India's automobile industry is increasingly opting for more premium trends to keep up with consumer demands. How much automakers have benefited from it is a question for another day, because wiring companies are definitely reaping some gains.
Speaking to NDTV Profit on Monday after a healthy Q2 performance, Motherson Sumi Wiring's management said that the company's growth is increasingly being driven by rising content per vehicle rather than just higher automobile sales.
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The company highlighted that while passenger vehicle volumes have grown, it is also benefiting from a greater number of electronic and comfort features being fitted into vehicles. After these comments, the discussion which hitherto used to centre around electric vehicles, software and advanced driver-assistance systems shifted to a more fundamental trend.
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Every new feature added to a vehicle, whether it is a panoramic sunroof, 360-degree camera, powered seats or gesture-controlled functions, requires additional wiring, sensors and electronic connections.
Consumers have developed a affliction for higher variants, particularly in the SUV segment, where features such as cruise control, sunroofs, heated seats, motorised seats and multiple cameras have become common.
The company underlined that technologies that were previously restricted to just premium, high-end models have expanded into the mid-segment models.
The trend is translating into higher wiring content for every vehicle produced. Management highlighted that newer features, including gesture-based functions such as hands-free tailgate opening, rely on a growing network of sensors and electronic systems, all of which require wiring harnesses.
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