India Automotive Wiring Harness Market Set to Reach USD 2,373.10 Million by 2028, Driven by Growing Demand for Electric Vehicles and Technological Advancements
According to the TechSci report titled “India Automotive Wiring Harness Market, By Region, Competition Forecast & Opportunities, 2018-2028,” the India automotive wiring harness market is projected to reach USD 2,373.10 million by 2028, with an impressive CAGR of 8.48% during the forecast period of 2024-2028. In 2021, the market was valued at USD 1,518.96 million. The anticipated growth of the market can be attributed to the increasing demand for electric vehicles in India. As concerns over environmental deterioration and toxic vehicle emissions escalate, the demand for electric vehicles is rapidly rising, thus driving the growth of the India automotive wiring harness market in the next five years. Furthermore, the demand for technologically advanced vehicles incorporating artificial intelligence and internet-based services also supports market growth. The increasing sales of passenger cars, coupled with the desire for personal vehicle ownership and rising disposable income among the population, are expected to fuel the growth of the India automotive wiring harness market in the forecast years.
Browse over 20 market data Figures spread through 79 Pages and an in-depth TOC on “India Automotive Wiring Harness Market“
Higher Adoption of Optical Fiber Drives Market Growth
The market’s growth is aided by the higher adoption of optical fiber for high-speed data transfer within vehicles. Optical fibers offer performance advantages compared to copper wires and other materials, making them an ideal choice for vehicle wiring harnesses. As a result, the increasing application of optical fibers is expected to substantiate the growth of the India automotive wiring harness market through 2028.
Segmentation of the India Automotive Wiring Harness Market
The India automotive wiring harness market is segmented based on vehicle type, component type, material type, application, regional distribution, and competitive analysis. In terms of vehicle type, the market is differentiated between passenger cars and commercial cars. Passenger cars are expected to hold the largest revenue shares and dominate the market segment in the next five years due to the growing demand for personal vehicle ownership. The increasing demand for electric vehicles and advancements in vehicle technology further contribute to the growth of the India automotive wiring harness market.
Based on component type, the market is further segmented into automotive wires, automotive terminals, and automotive connectors. The market is also fragmented based on material type, including optical wiring, copper wiring, aluminum wiring, and others. Copper wiring is expected to maintain its dominance during the forecast period due to its traditional usage and lower cost. However, optical fiber wiring is anticipated to register the fastest-growing CAGR of 13.58% in the next five years, driven by automotive manufacturers’ inclination towards faster internet networks and higher material efficiency. Technological advancements in automotive sensors, such as LIDAR, Radar, and Ultrasonic, also contribute to the growth of optical fiber wiring and the India automotive wiring harness market.
Furthermore, the market is segmented based on application into chassis harness, engine harness, body harness, speed sensor harness, and others. The analysis of the India automotive wiring harness market also includes regional segmentation, divided into North India, South India, East India, and West India regions. Each region is further analyzed for the top three states in terms of market potential.
A partial list of market players in India Automotive Wiring Harness Market include:
- Lear Automotive India Private Limited
- Aptiv Components India Private limited
- Leoni Cable Solutions India Private Limited
- Fujikura Automotive India Private Limited
- Viney Corporation Private Limited
- Dhoot Transmission Pvt. Ltd
- Samvardhana Motherson Group
- Spark Minda
- Yazaki India Private Ltd.
- SEI Trading India Private Limited
“Growing sales of the passenger cars and surge in demand for electric vehicles facilitate the growth of the India automotive wiring harness market in the future years. After the relaxation of strict COVID-19 regulations, the demand and sale of automotive vehicles are further expected to increase, which would add to the expectant growth of the market in the next five years. The rapidly increasing number of the new market players would further influence the already dominated and competitive market for automotive wiring harnesses in India. New market players may focus and invest their resources toward technological advancements and innovative product development, thereby aiding the growth of the India automotive wiring harness market as well as supporting their future brand establishment in the industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Automotive Wiring Harness Market By Vehicle Type (Passenger Cars and Commercial vehicles), By Component Type (Automotive Wires, Automotive Terminals, Automotive Connectors), By Material Type (Optical wiring, Copper Wiring, Aluminum Wiring, Others), By Application (Chassis Harness, Engine Harness, Body Harness, Speed Sensor Harness, Others), By Region and By Company, Forecast & Opportunities, 2018- 2028F” has evaluated the future growth potential of India automotive wiring harness market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India automotive wiring harness market.
Report Scope:
In this report, India automotive wiring harness market have been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- India Automotive Wiring Harness Market, By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- India Automotive Wiring Harness Market, By Component Type:
- Automotive Wires
- Automotive Connectors
- Automotive Terminals
- India Automotive Wiring Harness Market, By Material Type:
- Copper Wiring
- Aluminum Wiring
- Optical Wiring
- Others (Polyurethane, Polyethylene, PVC, etc.)
- India Automotive Wiring Harness Market, By Application:
- Body Harness
- Engine Harness
- Speed Sensor Harness
- Chassis Harness
- Others (HVAC, Dashboard, etc.)
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