(MENAFN- GlobeNewsWire - Nasdaq)
New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Global Automotive Wiring Harness Market Size, Share & Industry Trends Analysis Report By Material, By Application, By Propulsion, By Voltage, By Vehicle Type, By Regional Outlook and Forecast, 2022 - 2028' -
It is developed to meet the electrical and dimensional requirements of automobiles. To ensure fundamental operation and improved safety, an automotive wire harness facilitates the transfer of control signals and electrical power to electronic and electrical devices.
Today's automobiles come with electrical components that not only allow them to move, turn, and stop, but also carry out several additional tasks. To operate these electronic components and send power and messages to every section of the car, wiring harnesses are essential. They are essential parts similar to the blood veins and nerves in the human body, consisting of connectors, terminals, clamps, sheaths, and other components surrounding a core of electrical wires.
Since 1987, the wiring harness has been the foundation of the company. For the automotive industry, Sumitomo Electric Wiring Systems creates and produces wiring harness components of the highest caliber and greatest dependability. A wiring harness is a logical arrangement of wires, terminals, and connectors that runs throughout the entire vehicle and transmits data and electrical power, effectively 'connecting' several different components. Similar to how the circulatory and central nervous systems of the human body transmit energy and information, this network does the same.
COVID-19 Impact Analysis
The COVID-19 pandemic has caused supply-chain interruptions that have delayed the production of automobiles. A number of automakers had a scarcity of wire harness components, which further delayed the production of vehicles. For instance, Hyundai in South Korea ceased operations at the Ulsan complex in 2020 owing to a part shortage. Auto sales suffered a dramatic decline as a result of the COVID-19 pandemic and related lockdowns. The sale of electric vehicles did, however, enjoy growth. Due to greater German purchase incentives, ongoing battery cost drops, and a shift in technology driven by fleet operators to meet 2020 emissions limits, the sale of electric vehicles grew in Europe.
Market Growth Factors
Vehicle Features that are Becoming More Advanced
The desires for driver assistance technology to combine cutting-edge features in automobiles have been spurred by increased awareness about safety and security. Additionally, automakers must adhere to safety regulations and include features like airbags. To increase the comfort of the driving experience, comfort features include voice recognition systems, ambient lighting systems, heated seats, and steering wheels, improved infotainment capabilities, digital IP displays, cooled cupholders, and more power steering functions that have gained popularity.
Harnesses with Thin Straps are in Demand
The conventional copper wiring harness weighs a lot and takes up a lot of room inside the car. After the engine and chassis, the wiring harness is the third-heaviest component, weighing 50–70 kg. Every day, more wiring harnesses are created as a result of the growing number of features in automobiles. Compared to an internal combustion engine powertrain, the development of the electric powertrain alone adds around 30% extra weight. These elements affect the vehicle's performance and fuel efficiency while also adding to the weight of the wire harness and the overall vehicle.
Market Restraining Factors
Concerns about the Wiring Harness's Lifespan
The car has several electrical issues, including non-working front and rear lights, a dead battery, dim lights, a failing alternator, and ignition problems that can result from faulty wire harnesses. Due to quickly varying surroundings, such as sudden temperature changes from extremely hot to extremely cold, the wiring harness might occasionally bend. These issues could cause the wiring harness to deteriorate, shortening its lifespan. For instance, Sumitomo created the aluminum wiring harness, which joins copper-based connectors with aluminum wires. Galvanic corrosion will occur if this mixture of aluminum and copper is exposed to saltwater or another electrolyte solution.
Material Outlook
Based on the Material, the Automotive Wiring Harness Market is divided into Copper, Aluminum, and Others. The copper segment acquired the highest revenue share in the automotive wiring harness market in 2021. It is due to the electrification of vehicles and the rise in demand for larger vehicles, such as SUVs and full-size vans, which are the main factors driving the high need for copper-based wire harnesses. In this case, copper or copper braiding materials with a tin coating would be employed.
Application Outlook
On the basis of Application, the Automotive Wiring Harness Market is divided into Body & Lighting, Engine, HVAC, Chassis, Dashboard & Cabin, and Others. The dashboard & cabin segment recorded a significant revenue share in the automotive wiring harness market in 2021. Due to the increasing use of entertainment systems and dashboard displays in various types of vehicles, the dashboard/cabin harness sector now holds a monopoly on the automotive wiring harness market. Utilization of the wiring harness in the vehicle's seat is increased by the integration of devices like active health monitoring and heated seats.
Propulsion Outlook
On the basis of propulsion, the Automotive Wiring Harness Market is classified into ICE Vehicles, Electric Vehicles, and Hybrid Vehicles. The ICE vehicles segment procured the largest revenue share in the automotive wiring harness market in 2021. It is due to the fact that more ICE-based cars are produced than electric vehicles (EVs). They are also being swiftly combined with self-driving capabilities as well as vehicle-to-vehicle (V2V) and vehicle-to-vehicle (V2V) communication. Wire harnesses are so crucial in ICE vehicles for transporting power and data among a wide variety of electrical sensors and systems.
Voltage Outlook
Based on the Voltage, the Automotive Wiring Harness Market is bifurcated into Low Voltage and High Voltage. The high voltage segment witnessed a substantial revenue share in the automotive wiring harness market in 2021. Wires and plastic covers make up the standard high-voltage wiring harness for HEVs. Because the plastic shield doesn't transfer heat well, a larger-sized wire is required for high-voltage wiring harnesses to minimize Joule-heat loss. Making the molds for new or modified protection also requires a hefty design cost and a longer lead time. To solve these issues, created the pipe shield electrical harness.
Vehicle Type Outlook
By Vehicle Type, Automotive Wiring Harness Market is segmented into Two Wheeler, Passenger Cars, and Commercial Vehicles. The passenger cars segment garnered the highest revenue share in the automotive wiring harness market in 2021. A four-wheeled vehicle having at least two axles and its driver is referred to as a passenger vehicle. Passenger transportation is its primary objective. Public transit uses a large percentage of passenger cars. Due to their current potential to offer significant environmental, societal, and health benefits, BEVs have become increasingly popular.
Regional Outlook
Region-wise, the Automotive Wiring Harness Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region segment garnered the largest revenue share in the automotive wiring harness market in 2021. It is because of rising premium car demand, rising disposable income in China and India, and rising use of electric vehicles in the region. Government programs to provide benefits for the purchase of electric vehicles are assisting in the spike in the adoption of electric vehicles. Additionally, the wire harness is needed for the integration of sophisticated technologies in automobiles, which is anticipated to boost market expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Lear Corporation, Aptiv PLC, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Nexans SA, Furukawa Electric Co., Ltd., Samvardhana Motherson International Ltd, Leoni AG, Yazaki Corporation and Yura Corporation
Recent Strategies deployed in Automotive Wiring Harness Market
Partnerships, Collaborations and Agreements:
Jun-2022: Sumitomo Electric Industrie signed a memorandum of understanding with the General Authority for Investment and Free Zones, a government department that helps investors. Through this agreement, the companies aimed to introduce a factory under the Free Zone framework, in the industrial Sharqiya town of 10th Ramdan. Additionally, the new factory would deliver wiring harnesses for cars and vehicles would be developed over a 150,000 sq. m-land, and is expected to be the biggest in the world.
Dec-2021: Sumitomo Electric Industries joined hands with Valens Semiconductor, a world head in HDBaseT technology. Together, the companies aimed to assure that Sumitomo Electric's wiring harness systems fulfill the channel conditions of the A-PHY specification, while Valens would add the Sumitomo Electric cable matching and assembly on-board connectors as an ordering opportunity for its VA70XX consumer evaluation tools.
Sep-2021: Lear Corporation formed a joint venture with Hu Lane Associate, a listed business on the Taipei stock market and a manufacturer of world-class automotive connector products. This joint venture aimed to develop Lear's vertical combined abilities to engineer and create an offering of connection systems products for future and current vehicle architectures delivered by global automotive factories.
Mar-2020: Aptiv formed a joint venture with Hyundai Motor Group, a South Korean multinational automotive manufacturer. With this joint venture, the companies aimed to increase the companies' shared aim of creating mobility safer, connected, green, and affordable. Additionally, the joint venture would utilize Hyundai Motor Group's engineering, design, and manufacturing expertise and Aptiv's autonomous driving solutions to promote an SAE Level 4/5 platform for robotaxi supplier, fleet managers, and automotive producers.
Acquisitions and Mergers:
Mar-2021: Lear Corporation completed the acquisition of M&N Plastics, a Michigan-based injection molding professional and manufacturer of engineered plastic elements. This acquisition aimed to boost Lear's vertical integration abilities to engineer and create intricate parts for electrical dispersals, such as high-voltage wire harnesses and power electronics.
Scope of the Study
Market Segments covered in the Report:
By Material
• Copper
• Aluminum
• Others
By Application
• Chassis
• Engine
• Dashboard & Cabin
• Body & Lighting
• HVAC
• Others
By Propulsion
• ICE Vehicles
• Electric Vehicles
• Hybrid Vehicles
By Voltage
• Low
• High
By Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Two-Wheeler
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Lear Corporation
• Aptiv PLC
• Sumitomo Electric Industries, Ltd.
• Fujikura Ltd.
• Nexans SA
• Furukawa Electric Co., Ltd.
• Samvardhana Motherson International Ltd
• Leoni AG
• Yazaki Corporation
• Yura Corporation
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report:
About
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
MENAFN03102022004107003653ID1104960505
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.