Press release
There is huge potential for the growth of the Malaysia Wire Harness Industry in Malaysia due to increasing demand for electric vehicles (EVs) in the country and country's proximity to other ASEAN markets: Ken Research
KSA Cold Chain Market Overview: The Wire Harness Market in Malaysia is currently at the growing stage and is highly fragmented and is home to 30+ domestic and international players. The market has been driven by the increasing demand for automobiles, consumer electronics, and industrial equipment in the country. The market is expected to see further growth in the coming years due to the adoption of smart home devices and the increasing demand for industrial automation. The Malaysia Wire Harness Market took a leap from a growth rate of 5.2% in 2018 to a growth rate of 7.8% in 2021. In 2022 due to effect of COVID market saw a decline in the growth rate being at 2.4%. Due to the increase in demand for EVs and electronic goods market is expected to grow at a CAGR of 7.9%, 2022-2027.
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Government Initiatives:
The Malaysian government has launched various initiatives to promote the growth of the wire harness industry in the country. The National Automotive Policy 2020 aims to establish Malaysia as a regional leader in energy-efficient vehicles, including electric vehicles, by providing tax exemptions and developing a network of charging stations for EVs. The policy is expected to drive the demand for wire/cable harnesses in the automotive industry.
The government has also introduced Industry4WRD, which aims to promote the adoption of Industry 4.0 technologies in the manufacturing sector, including the wire harness industry. This initiative provides financial incentives and support for companies to invest in advanced technologies and automation to improve productivity and competitiveness. The adoption of Industry 4.0 technologies is expected to help the wire harness industry to remain competitive and drive its growth.
Furthermore, the Malaysian Investment Development Authority (MIDA) is actively promoting investment in the wire harness industry by offering various incentives to foreign investors to set up manufacturing facilities in the country. The agency provides assistance with site selection, regulatory compliance, and incentives such as tax exemptions and grants. This support from the government is expected to attract foreign investment and create employment opportunities, further driving the growth of the wire harness industry.
As part of its Vision 2030 strategy, the government has set a target of having 100,000 EVs on the road, which is expected to drive the demand for wire/cable harnesses in the automotive industry.
Challenges Faced by Malaysia Wire Harness Market: One of the major challenges is the lack of skilled workers and engineers in the industry, which makes it difficult for companies to adopt advanced technologies and innovation. To address this challenge, the government has launched various initiatives to improve the quality and relevance of technical education and vocational training programs.
Another challenge is the competition from low-cost countries, such as China, which offer wire harnesses at lower prices due to lower labour and manufacturing costs. This makes it difficult for Malaysian companies to remain competitive, and they have to focus on innovation and customization to differentiate themselves from competitors.
The high cost of raw materials, such as copper and aluminium, is another challenge faced by the wire harness industry in Malaysia. The prices of these materials are subject to global market fluctuations, which affect the profitability of companies in the industry.
Development in the Cold Storage Industry in KSA: The wire harness industry in Malaysia is undergoing rapid development, with companies investing in R&D and advanced technologies to remain competitive in the market. In addition, the increasing demand for smart and connected devices and the development of new infrastructure projects are also expected to contribute to the growth of the wire/cable harness market in Malaysia. To meet the demand for high-quality wire harnesses, companies are investing in advanced technologies such as automation, robotics, and artificial intelligence. This helps to improve productivity, reduce production costs, and ensure consistent quality. Moreover, the development of new materials, such as high-performance plastics and composites, is enabling companies to produce more durable and lightweight wire harnesses.
The industry is also seeing a trend towards customization, with companies offering tailor-made wire harnesses to meet the specific requirements of customers. This has been made possible by the adoption of advanced technologies such as 3D printing and computer-aided design (CAD), which enable companies to design and produce wire harnesses quickly and accurately.
Analysts at Ken Research in their latest publication "Malaysia Wire Harness Market Outlook to 2027- Driven by Increase demand for Consumer Electronics, Automotive, Government Initiatives and Infrastructural Development" 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.
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Major Players Mentioned in the Report
K. Wire Harness Sdn. Bhd.
Seiko Denki (M) SDN BHD
Chun Hau Electronic
E Manufacturing Sdn Bhd
TEM Group
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
U. Connector (M) Sdn. Bhd.
SDKM Technologies Sdn. Bhd.
K. Wire Harness Sdn. Bhd.
Seiko Denki (M) SDN BHD
Chun Hau Electronic
E Manufacturing Sdn Bhd
TEM Group
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
U. Connector (M) Sdn. Bhd.
SDKM Technologies Sdn. Bhd.
Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report
Wire Harness Companies
Automotive Companies
Consumer Electronic Companies
Major Appliance Companies
Harness Material Manufacturing Companies
Industrial Development Authority
Wiring Harness Manufacturer's Associations
Private Equity Firms
Venture Capitalists
Time Period Captured in the Report
Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027
For More Insights On Market Intelligence, Refer To The Link Below: -
https://www.kenresearch.com/industry-reports/malaysia-wire-harness-market
Related Reports by Ken Research
https://www.kenresearch.com/industry-reports/india-construction-chemicals-market
https://www.kenresearch.com/industry-reports/karnataka-bricks-and-blocks-market
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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