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Substantial increase in the investment for automated driving activities and development of electric vehicles charging infrastructure across the globe are expected to remain key defining factors in the global automotive wiring harness market. As per FMI’s analysis, the global automotive wiring harness sales are set to exceed US$ 48 Bn in 2021, whereas in the long-term, revenues will grow at 9.4%. FMI’s latest edition of the report reveals latest perspectives, along with a detailed analysis of how COVID-19 induced slowdown will impact future sales.
The COVID-19 pandemic crisis has severely affected global economic growth, resulting in a complete shutdown of manufacturing activities and disruptions in the supply chain networks. However, the automotive wiring harness market is expected to recover sharply as economic activity resumes post the containment of the pandemic.
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Automotive wiring harness is defined as an assembly of wires, terminals, and connectors that run throughout the vehicle to transmit information and electric power. Automotive wire harness is designed according to electrical & dimensional requirement of automobiles and is integrated to connect different parts of vehicle such as body, engine, dashboard, chassis, and others. Automotive wiring harness enables transmission of control signals and electrical power to electronic & electrical devices in an automotive to ensure basic functionality & enhanced safety.
“Manufacturers are focused on developing new wires and cables which occupy less space and are lighter in weight with cost-efficient manufacturing techniques. Raw materials are also being blended to improve the features of the final product. In addition, increase in technology adoption, vehicle customization and various investments and merger strategies to expand their business can be attributed to rise in sales of vehicles which upsurge the automotive wiring harness market. These activities are augmenting the adoption of automotive wiring harness and creating positive prospects for the market growth.” says FMI analyst.
The market is witnessing significant consolidation, in which the leading players account for more than half of the share. The diffusion of small regional players is expected to increase competitive intensity during the forecast period. Some of the key players in the market are LEONI Group, Samvardhana Motherson Group, Sumitomo Electric, Yazaki Group and Fujikura Ltd. These players have considerable hold over market share, and have longstanding relationships with a number of leading end users, giving them a competitive advantage.
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The Bharat New Vehicle Safety Assessment Programme (BNVSAP) requires passive safety elements. Multimedia and security systems have increased how cables and wiring harnesses are installed. Voice recognition, ambient lighting, heated seats, heated steering wheels, better infotainment capabilities, digital IP display, chilled cupholder, and extra power steering functions have gained popularity among consumers to improve the driving experience. These tasks are enabled via onboard electronic equipment that utilizes control signals generated by the battery’s electrical power.
Electronic devices require an automotive wiring harness to convey data, signal, and power. In addition to these circuits, wiring harness bundles are fitted in automobiles to ensure that various functions work properly. The increasing number of wiring harnesses required to design a car with modern features drives the industry’s growth.
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3.1. Key Trends Impacting the Market
5. Global Automotive Wiring Harness Market – Pricing Analysis
5.2. Global Average Pricing Analysis Benchmark
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