The government of Malaysia has started a number of programs to encourage the development of the wire harness market in the nation. Additionally, the government unveiled Industry4WRD, a program designed to encourage the manufacturing sector—including the wire harness industry—to embrace Industry 4.0 technologies. This program offers businesses financial incentives and assistance to engage in automation and cutting-edge technology in order to increase productivity and competitiveness. It is anticipated that the wire harness sector will benefit from sector 4.0 adoption in terms of development and competitiveness.
Malaysia Automotive Wiring Harness Market Driving Factors and Challenges
The market for automotive wiring harnesses is expected to grow significantly due to a number of important factors. First off, the need for complex wiring solutions is fueled by the growing integration of advanced technologies into automobiles, such as infotainment systems, advanced driver-assistance systems (ADAS), and connectivity features. The complexity of wiring harnesses increases with the electrification and automation of vehicles, driving up market demand. The growing popularity of hybrid and electric cars is another important growth factor. Specialized wiring harnesses are needed for electric vehicles in order to control battery, electric motor, and charging system connectivity and power distribution. This trend is further accelerated by the global push for environmentally friendly transportation and strict emission regulations.
The industry's severe labour shortage, which prevents businesses from implementing cutting-edge innovations and technology, is one of the main problems. The government has started a number of projects to raise the standard and applicability of technical education and vocational training programs in order to address this issue. The rivalry from low-cost nations like China, which sell wire harnesses for less money because they have reduced labour and production expenses, is another difficulty. Because of this, it is challenging for Malaysian businesses to stay competitive, and in order to set themselves apart from rivals, they must prioritize innovation and personalization. Another issue facing Malaysia's wire harness sector is the high cost of raw materials like copper and aluminium.
Impact of COVID-19 on Malaysia Automotive Wiring Harness Market
The Malaysian composite materials market was notably impacted by the COVID-19 outbreak. The manufacture of composite materials had a brief halt due to disruptions in the supply chain and production facilities. The initial effects of the epidemic are diverse, even if the COVID-19 pandemic is still changing how many businesses are growing. Some industries will see a decline in demand, but many others will hold steady and have bright prospects for expansion. Nevertheless, the market saw a recovery as regulations were loosened and things gradually returned to normal. In order to adapt to changing industry demands, manufacturers also started looking into novel applications and composite material formulas.
Malaysia Automotive Wiring Harness Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are K. Wire Harness Sdn. Bhd., Seiko Denki (M) SDN BHD, Chun Hau Electronic, E Manufacturing Sdn Bhd, EH Success Solutions Sdn. Bhd, Aval Electric Sdn. Bhd, Kanhseei Teckh Sdn. Bhd., AECO Manufacturing (M) Sdn. Bhd., Sapura Thales Electronic (STE), Chestronics, Hanshing Industries, SDKM Technologies Sdn. Bhd. and various others.
Malaysia Automotive Wiring Harness Market Segmentation:
By Application: Based on the Application, Malaysia Automotive Wiring Harness Market is segmented as; Engine, Cabin, Door Harness, Airbag Harness, Electronic Parking Brakes, and Electronic Gear Shift System.
By EV Type: Based on the EV Type, Malaysia Automotive Wiring Harness Market is segmented as; BEV, HEV, PHEV.
By Region: This research also includes data for North, West, East, South.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report