New trend of domestic substitution, automotive wiring harness is expected to usher in a new development opportunities

Automotive wiring harness is often likened to the neural network of the car, connecting various electronic and electrical components of the car and providing stable electrical energy and signal data, which is an indispensable system-level component of the whole car. The automotive wiring harness industry is currently highly concentrated, and the CR3 of global automotive wiring harness enterprises will be 71% in 2021. At present, the automotive wiring harness market is dominated by foreign enterprises in Japan, South Korea, Europe and the United States. However, the market share of domestic wiring harness enterprises is gradually increasing. Vehicle manufacturers have strict certification and evaluation standards for automotive wiring harness suppliers, thus forming supplier qualification barriers. Similarly, automotive cable products belong to the automotive safety parts, high performance and reliability requirements, and thus the qualification threshold of automotive cable products is also high. New energy vehicle systems include low-voltage and high-voltage harnesses, of which the high-voltage harness system is a new system under electrification, replacing the traditional engine harness. From the point of view of the value of a single vehicle, new energy vehicle wiring harnesses are significantly higher than the value of a single vehicle of traditional fuel vehicles. The development of automotive intelligence makes the car electronic device functions increase, thus increasing the amount of wiring harness cable, enhance the value of the volume; at the same time, fast and reliable data transmission needs will lead to high-frequency high-speed wiring harness cable volume. According to estimates, by 2025 the domestic automotive wiring harness market space of 113.7 billion yuan, 2022-2025 compound annual growth rate of 13%; automotive cable market space of 28 billion yuan, 2022-2025 compound annual growth rate of 14%. In recent years, international automobile manufacturers attach importance to cost control, domestic independent wiring harness enterprises gradually enter the international automobile manufacturers' supplier supporting system. In addition to the rise of national brands one after another, independent brands of local parts procurement rate is high. International automobile manufacturers and harness manufacturers supply chain localization, as well as the growth of local wiring harness enterprises, will also help cable companies to achieve domestic substitution.

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