Automotive Wiring Harness Market Size Estimated to Observe Significant Growth by 2021
Albany, NY -- (SBWire) -- 08/09/2018 --The automotive industry is one of the growing sectors currently and is expected to show significant growth during the forecast period. The automotive wiring harness market is presently focused on technological up-gradation such as heat insulated wires and ethernet cables. In order to make the vehicles perform at an optimum level and to ensure the proper functioning of all the electronic devices fitted in the vehicles, the OEM's are concentrated on developing advanced automotive wiring harnesses.
Automotive wiring harness forms an integral part of any vehicle. It provides proper functioning of a vehicle and enables it to run smoothly without any trouble. Automotive wiring harness consists of wires, cables, ethernet cables, connectors and other components which transmit power to each and every electronic device and electrical components like lights, ignition, wipers and others devices. The ignition, power delivery and the overall performance of the vehicle depends on the wiring harness and the wires transfers' current to the engine which leads to engine starting. Moreover the entire electrical system depends on wiring harness as the wires acts as a connector for all electrical operation of a vehicle.
New technology and upgrades of existing technology are the key drivers of the global automotive wiring harness market. New and flexible wires are being fitted in wiring harness setup for better current delivery. Automotive wires are being manufactured to withstand more heat and handle current flow to a large number of equipment fitted in a vehicle. Moreover, new wire connectors and cables are equipped with better insulation and bent-proof technology to ensure better lifespan of automobile wires under extreme conditions. Thus, the use of newer technology in automotive wiring harness is a key driver of the market globally. The global automotive wiring harness market is growing at a steady pace due to increase in demand for automobiles across the globe.
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The demand for more performance-oriented vehicles, which depends largely on the electrical components, is driving the market for automotive wiring harness. Upgrade from basic passenger cars to premium segment vehicles is another factor driving the markets in Asia Pacific and Rest of the World as these vehicles uses a complex setup of cables, wires, and wiring connectors. Increase in disposable income and steady growth in the global economy is also propelling the demand for automotive wiring harness market globally. Huge investments in research and development are required to keep companies up-to-date with the latest technologies in the wiring harness market. Therefore, the companies need to develop new products, use the latest technology, and adhere to different norms laid down by governments in order to keep going in this industry.
Based on vehicle type, the market is segmented into light vehicles and heavy vehicles. Increase in demand for high-tech devices and government regulations to implement safety features in vehicles are the major factors for the exponential growth of automotive wiring harness market in Asia Pacific. Wiring harness for vehicles which run on alternate energy are acting as an opportunity to develop more technologically advanced automotive wiring harnesses as these vehicles requires complex combinations of wires and cables to be fitted in them.
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The ethernet cable uses a combination of many cables twisted together to form a single cable which is lightweight and costs less. Thus the increase in demand automotive ethernet cables provides acts as an opportunity. It reduces the overall weight of the vehicle and increases performance. Automotive ethernet is a relatively new concept and is undergoing extensive research. Thus, installation of new automotive ethernet cables at an effective cost without compromising on the quality is expected to offer a huge potential to the automotive wiring harness market during the forecast period.
Key players profiled in this report include THB Group, Minda Automotive Solution, Nexans Autoelectric, Leoni Ag, Delphi Automotive LLP and Lear Corporation among others.
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