Global Automotive Wiring Harness Market-Market Analysis Opportunity Assessment 2014-2020

Future Market Insights published a new report " Global Automotive Wiring Harness Market - Market Analysis Opportunity Assessment 2014 – 2020 " to its report store.

An automotive wiring harness is an assembly of electrical wires, connectors and other parts, or an electrical wiring system, used to transfer information and energy in automobiles. The role of wiring harness is to electrically connect electronic devices and electrical components mounted in automotive and machines, such as copiers, for the transmission of information and power.

An automotive wiring harness consists of six major components, which include the electric wire, the protector, the grommet, the terminal, the tape and the clamp.The other components include cables, connector systems, transfer switches, power and signal amplifier and distribution systems, control systems, jumper harness, electronic signal integration technologies, and other required peripherals.

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Advancement in automotive features such as driver assistance systems, safety systems, in-car entertainment systems, GPS systems and so on, has createdthe need for sophisticated wiring harness systems in the automotive industry.The automotive wiring harness industry has shown much advancement in increasing the efficiency of harness.With the addition of features and designs of new vehicle models, the wiring harness segment has beenundergoing constant change.Commonly witnessed trends in the industry are modular design, use of CAD and 3D modelling, re-using wiring materials at the end of their service lives, and designing rule checks.

The demand for wiring harnessesinthe automotive industry is directly dependent on the sale and production of automobiles. Global automotive production is projected to grow between a CAGR of 5% and 7% over next five years. On account of increasing sales in the automotive industry,the global wiring harness market is expected to grow at a CAGR of around 11-12% from 2014 to 2020. Globally, the AsiaPacific region has been dominating the wiring harness market followed by Europe. In AsiaPacific, Japan is the largest contributor in terms of production and sales. Due to a continuous rise in automotive production, the AsiaPacific region is expected to continue its lead in the market from 2014 to 2020. In the future, the European automobile market is expected toregister significant growth because of itsrecovering economy. This scenario is expected to benefit the automotive wiring harness market. BRIC countries have also been experiencing growth in the automotive wiring harness market. The major contributors in this region are China and India due to their increasing automotive production and growing economy.

 The wiring harness market has been segmented on the basis of vehicle type into light and heavy vehicles. Further segmentation can be done by application type which includes chassis, body engine, HVAC and speed sensors.

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The Automotive wiring harness industry is characterised by a large number of players. However, a significant share of the market is captured by the key players. The major players in the automotive wiring harness market include Furukawa Electric, Delphi Automotive, Sumitomo Electric Industries , Yazaki, Leoni, Tianjin Jin-JHuwiring System co. Ltd and Prestolite Electric.

Thekey playershave been making both organic and inorganic investments to cater to the global demand.For example,organisationssuch as Furukawa Electric have been getting into mergers and acquisitions to expand their business and investment in this growing market. These companies have been getting involved in new product development and research to further improve their technology, and extend their assembly and production lines. It is interesting to note that the major players have been dominating this market and controlling the prices, thereby trying to create more barriers to new entrants in this business.

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