India Automotive Wiring Harness Market to Grow at 8.48% CAGR through 2028
Passenger car sales drive
the growth of the India automotive wiring harness market during 2024-2028F.
According to
TechSci report on, “India Automotive Wiring Harness Market, By Region, Competition
Forecast & Opportunities, 2018-2028”. India automotive
wiring harness market is expected to reach USD2373.10 million by 2028F, growing
at an impressive CAGR of 8.48% during the forecast period, 2024-2028. The India
automotive wiring harness market was valued at USD1518.96 million in 2021. Speculated
growth of the market can be attributed to rising demands for electric vehicles
in India. Due to growing concerns regarding the deteriorating environment and
avoiding toxic exhausts from the vehicles, demand for electric vehicles is
rapidly increasing and thus driving the growth of the India automotive wiring
harness market in the upcoming five years. Demand for technologically advanced
vehicles and the inclusion of artificial intelligence and internet-based
services within the vehicle also supports the growth of the India automotive
wiring harness market in the next five years. Increasing sales of passenger
cars and demand for ownership of personal cars coupled with rising disposable
income among the population are anticipated to fuel the growth of the India
automotive wiring harness market in the forecast years.
Higher adoption
of optical fiber to transfer the data at high speed within the vehicles also
aids in the growth of the market. Performance advantages of optical fibers
include the use of optical fibers as compared to copper wire and other wire
materials for the wiring harness in the vehicle and therefore, the optical
fiber applications are expected to substantiate the growth of the India
automotive wiring harness market in the forecast years through 2028F.
Browse over 20
market data Figures spread through 79 Pages and an in-depth TOC on "India
Automotive Wiring Harness Market"
https://www.techsciresearch.com/report/india-automotive-wiring-harness-market/4691.html
The India
automotive wiring harness market is segmented by vehicle type, component type,
material type, application, regional distribution, and competitive analysis.
Based on vehicle type, the market is differentiated between passenger cars and
commercial cars. Passenger cars are anticipated to hold the largest revenue
shares of the market and dominate the market segment in the upcoming five years
due to rising demand for personal vehicle ownership. Increasing demand for
electric vehicles and growing technological advancements are expected to
further facilitate the growth of the India automotive wiring harness market in
the next five years. On the basis of component type, the market is further
segmented into automotive wires, automotive terminals, and automotive
connectors.
Based on material
type, the market is fragmented into optical wiring, copper wiring, aluminum
wiring, and others. Copper wiring is anticipated to continue its dominance
during the forecast period due to traditional usage and the lower cost of the
material. However, optical fiber wiring is anticipated to register the fastest
growing CAGR of 13.58% in the upcoming five years due to the rising inclination
of the automotive manufacturers to sustain the demands for faster internet
networks and higher efficiency of the material. Growing technological
advancements in the automotive sensors like LIDAR, Radar, Ultrasonic, etc.,
also facilitate the growth of the optical fiber wiring along with aiding the
growth of the India automotive wiring harness market in the future five years.
Based on application, the market is segmented into chassis harness, engine
harness, body harness, speed sensor harness, and others. The India automotive
wiring harness market analysis also studies the regional segmentation divided
into North India region, South India region, East India region, and West India
region. Each region in the country is further analyzed for the top 3 states of
the market.
A partial list of
market players in India Automotive Wiring Harness Market include:
·
Lear
Automotive India Private Limited
·
Aptiv
Components India Private limited
·
Leoni
Cable Solutions India Private Limited
·
Fujikura
Automotive India Private Limited
·
Viney
Corporation Private Limited
·
Dhoot
Transmission Pvt. Ltd
·
Samvardhana
Motherson Group
·
Spark
Minda
·
Yazaki
India Private Ltd.
·
SEI
Trading India Private Limited
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“Growing sales of
the passenger cars and surge in demand for electric vehicles facilitate the
growth of the India automotive wiring harness market in the future years. After
the relaxation of strict COVID-19 regulations, the demand and sale of
automotive vehicles are further expected to increase, which would add to the
expectant growth of the market in the next five years. The rapidly increasing
number of the new market players would further influence the already dominated
and competitive market for automotive wiring harnesses in India. New market
players may focus and invest their resources toward technological advancements
and innovative product development, thereby aiding the growth of the India
automotive wiring harness market as well as supporting their future brand
establishment in the industry,” 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 and Commercial vehicles), By Component Type (Automotive
Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical
wiring, Copper Wiring, Aluminum Wiring, Others), By Application (Chassis
Harness, Engine Harness, Body Harness, Speed Sensor Harness, Others), By Region
and By Company, Forecast & Opportunities, 2018- 2028F” 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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