As the main carrier of power output on electric vehicle, high voltage wiring harness is one of the key components of vehicle performance and safety. The new energy vehicle system includes low-voltage wiring harness and high-voltage wiring harness, among which the high-voltage wiring harness system is a brand-new system under electrification, replacing the traditional vehicle engine wiring harness, which mainly includes high-voltage connectors, high-voltage cables, charging sockets, etc.
Automotive wiring harness industry chain
1. Industrial chain
The automotive wiring harness industry is characterized by intensive labor and high upstream material costs. Because of the difficulty of wiring harness packaging and high transportation cost, wiring harness factories tend to cluster with automobile manufacturers. The automobile wiring harness has the characteristic of customization. In the early stage of vehicle development, the automobile wiring harness factory will cooperate with the whole vehicle factory to develop.
2. Cost structure
From the perspective of raw material cost ratio, the main raw materials of wire harness are wire, sheath and terminal, and copper material accounts for the highest proportion in wire. According to the prospectus data of Shanghai Guang Stock, the proportion of wire, sheath and terminal in the raw material of wiring harness is 32.54%, 20.53% and 19.90% respectively.
Current situation of automotive wiring harness industry
1. Market size
From the perspective of automobile wiring harness market scale, since 2010, China's automobile wiring harness market scale has shown an overall rising trend. With the continuous development of the new energy vehicle market, the demand for high-voltage wiring harnesses has been driven. According to the prospectus of Huguang Shares, the market scale of China's automotive wiring harnesses reached 62.8 billion yuan in 2021.
2. Price
In terms of wiring harness price, the average price of low-grade cars, mid-range cars, high-end cars is 2500 yuan, 3500 yuan and 4500 yuan respectively; New energy vehicles due to the new high voltage wiring harness, the current average price of 5,000 yuan.
Automotive wiring harness industry barriers
The main entry barriers of wiring harness industry include supplier qualification barriers, technical barriers, capital barriers and management barriers. Wiring harness enterprises need to strengthen comprehensive management and improve operational efficiency in raw material procurement, production and processing, market development and other aspects.
Development trend of automotive wiring harness industry
1. High voltage wiring harnesses open new incremental markets
The penetration rate of new energy vehicles has accelerated in recent years. New energy electric vehicles do away with the engine and engine harness and are driven by an electric motor. Fuel-powered vehicles usually use 12V voltage, while new-energy electric vehicles usually use 400V or higher driving voltage. Low-voltage wiring harnesses cannot meet the power transmission needs. Therefore, on the basis of low-voltage wiring harnesses, new high-voltage wiring harnesses of new energy vehicles are mainly used in power batteries, driving motors, on-board chargers (OBCs), DC/DC converters, high-voltage distribution boxes, electric compressors and PTC, which is a new incremental market.
2. The process of domestic substitution is accelerating
In recent years, the domestic automobile market has developed rapidly, and excellent domestic brands such as Geely, Chery, Great Wall, Changan and BYD are gradually rising. Independent brand local parts procurement rate is high, for domestic parts enterprises to bring development opportunities. With the improvement of synchronous development and independent research and development capabilities, coupled with cost advantages and localized service advantages, local auto parts suppliers begin to import substitution in some auto parts fields, and Chinese auto parts industry is in the trend of gradually realizing domestic substitution.
