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Automotive Wiring Harness Market Show Exponential Growth by 2021
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The automotive wiring harness broadly consists of six components namely electric wire, protector, grommet, terminal, tape and clamp. Automotive wiring harness industry is showing great advancements in increasing the efficiency of the harness. The price of automotive wiring harness have been declining in recent times due to falling copper prices (one of the raw material for automotive wiring harness) and several lawsuits against the price control practice of the key manufacturers.
The fall in prices has further increased the demand for automotive wiring harness globally. In the European Union, six substances used in automotive wiring harness namely lead, mercury, hexavalent chromium, polybrominated biphenyls and polybrominated diphenyl ether must fall under RoHS lead-free directive.
The automotive wiring harness market for new energy vehicles including the electric and hybrid vehicles have higher per unit cost due to the higher production cost of high voltage wiring harness assembly. The special processing in terms of electricity transmitting capacity, mechanical strength, insulation protection and electromagnetic compatibility increases the production cost by 25%-50%.
The increasing numbers of new energy vehicles are expected to boost the automotive wiring harness market significantly in terms of value. The Chinese market for new energy vehicles is increasing rapidly which is expected to attract significant demand for the automotive wiring harness market in this category.
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The large companies have been making organic and inorganic investments to increase their global reach and cater to the increasing automotive wiring harness demands. For instance, Furukawa acquired Mitsubishi’s automotive connector business in 2011 to increase investment in this field. In May 2013, Furukawa decided to expand the production of its Philippines factory.
Chinese automotive wiring harness company Shenzen Deren Electronics Co. Ltd. purchased auto connector and wiring harness business of CAEG in 2012. The largest companies such as Yazaki, SY System Tech, Leoni and Furukawa have been several times penalized for controlling market prices in North America and Europe. These four companies have been penalized with USD 187 million in July 2013 by European Union on the same grounds.
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