The automotive industry has witnessed various developments and advancements that help in providing effective automotive vehicles to the market. The automotive wiring harness is amongst the several other systems that contribute to the effective production of automotive vehicles and deliver better products to the market. The integration of components in the automotive sector can be done effectively with the help of automotive wiring harness. Wired harnesses are a bunch of electrical cables that transmit signals electrical application. A bunch of wires grouped together in an organized fashion, the wire harnesses find their application in various industries.
Wiring harnesses are largely consumed by the automotive industry delivering great performance when it comes to the assembly of different electronic devices in a single and integrated system. Designed with respect to their specific applicability in the automotive sector for their implementation in the vehicle chassis, engine, and body of vehicles. Owing to the attributes of the automotive wiring harness for being safe and compact, the application of automotive wiring harness in the automotive sector is expected to grow significantly.
Manufacturers Grab a Bigger Piece of the Automotive Wiring Harness Market with Inclining Focus on the Lucrative Regions
As the automotive industry showcases various developments, major regions across the globe are seen projecting investments in the automotive industry and automobile sector. The flourishing automotive industry in emerging regions such as North America and Asia Pacific is seen proliferating the growth of the automotive wiring harness market as well. With one of the largest market value share of the automotive wiring harness market, the North American region is expected to be amongst the most lucrative regions for the market. Moreover, the Asia Pacific region, which is expected to be a dominant region is also amongst the major market player’s focus. With the prevalence of electronics features and attributions in the passenger cars and demand for vehicles in the Asia Pacific countries is further expected to contribute to the increasing demand for the automotive wiring harness.
Market players are focused on expanding their automotive wiring harness business in these regions. Furukawa Automotive Systems Inc. is focused on expanding their production of the automotive wiring harness in the Asia Pacific with their new vehicle wire harness production center in the Philippines, after their initial focus being on the North American market. The company has shifted from local single-region production in Mexico to a regionally-optimized production in the other regions such as Philippines and Vietnam. With these two production centers, the company is focused towards targeting the North American market that showcases tremendous demand for the automotive wiring harness. The expansion plan is a part of their strategic goals to extend their business to a global level and delivers products to a larger market.
Automotive Wiring Harness Market Players to Play around Expansion Strategies
With a promising market that it is, the players in the automotive wiring harness market are expected to leverage the benefits associated with automotive wiring harness. The market players are significantly incorporating expansion strategies to cater to the large markets and fulfill the growing requirements of the automotive sector.
Leoni AG, a Germany-based firm known for cable and harnessing manufacturing went on to introduce their new capacities in Merida, Mexico. With the expertise in cable and harnessing, this environment-friendly wiring systems plant in Mexico is built in order to cater to the needs of their customers in Asia and the US. The plant introduced in a North American country highlights that the emerging region is targeted by major market players owing to the greater requirements for the automotive wiring harness. The production plant in Merida would provide harnesses for passenger vehicles for the Asian manufacturers and the customers in the United States. Moreover, the major highlight of Leoni AG’s Mexican plant is the sustainability achieved with the help of over 1500 solar panels equipped for facilitating one-third of the energy required by the plant.
Companies and manufacturers in the automotive wiring harness market are involved in greater research and development and focused on maximizing the sales of the automotive wiring harness in the lucrative regions. With increasing opportunities provided by the emerging regions, market players are able to maximize their profits.
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