Automotive Wiring Harness Market to Grow at a Substantial Rate through 2025
Rapid growth of automobile
industry and technological advancements in the country to drive India automotive
wiring harness market
According
to TechSci Research report, “India
Automotive Wiring Harness Market By Vehicle Type (Passenger Cars,
Commercial Vehicles), By Component Type (Automotive Wires, Automotive
Terminals, Automotive Connectors), By Material Type (Optical Wiring, Copper,
Aluminum, Others), By Application (Chassis Harness, Engine Harness, Body
Harness, Speed Sensors Harness, Others), By Region, Forecast &
Opportunities, 2025”, the India automotive wiring
harness market is expected to witness a formidable rate of growth owing to its
benefit over predictable wiring techniques. The reason behind this is that automotive
wiring harness provides secure and reliable connections. Additionally, rapid growth
of the automobile industry in India is also boosting the automotive wiring
market in the country. One major factor contributing to the growth of this
market is that it complies with the ongoing government regulations for fuel
usage and emissions. Automotive wiring harness increases fuel efficiency and
lower downs vehicular emission levels. Hence, incorporation of automotive
wiring harness is expected to result in production of fuel efficient and
eco-friendly vehicles.
Additionally, the automotive wiring harness
manufacturing companies can benefit from increasing use of safety sensors, such
as blind-spot detection and automated steering control systems. The government of
India has not laid down any least investment criteria for the automobile
industry. This makes India a profitable market for automotive wiring harness
companies. Also, country is witnessing increasing number of new registrations
per year, especially in South-East India and hence, the market players have immense
growth opportunities within this region.
However, India automotive wiring harness market might also
face some hurdles over the course of few years. Overheating or short circuits
of the wiring harness due to extreme climatic conditions of India, such as
heavy rain and snow, leads to high cost for replacement of the entire system.
This might serve as a major impediment for the automotive wiring harness market
growth. Also, lack of automation in wiring harness manufacturing process might limit
the automotive industry growth.
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The India
automotive wiring harness market is segmented based on vehicle type, component
type, material type, application and region. Based on material type, the market
is segmented into optical wiring, copper, aluminum and others. Among them, the
optical wiring segment is anticipated to witness higher growth rate as it has comparatively
higher transmission speed than aluminum, copper and other materials. Growing
demand for high-tech features in automobiles is expected to further boost the
demand for optical wiring over the coming years. Also, with the increasing preference
for luxury and autonomous cars, the demand for optical wiring is further expected
to increase through 2025. Based on application, India automotive wiring harness
market is segmented into chassis harness, engine harness, body harness, speed
sensors harness and others. The speed sensors harness is anticipated to witness
highest CAGR over the coming years owing to rapid adoption of advanced driver
assistance systems (ADAS) in automobiles.
Major players operating in the Indian automotive
wiring harness market include Delphi Automotive LLP, Furukawa Electric
Engineering India Pvt. Ltd., Yura Corporation, Nexans Autoelectric, Sumitomo
Electric Industries, Ltd., Samvardhana Motherson Group, Yazaki Corporation, Lear
Corporation, THB Group and SPARK MINDA. The market players are working on developing
new technologies and recycling processes to recycle & reuse materials like
copper, etc., which are used in wiring.
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“India
is home to world’s second largest population and is one of the biggest
economies in the world with abundance of skilled workers. This is a major driving
factor for automotive wiring harness manufacturing companies. Additionally, the
Indian government has permitted 100% foreign equity investment for automotive
sector. Thus, there are major growth opportunities, for both domestic as well
as global automotive wiring harness manufacturing companies, in the country.
Moreover, with the advancement of technologies, the market is anticipated to
witness robust growth over the course of next five years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Automotive Wiring Harness Market By Vehicle
Type (Passenger Cars, Commercial Vehicles), By Component Type (Automotive
Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical
Wiring, Copper, Aluminum, Others), By Application (Chassis Harness, Engine
Harness, Body Harness, Speed Sensors Harness, Others), By Region, Forecast
& Opportunities, 2025” has
evaluated the future growth potential of India automotive wiring harness market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India automotive wiring harness market.
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