Rapid growth of automobile industry and technological advancements in the country to drive India automotive wiring harness market
According to TechSci Research report, “India Automotive Wiring Harness Market By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component Type (Automotive Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical Wiring, Copper, Aluminum, Others), By Application (Chassis Harness, Engine Harness, Body Harness, Speed Sensors Harness, Others), By Region, Forecast & Opportunities, 2025”, the India automotive wiring harness market is expected to witness a formidable rate of growth owing to its benefit over predictable wiring techniques. The reason behind this is that automotive wiring harness provides secure and reliable connections. Additionally, rapid growth of the automobile industry in India is also boosting the automotive wiring market in the country. One major factor contributing to the growth of this market is that it complies with the ongoing government regulations for fuel usage and emissions. Automotive wiring harness increases fuel efficiency and lower downs vehicular emission levels. Hence, incorporation of automotive wiring harness is expected to result in production of fuel efficient and eco-friendly vehicles.
Additionally, the automotive wiring harness manufacturing companies can benefit from increasing use of safety sensors, such as blind-spot detection and automated steering control systems. The government of India has not laid down any least investment criteria for the automobile industry. This makes India a profitable market for automotive wiring harness companies. Also, country is witnessing increasing number of new registrations per year, especially in South-East India and hence, the market players have immense growth opportunities within this region.
However, India automotive wiring harness market might also face some hurdles over the course of few years. Overheating or short circuits of the wiring harness due to extreme climatic conditions of India, such as heavy rain and snow, leads to high cost for replacement of the entire system. This might serve as a major impediment for the automotive wiring harness market growth. Also, lack of automation in wiring harness manufacturing process might limit the automotive industry growth.
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The India automotive wiring harness market is segmented based on vehicle type, component type, material type, application and region. Based on material type, the market is segmented into optical wiring, copper, aluminum and others. Among them, the optical wiring segment is anticipated to witness higher growth rate as it has comparatively higher transmission speed than aluminum, copper and other materials. Growing demand for high-tech features in automobiles is expected to further boost the demand for optical wiring over the coming years. Also, with the increasing preference for luxury and autonomous cars, the demand for optical wiring is further expected to increase through 2025. Based on application, India automotive wiring harness market is segmented into chassis harness, engine harness, body harness, speed sensors harness and others. The speed sensors harness is anticipated to witness highest CAGR over the coming years owing to rapid adoption of advanced driver assistance systems (ADAS) in automobiles.
Major players operating in the Indian automotive wiring harness market include Delphi Automotive LLP, Furukawa Electric Engineering India Pvt. Ltd., Yura Corporation, Nexans Autoelectric, Sumitomo Electric Industries, Ltd., Samvardhana Motherson Group, Yazaki Corporation, Lear Corporation, THB Group and SPARK MINDA. The market players are working on developing new technologies and recycling processes to recycle & reuse materials like copper, etc., which are used in wiring.
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“India is home to world’s second largest population and is one of the biggest economies in the world with abundance of skilled workers. This is a major driving factor for automotive wiring harness manufacturing companies. Additionally, the Indian government has permitted 100% foreign equity investment for automotive sector. Thus, there are major growth opportunities, for both domestic as well as global automotive wiring harness manufacturing companies, in the country. Moreover, with the advancement of technologies, the market is anticipated to witness robust growth over the course of next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Automotive Wiring Harness Market By Vehicle Type (Passenger Cars, Commercial Vehicles), By Component Type (Automotive Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical Wiring, Copper, Aluminum, Others), By Application (Chassis Harness, Engine Harness, Body Harness, Speed Sensors Harness, Others), By Region, Forecast & Opportunities, 2025”has evaluated the future growth potential of India automotive wiring harness market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India automotive wiring harness market.
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