Market Overview
India automotive wiring harness market was valued INR 20,752.69 Crore in 2019 and is expected to reach INR XX Crore by 2027 growing at a CAGR of 5.21% during the forecasting period (2020-2027)
The rise in electric vehicle demand all around the world due to the favorable government policies is the major factor for the rise in the automotive wiring harness market. A wiring harness is an organized set of wires, terminals, and connectors that run throughout the entire vehicle and relay information and electric power, thereby playing a critical role in “connecting” a variety of components. Power and information travel through this network much like the circulatory and central nervous systems of the human body
The report covers all the major trends and drivers playing a vital role in the growth of India automotive wiring harness market. India automotive wiring harness market has been segmented based on Region, type, component, material, standard, user, application and end-user.
Market Dynamics
Drivers
- Rise in demand of the electric vehicles such as two wheelers, three wheelers, and four wheelers with growing government support and schemes have impelled the growth of the automotive wiring harness market in India
- 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
Restraints
- High maintenance cost required while repairing automotives and high capital cost required for the manufacturing of the automotive wiring harness as well as availability of the substitute material may hamper the growth of the automotive harness market
Rise in demand of the electric vehicles such as two wheelers, three wheelers, and four wheelers with growing government support and schemes have impelled the growth of the automotive wiring harness market in India
The automotive wiring harness market is driven by the increasing adoption of electric vehicles IN India with the surge in government support and schemes have propelled the Indian automotive wiring harness market
A wiring harness plays a vital role in the electric vehicles for AC-DC charging, connecting high-voltage batteries and traction, sound systems, and the battery management system. All these additional cables can be connected with the help of an automotive wiring harness, which eliminates the additional wiring requirements in the vehicles.
As per the India Brand Equity Foundation Organization in 2019, India rank’s 4th for the automobile industry due to the presence of huge population demand and a growing number of manufacturers coupled with growing foreign direct investment in India
Further increasing demand for the electric vehicles in India due to increasing government support and schemes for the sale of electric vehicles in India. For instance, as per the India Brand Equity Foundation Organization in 2019, India’s electric two-wheeler sale reached around 0.17 million. Also, as per the Society of Manufacturers of Electric Vehicles (SMEV) as of June 2019, around 0.27 million electric cars have been sold in India due to government support under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme which was implemented in April 2015. Also, as of June 2019, around 0.27 million electric cars and 0.17 million electric two-wheelers have been sold under the FAME scheme since its implementation in April 2015. Thus it created a massive demand for the growth of the Indian automotive wiring harness market
Also, the Indian government has announced the FAME-II scheme with an investment of around US$ 1.39 billion for the development of electric vehicles public transport cities in major cities in India
Competitive Landscape
The India automotive wiring harness market is highly fragmented with the presence across India and largely leading automotive component manufacturers holds significant parts of the market share. The market is highly competitive. Product innovation along with expansion, merger & acquisition is one of the key strategies adopted in order to stay ahead among competitors. The most active companies globally are Yazaki Corp., Lear Corporation, SPARK MINDA, Samvardhana Motherson Group and among others. The manufacturers are focusing on expanding and introducing new products according to the end user demands preferences.
For instance, 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 the same year 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
India automotive wiring harness market, competition is based on price, product delivery, reliability of supply, product performance and customer service. Market players are competing with regional and multinational original equipment manufacturers of the leading automotive companies across the world.
The product diversification, technological advancement, expansion, merger, acquisition, revenue generation, and opportunities intensify the market competition Shenzhen Deren Electronics co., LTD, Yazaki Corp., Lear Corporation, SPARK MINDA, Samvardhana Motherson Group are the leading Market players are making partnerships with leading automotive companies in order to supply automotive components in India. For instance, on 11th Dec 2018, Yazaki Innovations, Inc., subsidiary of Yazaki Corporation, one of the world's largest automotive suppliers, made a strategic partnership with Plug and Play which focused on advancing technological innovation in the automotive industry.
Also, 2019 Unity Harness Limited expanded its manufacturing capabilities by building 6500 sq. meter plant in Thailand and increased the total capital up to US$ 0.80 million
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