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The global automotive wiring harness industry is anticipated to be driven by the rising product demand in the automobile industry. The rising demand for automotive wiring harness from the vehicle manufacturers, who are focused on enhancing the safety and security of passengers through high-speed data transmission, is aiding the industry growth. Furthermore, the automotive wiring harness enhances the fuel efficiency of vehicles, which is likely to be a major factor driving its demand globally. The Asia Pacific is likely to account for a significant share in the market, owing to the rising disposable income and the favourable government policies to support the adoption of electric vehicles in countries like China.
The growing inclination towards electric vehicles owing to the rising environmental concern is expected to further aid the market growth in the forecast period. Sumitomo Electric Industries Ltd. (TYO:5802), one of the key industry players, has been engaged in developing products for electric-powered vehicles after witnessing the rapid growth of the segment. The company has developed high-voltage harnesses and is focused on developing aluminium-based harnesses.
On March 25, 2021, Lear Corporation (NYSE: LEA) took a decision to acquire M&N Plastics, which is a privately-owned, Michigan-based manufacturer of engineered plastic components for automotive electrical distribution. This will expand the global reach of the company whilst allowing it to advance in the field of automotive seating and electrical distribution systems. Thus, the growing mergers and acquisitions by the key industry players are expected to further propel the growth of the automotive wiring harness industry in the forecast period.
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The major players in the global automotive wiring harness market are Sumitomo Electric Industries Ltd., Furukawa Electric Co. Ltd., Yazaki Corporation, Leoni AG, and Lear Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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