Malaysia's Wire Harness Market: Wiring the Future for USD 982 Mn - Here's How: Ken Research
GURUGRAM, India, Oct. 11, 2023 /PRNewswire/ -- The Malaysia Wire Harness Market is being driven by growing demand for Consumer Electronics, Automotive Vehicles (EVs), and IOT devices is expected to exceed USD 982.1 Mn by 2027.
The Malaysia Wire Harness Market is currently in the growing stage, being driven by various factors such as the increasing demand for automobiles, consumer electronics, and industrial equipment in the country. Additionally, the adoption of smart home devices and the increasing demand for industrial automation are also contributing to the growth of the market. The market is highly competitive, with both domestic and international players competing for a share in the market.
To remain competitive in the wire harness market, companies are investing in R&D and advanced technologies, with a strong emphasis on innovation and customization to meet customer needs. The market segmentation is mainly based on end-users, harnessing materials, and applications. Overall, the Malaysia Wire Harness Market is expected to continue to grow in the coming years, driven by the increasing demand for various end-use applications and the development of new technologies.
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Key Market Findings:
- Key manufacturing clusters are located in Penang, Selangor, Kuala Lumpur, and Johor.
- Companies are investing in R&D and advanced technologies, with a strong emphasis on innovation and customization to meet customer needs.
- The market is primarily driven by the increasing demand for automobiles, consumer electronics, and industrial equipment in the country, as well as the adoption of smart home devices and the increasing demand for industrial automation.
Government Initiative: Another key driver of the Malaysia Wire Harness Market is the increasing demand for electric vehicles (EVs) in the country. The government has set a target of having 100,000 EVs on the road by 2030, which is expected to drive the demand for wire/cable harnesses in the automotive industry. Moreover, the development of new infrastructure projects is also expected to contribute to the growth of the wire harness market.
Influx of Retail Stores: Due to the rising young and urban population in the country, there has been a boom in the number of retail stores in Malaysia. This drives the demand for wire harnesses, which is further used to connect electrical components in retail store equipment like point-of-sale systems & security systems.
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Increasing investment in research & development: The wire harness industry in Malaysia is investing heavily in research & development to develop new & innovative products. This strategic focus on R&D not only enhances product quality and efficiency but also fosters a culture of innovation within the industry. As a result, wire harnesses are becoming more technologically advanced and tailored to meet evolving customer needs, making them increasingly attractive in a competitive market. This commitment to innovation positions Malaysia as a key player in the global wire harness industry, driving growth and competitiveness on both domestic and international fronts.
Analysts at Ken Research in their latest publication "Malaysia Wire Harness Market Outlook to 2027" by Ken Research observed that Malaysia Wire Harness Market is in the growing phase. Malaysia is one of the leading producers of wire harnesses in Southeast Asia, with a large number of domestic and international companies operating in the country. Increasing demand for automobiles, consumer electronics, and industrial equipment in the country and the adoption of smart home devices and the increasing demand for industrial automation are some of the factors that will contribute to the Malaysia Wire Harness Market over the period 2022-2027. It is expected that Malaysia Wire Harness Market will grow at a CAGR of 7.9% for the above forecasted period.
Market Taxonomy
By End User
Automotive Industry
Major Appliance
Industrial Equipment
Other Consumer Appliances
Others
(Others include Aerospace and Defense, Gaming and Amusement, Medical Equipment and Devices, Commercial Refrigeration, Food Machines and Entertainment appliances)
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By Harnessing Material
PVC
Nylon
Teflon
Polyester
Fiberglass
Others
(Others include Kevlar, Nomex, Vinyl, Thermoplastic Elastomer, Polypropylene, Polyurethane, Silicone, and Polyethylene)
By Wire Material
Copper
Aluminum
Others
(Others include Steel, Nickel, Silver, Gold)
By Voltage
High Voltage
Low Voltage
By Market Type
Organized
Unorganized
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According to Ken Research estimates, the Malaysia Wire Harness Market – which grew at a CAGR of 5.7% in the period of 2017-2022 – is expected to grow at a CAGR of 7.9% in the forecasted period of 2022-2027, owing to the increased demand for Automotive, IoT (connected devises), and consumer electronics.
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