A three-pronged approach was followed for deducing the automotive wiring harness market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for automotive wiring harness market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of automotive wiring harness market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The automotive wiring harness market was categorized into five segments, namely component (Electric Wires, Connectors, Terminals), application (Body, Chassis, Engine, HVAC, Sensors), electric vehicle (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), vehicle (Light Vehicles, Heavy Vehicles), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The automotive wiring harness market was segmented into component, application, electric vehicle, vehicle, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The automotive wiring harness market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; the UK.; Germany; China; India; Japan; Brazil.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The automotive wiring harness market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Delphi Technologies PLC - Delphi Technologies PLC was separated to form an independent company in December 2017. After this separation, Delphi Automotive PLC was renamed as Aptiv PLC. The company operates in two segments- Signal and Power Solutions and Advanced Safety & User Experience, wherein the signal and power solution segment consists of wiring assemblies and harnesses among other products.
Furukawa Electric Co., Ltd. - Furukawa Electric Co., Ltd. is engaged in manufacturing of cables and wires. The business fields of the company are telecommunication, automobile, electronic parts, and construction, among others. Furukawa Automotive Systems Inc. is involved in the manufacturing and selling of wire-harnesses.
Kromberg & Schubert GmbH Cable & Wire - is a specialist in manufacturing of cables. It is a part of Kromberg & Schubert Group that produces complex wiring system required for the automotive industry. The company offers its products through product categories such as automotive cables and special cables.
LEONI AG - LEONI AG is a global provider of products, services, and solutions for automotive industries. The company is the head of the LEONI Group, which has 72 subsidiaries. The company offers its products through two product categories namely wiring systems & components and automotive cables.
Lear Corporation – Lear Corporation is engaged in supplying electrical distribution system, seating, electronic modules, related sub-systems, components, and software to the global automotive industry. The company’s electrical distribution system product category includes wire harnesses, power distribution boxes, terminals & connectors, and passive junction boxes.
PKC Group - PKC Group is a supplier of electrical distribution systems for the automobile industry. PKC Group operates through one business segment namely Wiring Systems. The Wiring Systems segment manufactures, designs, and integrates electrical distribution systems, vehicle electronics, related architecture components, and wires & cables.
Sumitomo Electric Industries, Ltd. - Sumitomo Electric Industries, Ltd. is engaged in manufacturing and selling of products related to infocommunications, industrial materials, automotive, electronics, and environment & energy. The company’s Automotive segment includes wiring harness & electrical components and steel cords for tire reinforcement.
Spark Minda, Ashok Minda Group - is engaged in manufacturing automotive components for Original Equipment Manufacturers (OEMs). The company’s Driver Information & Telematics System segment includes wiring harness & steering roll connectors, components, instrument clusters, sensors, telematics, ITS, and IoT.
China Auto Electronics Group Limited (THB Group) - China Auto Electronics Group Limited (THB Group) is engaged in designing and manufacturing electronic components, rubber & plastic, automotive connectors, and other automotive components. It offers its products through product categories such as PDC & fuse boxes, connector & terminal, wire harness, automotive electronic components, harness equipment, and new energy vehicle powertrain products.
Yazaki Corporation - Yazaki Corporation is a pioneer in manufacturing automotive wiring harness. Additionally, it is also engaged in manufacturing meters, electronic components, and other components for automotive use. The company’s major subsidiaries are Yazaki Meter Co., Ltd., Yazaki Parts Co., Ltd., and Yazaki Energy System Corporation.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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