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(Transportation-News.com, August 11, 2022 ) The global Automotive Wiring Harness Market is projected to grow from USD 47.0 billion in 2021 to USD 57.4 billion by 2026, at a CAGR of 4.1% during the forecast period.
Increasing vehicle production, an increase in demand for advanced safety and comfort features, especially in passenger cars, and the growing penetration of electric vehicles are driving the growth and advancements in the automotive wiring harness market.
Opportunities: Demand for lightweight harness
The traditional copper wiring harness is high in weight and requires maximum space for integration into the vehicle. The wiring harness weighs 50-70 kg, and it is the third heaviest component after the engine and chassis. The increase in the number of functions in vehicles increases the number of wiring harnesses day by day. The electric powertrain development alone adds about 30% more weight than an internal combustion engine powertrain. These factors increase the weight of the wiring harness, raise the vehicle's overall weight, and impact the fuel efficiency and performance of the vehicle.
Owing to the rising emissions levels from vehicles, regulatory authorities in many regions have implemented stringent emission standards. The Corporate Average Fuel Economy (CAFE) law in the US has set certain standards for automakers. Stringent emission norms across the globe have compelled OEMs to reduce the overall weight and increase fuel economy, resulting in lower operating costs of transportation. This also provides advantages such as improved mobility, speed and acceleration, and higher payload capacity. Carbon emissions are lowered because of improved fuel efficiency, thereby reducing the environmental impacts caused by emissions. An increase in demand for reduction in CO2 emissions, government mandates for emission regulations, and the rising trend of weight reduction further raise the demand for weight and cost reduction in vehicles.
There is a growing demand for speciality cables due to reduced weight, cost, and bundle diameter. There will be ample demand for cameras, displays, and other infotainment applications, which creates the developing ways to transmit video and camera signals into one speciality cable, further reducing the weight and cost of wiring harnesses. OEMs prefer aluminium and optical fibre for lightweight and high-speed harnesses. Fibre optic cable is less susceptible to various environmental factors than copper cable. Hence, manufacturers are shifting toward optical fibre for high-speed data transmission. Developing a lightweight aluminium wiring harness, a mixture of aluminium and copper alloys in the harness, usage of high voltage coax, and usage of optical fibres in the wiring harness becomes a potential opportunity for manufacturers.
Yazaki Corporation (Japan), Sumitomo Electric Industries (Japan), Aptiv PLC (Ireland), Furukawa Electric (Japan), Leoni AG (Germany), and Nexans (France) are the key companies operating in the automotive wiring harness market.
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The Asia Pacific is estimated to be the dominant regional market
China is a major contributor to the overall automotive wiring harness sales (approximately 60%) in the Asia Pacific region in 2021.
China is considered the manufacturing hub for the automotive industry. According to the MarketsandMarkets, China and India together produce approximately 25 million vehicles every year. With an increase in the production of vehicles, the demand for automotive wiring harnesses is expected to increase. This, in turn, is expected to drive the growth of the automotive wiring harness market in the Asia Pacific region. China is estimated to dominate the Asia Pacific automotive wiring harness market during the forecast period. China is the world’s largest vehicle manufacturer. Thus, the market for automotive wiring harnesses in China is estimated to grow at a high rate. OEMs based in China are focusing on the adoption of lightweight materials for wiring harnesses. Thus, wiring harness manufacturers are increasingly using materials such as aluminium. Currently, there is limited penetration of aluminium in wiring harnesses.
In the past few years, the Asia Pacific region has experienced an increase in demand for luxury vehicles. The luxury/premium segment vehicles are equipped with advanced body electronic functions that require additional automotive wiring harnesses for proper functioning. Thus, the region is estimated to dominate the automotive wiring harness market with a 57.6% share in 2021.
The chassis harness segment is projected to lead the automotive wiring harness application market
Owing to the higher demand for automotive wiring harnesses in chassis applications such as frames, air brake pumps, suspension systems, and others, this segment is expected to showcase the leading position in automotive wiring harness applications. According to MarketsandMarkets analysis, the chassis harness segment is estimated to hold the largest market share of more than 25% in 2021.
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Recent Developments:
1. In July 2021, Yazaki Corporation proposed to set up a wire harness manufacturing plant in Manipur, India.
2. In July 2021, Furukawa Electric developed a thin ultra-high fibre count 6,912-fiber optical cable which implements thin 16-fibre rollable ribbons and the S124M16 ribbon fusion splicer and its related tools. They reduce the time required for fusion splicing and contribute to the expansion of high-capacity networks. The company developed a thin ultra-high count multi-core optical fibre cable with the world’s highest core density. The 12-core rollable ribbon is made from optical fibre with a thinner outer diameter (200 μm). A drastically thinner cable with an outer diameter of only 29 mm offers extremely high density (6912 cores). This development makes it possible to install ultra-high count multi-core fibre in bulk in existing pipe conduits.
3. In October 2020, Essex Magnet Wire (Essex), and Furukawa Electric, leaders in magnet wire product development and custom solutions, entered into a JV to expand upon a previous magnet wire partnership between the two entities in Europe. Upon executing the definitive agreements and customary regulatory and other approvals, the companies would combine their magnet wire business operations in the next several months.
4. In September 2021, Nexans entered into a share purchase agreement with Xignux SA of Mexico to acquire Centelsa, a premium cable maker in Latin America active in producing cables for building and utility applications. The closing of the agreement is subject to regulatory approvals and is expected to take place in the first half of 2022.
5. In March 2020, Aptiv (NYSE: APTV) and Hyundai Motor Group formed a 50/50 autonomous driving joint venture (JV) to make mobility more safe, green, connected, and accessible. It is headquartered in Boston, with technology centres across the US and Asia. The JV would leverage Hyundai Motor Group’s design, engineering, and manufacturing expertise and Aptiv’s autonomous driving solutions to commercialize SAE Level 4/5 platform for robotaxi providers, fleet operators, and automotive manufacturers.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
newsletter@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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