
