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(Transportation-News.com, May 01, 2019 ) The automotive wiring harness market is projected to grow at a CAGR of 5.83% during the forecast period, from an estimated market size of USD 81.17 billion in 2018 to USD 120.69 billion by 2025. The key growth drivers for the market are the rising trend of integrating advanced features for improving vehicle performance and growing demand for electric vehicles globally.
Expansion is the key strategy adopted by major players to gain traction in the automotive wiring harness market. In July 2017, Yazaki (Japan) established a new company to manufacture automotive wiring harnesses in Serbia. The new company, named Yazaki Serbia, is a wholly-owned subsidiary of Yazaki Wiring Technologies GmbH. It would principally supply wiring harnesses to European truck manufacturers. The company invested USD 27.61 million for setting up the new plant in Serbia. In November 2017, Leoni (Germany) inaugurated its third wiring system plant in Mexico to cater the demand from the consumers of North America and Asia Pacific. In September 2017, the company opened a second automotive cable manufacturing plant in Ukraine. This development by the company is valued at USD 24 million and indicates the company’s growth.
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The second most widely followed strategy by market players is new product development. In November 2017, Leoni (Germany) developed an optical fiber with new capabilities for automotive applications. This 360-degree beam optical fiber can be used for automotive ambient lighting and individual product design. Also, in August 2017, the company introduced automated production of wiring systems for automotive applications. This development may provide the company a competitive edge over its global competitors. In January 2018, Furukawa (Japan) developed a new automatic cutting and crimping equipment that is well-suited for anti-corrosion terminals. These kinds of terminals are used for aluminum wires in vehicle wire harnesses. Thus, the company can increase its customer base by offering developed terminals for automotive wiring harnesses.
Yazaki (Japan) is one of the key players in the automotive wiring harness market. The company is primarily engaged in the manufacturing of automotive wiring harnesses, meters, charging connectors, and electric wires. The company offers wiring harnesses in a unique architectural design known as the four-network system, which is further connected to the “vehicle network gateway.” The company also contributes to the development of charging devices, which enhance the performance and convenience of hybrid and electric vehicles. The company’s major customers include leading OEMs in the automotive industry, such as Audi (Germany), BMW (Germany), General Motors (US), Chrysler (US), Ford Motors (US), Hyundai (South Korea), and Toyota (Japan).
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Sumitomo Electric (Japan) is another promising player of the automotive wiring harness market. The company provides wiring harnesses of high quality and upgraded technology for electric vehicles (EVs) and ICE vehicles. It also develops high-strength aluminum wiring harnesses, which reduce the weight of the harness and improve high voltage carrying capacity. Thus, the company is ranked amongst the leading players in the global automotive wiring harness market. In November 2017, Sumitomo and GoMentum Station (US) established a partnership to develop autonomous and connected vehicle technologies. This partnership would help to introduce advanced automated vehicle technology. In addition, the company collaborated with NEC Corporation (Japan) for the planning and development of automotive components. The collaboration would help to develop transportation infrastructure systems by optimizing artificial intelligence (AI) and Internet of Things (IoT) technologies.
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