Growing demand for fuel prices and strict government regulations with regards to CO2 emissions are likely to increase the production sales of electric vehicles. Moreover, governments in several parts of the globe are taking immense efforts in mandating the usage of various electronic safety features in automotive. Such efforts by governments are likely to support the growth of market for automotive wiring harness.
Further, there is increasing demand for high-class safety and electronic features in automobiles together with enhanced reliability and cost reduction. However, demand for automotive Ethernets are expected to minimize usage of the complex wiring harness forms, which will restrain the growth of market for automotive wiring harness.
A recent report anticipates that the market for automotive wiring harness will expand at a robust 8.7% CAGR during the forecast period, 2015-2025, to reach an evaluation of nearly US$ 91.53Bn by the end of 2025. Companies namely Samvardhana Motherson Group (SMG), PKC Group PLC, YAZAKI Corporation, Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., Fujikura Ltd. and Aisin Seiki Co. amongst others will witness a notable growth globally. Prominent companies are planning to focus on marketing strategies such as product innovations and increasing their product portfolio.
Motherson Sumi Systems to Develop Manufacturing Facilities in India
Samvardhana Motherson Group’s flagship company, Motherson Sumi Systems has been planning to develop three new plants in India which is likely to start its operations by 2020. Two plants will be developed in Pithampur, Madhya Pradesh. Market players and manufacturers must note that the first plant will be offering wide-ranging wired for the purpose of automotive applications. The second plant will be manufacturing high-end wiring harnesses.
For the benefit of second plant, Motherson Sumi Systems is planning to enter into joint venture (JV) with Japan’s Sumitomo Wiring Systems for manufacturing wiring harnesses. The third plant will be located in Chennai, which is expected to manufacture rearview mirror. Manufacturers can focus on the newly developing plants as it can help in expansion of business along with strengthening of their position in the market for automotive wiring harness.
Yazaki Corporation Introduces a New Facility in Serbia
Yazaki Corporation recently introduced a new facility at Sabac, in western Serbia, which in turn is expected to strengthen its position in the European automotive industry. Key players and manufacturers must note that Yazaki Corporation has made heavy investments of over $30Mn in the development of first ever Serbian plant. The facility manufactures electronic cable components for the region’s Daimler trucks.
Apart from this, the company also introduced a new cable facility in Bulgaria, all of which is expected to strengthen the position of Yazaki Corporation in the market for automotive wiring harness. Furthermore, Yazaki Corporation is planning to manufacture electronic components that would benefit Mercedes class V and A cars. Manufacturers can plan to make heavy investments in Yazaki Corporation for developing innovative products together with business expansion.
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