Albany, NY -- (SBWIRE) -- 09/28/2017 -- Rise in Vehicle Production Favors Market Growth
"The global automotive wiring harness market is mainly driven by technological advancement in wiring harness system from a supply perspective," says a TMR analyst. In this regard, manufacturers of automotive wiring harness are investing heavily in research and development for innovation in electrical systems. This is carried out by the integration of advanced technology across several elements of electrical systems for overall increased efficiency.
The surge in overall vehicle production is one of the primary factors driving the global automotive wiring harness market from a demand perspective. This is mainly to cater to the increasing demand for premium passenger cars that require complex wiring system for the proper functioning of devices fitted in the vehicle.
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The plummeting prices of automotive wiring harness are also a major factor fuelling the growth of this market from an economic perspective. Technological upgrades and extensive requirement of electronic devices and components, which are fitted in vehicles, have led to reduced prices of automotive wiring harness due to their large volume of production.
Need to Upgrade Technological Capabilities Leads to Increased Production Cost for Manufacturers
The high cost of automotive wiring harness is impeding the growth of the global automotive wiring harness market, says a TMR analyst. Manufacturers of automotive wiring harness need to continuously upgrade their wiring systems to stay in competition in spite of the escalating prices of wires and cables. This puts a burden on their manufacturing capabilities which translates into increased prices of automotive wiring harness.
The maintenance requirement of automotive wiring harness is also impeding the market's growth. This is because wires and cables that are used in vehicles need regular maintenance that needs to be carried out by trained staff under the supervision of experienced professionals.
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In 2014, Europe led the global automotive wiring harness market as the region is home to some of the long-established automobile manufacturers. These manufacturers display a substantial demand for automotive wiring harness that is needed to fulfill the safety requisite of premium passenger cars.
Top players operating in the global automotive wiring harness market includes Delphi Automotive LLP, Furukawa Electric Co. Ltd., Lear Corporation, and Leoni Ag. These four companies collectively held close to 74% of the market in 2014 representing a high degree of consolidation in the global automotive wiring harness market, observes Transparency Market Research (TMR).
"Implementation of quality standards across each and every step of operations and getting certified from accredited bodies is the roadmap of growth that the top players in the global automotive wiring harness market are focused on," points out a TMR analyst. For example, in February 2014, THB Group arranged a visit for government officials in China to inspect their manufacturing operations and certify the quality standards that were implemented for the same.
Increased focus on research and development in a bid to develop new products is also on the growth charts of players dominating this market. Joint ventures and strategic alliances are also what top players in this market are focused on to increase their global presence to translate into business growth. The global automotive wiring harness market is expected to report a CAGR of 8.6% from 2015 to 2021, says TMR. Light vehicles led the market on the basis of vehicle type in 2014 with a valuation of US$28.17 bn. This is mainly due to their low maintenance and better fuel combustion capabilities.
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