Asia Pacific Automotive Wiring Harness Market will observe steady demand rise as automotive production is increasing in the major countries in the region. Increasing awareness of ADAS will accelerate the demand in the Asia Pacific. The major contributing countries in Asia Pacific such as India, China, South Korea and Brazil are experiencing shift in consumer preference for safety and high-end electronics in vehicles thus creating opportunities for the OEMs in this region.
Automotive Wiring Harness Market will observe steady growth during the forecast period 2016 to 2024. Increasing automobile production globally and rising demand for technologically superior electronic safety equipment in the vehicles are the major drivers of the automotive wiring harness market. Automobile production is driven by increasing demand for smart vehicles which reduces overall maintenance costs of vehicles. The manufacturers are focusing on developing standardized safety systems with the use of highly equipped electric components to provide enhanced quality to the OEMs.
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North America and Europe will acquire considerable automotive wiring harness market share during the forecast period owing to high adoption of safety technologies in automobiles. However, these markets will come to maturity in terms of demand for the product as majority of the vehicles currently installed with technologically superior electronic and safety systems. Countries such as Canada and Mexico are experiencing economic stability owing to establishment of new vehicle assembly plants and expanding vehicle production capacity which will provide demand for the automotive wiring harness market.
Disposal of used metal wires in the harness further creates challenge for the manufacturers. The limited availability of copper creates need for recycling process for copper wires used in automotive connectivity systems. A luxury car contains approximately 1500 copper wires, which is about 1 mile in length. But recycling of wire is a complex process as it contains other materials such as insulation material, terminals, connectors, relays and other materials. Although companies such as Toyota are developing new technology recycling process to reuse the copper, it is not sufficient measure to reduce the demand supply gap of materials.
Based on type of electric vehicles, the automotive wiring harness market is segmented as plug in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV) and battery electric vehicles (BEV). Electric vehicle segment is steadily growing and possess higher growth potential during the forecast period. This will create demand for wiring harness in electric vehicles to enhance its utility.
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On the basis of vehicle type, the automotive wiring harness market is divided into light weight vehicles and heavy vehicles. The high volume of production in light weight vehicles will support the adoption of wiring harness equipment in the light vehicles.
The major companies in the automotive wiring harness market are Delphi Automotive, Leoni AG, Sumitomo Electric Industries, Yazaki Corporation, Lear Corporation, Furukawa Electric Company Ltd., THB Group, Samvardhana Motherson Group, Spark Minda, Nexans Autoelectric, Yura Corporation, Fujikura Ltd., PKC Group, Quingdao Sanyuan Group, Kyungship Corporation, and Kromberg & Schubert.
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