The global automotive wire harness market is expected to grow at a considerable rate i.e., USD $75 billion by 2027, with a CAGR of 5.8% during the forecast period 2020-2027. Increasing the integration of electronic devices into vehicles has a positive impact on the wire harness market. This ensures safety, increases performance, fuel-efficient, and low probability of electrical shortage.
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Companies are focusing on strategic collaborations with end-users and regional distributors to expand their customer base. Several manufacturers are providing new production facilities for producing wire harnesses in developing countries due to the low labor cost involved. However, the COVID-19 pandemic has caused a severe impact on the automotive sector and wire harness market. There are a lot of disruptions in the supply chain halting the production and fall in demand. In the post COVID, there will be an increase in consumer preference of own vehicular transport and the rise in demand for autonomous and safe vehicles, thus providing revenue and employment generation in the automotive wire harness market.
Chassis & safety application type segment will remain a key beneficiary in terms of revenue in the market
On the basis of application, the market is segmented into body, chassis, engine, HVAC, and sensors. The chassis and safety segment will remain a key beneficiary in terms of revenue and includes fog lamps, headlamps, fuel flaps, and turn indicators. Chassis is used in electric and conventional vehicles.
Geographically, APAC has the largest market share in the forecast period. This is due to the increasing road infrastructure activities, growing automotive manufacturing, an increase in demand for safety, low labor cost and convenience features in mid-segment vehicles will facilities will drive the growth of the region.
Some of the key players operating in the automotive wire harness market: Delphi Technologies PLC, Furukawa Electric Co. Limited, Leoni AG, Lear Corporation, Sumitomo Electric Industries Limited, Spark Minda, Yazaki Corporation, Samvardhana Motherson Group, Nexans Auto Electric Gmbh, and Yura Corporation.
In September 2020, Motherson Sumi Systems Limited had entered into an agreement to acquire US-based Stoneridge Inc’s wiring harness business for USD 65.7 million. The acquired business has a turnover of approx. USD 300 Million.
Source: VynZ Research