The other Wiring Harness plants of the Minda group are located in Pune, Pillaipakkam, Kakkalur, Mysore, Murbad, Greater NOIDA, Pithampur, Haridwar, and Vietnam.
13 Dec 2022 | 14819 Views | By Autocar Pro News Desk
Minda Corp has added its 28th wiring harness plant in Chakan to address the fast-growing electric vehicle wiring harness market which off late is seeing a huge boom due to the exponential growth in India’s EV industry and the introduction of advanced safety features where wiring harness plays a critical ...
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Minda Corp has added its 28th wiring harness plant in Chakan to address the fast-growing electric vehicle wiring harness market which off late is seeing a huge boom due to the exponential growth in India’s EV industry and the introduction of advanced safety features where wiring harness plays a critical role.
Ashok Minda, Chairman, and Group CEO sharing his insights on the growing wiring harness industry said that the new plant which is spread over 1.90 lakh square feet will reset benchmarking on multiple manufacturing parameters.
”The plant is a greenfield facility capable of generating 100% solar power which will further enrich Spark Minda’s focus on sustainability and ESG parameters.” Minda added.
The other Wiring Harness plants of the Minda group are located in Pune, Pillaipakkam, Kakkalur, Mysore, Murbad, Greater NOIDA, Pithampur, Haridwar, and Vietnam.
The India commercial vehicle wiring harness market is segmented based on material, propulsion, vehicle type, voltage, and application. Based on material, the copper segment held the largest share in 2022, accounting for nearly three-fourths of the market.
However, the aluminum segment is estimated to register the highest CAGR of 8.6% during the forecast period.
As per the report published by Allied Market Research, the India commercial vehicle wiring harness market was pegged at $774.4 million in 2022 and is estimated to reach $1.47 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
Besides Minda Corp which has a dominant market presence, other market players in this category include Aptiv PLC, Cypress Industries, Dhoot Transmission Pvt. Ltd., Fujikura Ltd., Furukawa Electric Co. Ltd., Lear Corporation, Robert Bosch GmbH, Samvardhana Motherson Group, and Yazaki Corporation.
Based on propulsion, the ICE vehicles segment held the lion’s share in 2021, contributing to more than 90% of the market. However, the electric vehicles segment is projected to manifest the highest CAGR of 11.2% during the forecast period.
Sharing his vision for the new facility Ashok Minda further added that “This new-age, state-of-the-art plant facility will lead the change. Focusing on zero-defect products, this plant will reset benchmarking on multiple manufacturing parameters, setting the bar higher.”.