India Automotive Wiring Harness Market

Increasing production of the automobiles with rapid growth  and sale of the vehicles with implementing advanced technology in the vehicles drives the growth of the automotive wiring harness  market

The government of India also announced an additional income tax deduction of  US$ 2146 for the loan taken on the purchase of electric vehicles. Thus it created a massive demand for the automotive wiring harness market in India.

Automotive wiring harness improves the overall efficiency of the vehicles by electrification of the powertrain system and by deploying wiring harness systems vehicles manufacturer and comply with the government rules and regulations for fuel usage and emissions control in the vehicles

Further increasing annual production of the vehicles with the surge in demand by the middle class and high-income people for vehicles in India have the automotive wiring harness market growth. For instance, as per the India Brand Equity Foundation Organization in 2019, India's annual production reached around 30.91 million vehicles in 2019, increased by 6.26% from 29.08 million in 2018ØAlso, India is expected to emerge as the fastest growing automobile industry due to the presence of several manufacturing industries and the surge in the sale of passenger vehicles in India. For instance, as per the India Brand Equity Foundation, India is expected to be the third-largest passenger vehicle market around the globe by 2021 due to the growing sale of the vehicles.

Also, as per the India Brand Equity Foundation Organization in 2019, India stood as the world's fourth-largest manufacturer of cars and seventh-largest manufacturer of commercial vehicles in 2019. Further increasing Indian automotive industry market due to growing sales of the vehicles and surge in demand of the vehicles in the domestic market has propelled the automotive wiring harness market growth. 

Growing foreign direct investment in India for automobile industry

Rising FDI inflows on Indian automotive industry is propelling the growth of automotive wiring harness market in India in the coming years.

For instance, as per the India Brand Equity Foundation Organization in 2019, India's automotive industry, including automotive components, such as wiring harnesses, body panels, accessories, etc. market was valued at around US$ 251.4 billion and is projected to reach 282.8 billion by 2026. It created a massive demand for the growth of this market in India

Further increasing foreign direct investment in India for the expansion of the production capabilities in India with the surge in demand of the vehicles due to increasing disposable income have propelled the market growth

For instance, as per the India Brand Equity Foundation Organization in between 200 to April 2020, foreign direct investment in India in the automotive industry reached US$ 24.5 billion, which accounted for 5% of total FDI in India. Thus it created a massive demand for the automotive wiring harness market in India.

Further several leading players are planning to expand the automobile production capabilities in India to fulfill local domestic and global demand for the vehicles, which have propelled the market growth.

For instance, In October 2020, MG Motors has planned to invest around US$ 135 million in India for enhancing the production capacity of the vehicles with the launch of new models in India. Also, in September 2020, Toyota Kirloskar Motors have planned to invest around US$ 272.81 million in India for manufacturing of electric components such as wiring harnesses and technology for domestic and global customers.

Market Opportunity

Growing technological advancement with compact design equipment for the formation of automotive wiring harness has created ample opportunity for this market. For instance, on 7th December 2020, Sumitomo Electric Industries, Ltd has launched Thunderbolt 4 electrical cables, which comply with the proper certification and latest Thunderbolt standard. Sumitomo Electric have started its mass production and sale of these cables in Nov 2020. Thus it may create a massive opportunity for the growth of this market in India

Also, on 5th August 2019, Legrand India launched a new innovative range of wiring devices, Lyncus. The Lync has extended from touch-enabled regulators, switches, dimmers, plug free USB, and wireless induction charger. Thus it created a massive opportunity for the growth of this market.

Also, increasing mergers, acquisitions, and partnerships among the leading manufacturers of automobiles in India may create lucrative opportunities for this market's growth. For instance, on 11th December 2018, Yazaki Innovations, Inc., a subsidiary of Yazaki Corporation, one of the world's largest automotive suppliers has made a strategic partnership with Plug and Play, which focusing on advanced technological innovation in the automotive industry. Also, in Sept 2019, Leoni AG launched the first ID.3 wiring systems at the International Motor Show (IAA) in Frankfurt and began its production due to high customer demand. In 2019, Leoni Ag started its ID.3 series production of wiring systems for Volkswagen's first electric car to be designed as a purely electric vehicle. Thus it may create a massive opportunity for the growth of this market.

Also, further increasing the launching of new electric vehicles in India with the adoption of smart technologies may create a lucrative opportunity for this market's growth. For instance, The Mahindra eKUV100, an electric car, is expected to be launch in January 2021 in India. Further, Jaguar I-Pace is also releasing its first electric SUV in India in March 2021. Thus it may create a lucrative opportunity for the growth of the automotive harness market in India

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