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Light Vehicles Wiring Harness Market Gears Up for Strong Growth Amid EV and Tech Integration Boom
Light Vehicles Wiring Harness Market
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The increasing adoption of electric vehicles (EV) is further propelling the demand for wiring harness in the global market. In 2022, the sales of EVs crossed 8 million globally, where around 50% share was occupied by China alone. The sale of EVs is expected to cross 35 million units by 2030. This trend encourages wiring harness manufacturers to invest heavily in enhancing their production capacity. For instance, in July 2022, Sumitomo Wiring Systems Ltd opened its third automotive wiring harness manufacturing facility at Royal Group Phnom Penh, a Special Economic Zone (SEZ) in Cambodia.
Increase in demand for vehicles, advancements in technology and the growing production of electric vehicles are the major drivers of the light vehicle wiring harness market. The growing demand for vehicles has led to an increase in the production of vehicles and the need for wiring harnesses in them. In addition, the increasing use of advanced technologies such as autonomous driving and connected vehicles is also driving the growth of the light vehicle wiring harness market.
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Automotive wire harness is used to connect different electronics and electric components in a vehicle to enable power supply and communication. These wiring systems are expensive and heavy, that reduces the vehicle efficiency. Hence, by reducing its weight, the fuel efficiency can be increased. Li-Fi technology can be used in wire harnesses to provide improved data transmission capabilities. This technology is based on the use of light instead of electricity for the transmission and reception of data. Li-Fi harnesses allow for much faster data transfer rates than traditional wired systems. The use of Li-Fi in wire harnesses can also reduce the size and weight of the harnesses, as well as reduce the amount of energy consumed. In addition, Li-Fi technology is a more cost-effective solution than traditional copper wiring, as it requires fewer components and additional equipment. This makes it a great option for automotive applications, where weight and size are important considerations.
Segment Overview:
👉 By Material: The light vehicles wiring harness market is divided into material; copper, aluminum and others.
👉 By Voltage: The light vehicles wiring harness market is classified into voltage namely; low voltage and high voltage.
👉 By Application: The light vehicles wiring harness market is classified into application namely; body and lighting, engine, HVAC, chassis, dashboard and cabin, and others.
👉 By Vehicle Type: The light vehicles wiring harness market is classified into vehicle type namely; passenger vehicle and commercial vehicle.
👉By Region: The light vehicles wiring harness market is regionally classified into North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is expected to grow at a significant CAGR in light vehicles wiring harness market during the forecast period. The growth is mainly attributed to the increasing automotive production, robust expansion by OEMs, supportive government regulations, and ease of manufacturing in the region. To fulfil the increasing demand from automotive manufacturer, companies are focusing on innovative technologies to gain competitive edge in the market. For instance, in January 2020, Motherson Sumi Group demerged its wiring harness manufacturing unit in India and created separate listed unit to solely focus on wiring harness business in India.
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Key Market Players
Aptiv PLC,
Furukawa Electric Co., Ltd.,
Sumitomo Electric Industries, Ltd.,
Yura Corporation,
Nexans Autoelectric GmbH,
Leoni AG,
Yazaki Corporation,
FujiKura Ltd,
Samvardhana Motherson Group,
Lear Corporation
Market players are expanding its geographical presence by opening new plants and acquiring small regional players. For instance, in February 2023, Japan-based wiring harness manufacturer Yazaki Corporation announced to open its first automotive parts plant in Guatemala, South America with the investment of $10 million. Similarly, in September 2021, German wiring harness manufacturer Leoni AG inaugurated its fourth manufacturing facility to increase the wiring harness production capacity in Serbia.
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