Automotive Wiring Harness Market: Global Major Key Players Research – Forecast To 2023
The automotive wiring harness market is anticipated to surpass a valuation of USD 93,074.4 million, attaining a CAGR of 6.35% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report. Automotive wiring harness consists of an array of terminals, wires, and connectors, which helps to relay electrical signals between vehicle components.
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Market Potential and Pitfalls
Rising sales of electric vehicles are considered one of the prime factors triggering the demand from the automotive wiring harness market. Implementation of wiring harnesses helps to minimize the overall weight of the vehicle and onboard electronic complexities, which is predicted to augur the market growth in the foreseeable future. Advanced driver assistance systems and infotainment systems are introduced in the latest cars, which is estimated to propel its growth globally. The soaring demand for real-time connectivity and in-vehicle applications is predicted to spur the market growth in the coming years. Moreover, the constant development of technologies like vehicle to infrastructure, vehicle-to-everything, and vehicle to vehicle will dictate the growth trajectory in the long run. Surging adoption of electric vehicles is considered a major trend that is penetrating the market. This is primarily due to the expansion of EV charging infrastructure, favorable changes in government policies, soaring fuel prices, and strict environmental regulations.
On the contrary, the high cost of wiring harnesses can act as a restraint to the market growth in the foreseeable future. Despite advancing technologies in the automotive assembly line, manufacturing of wiring harnesses is carried out using semi-automatic machines. In order to overcome such drawbacks, OEMs are highly concentrating on constructing new manufacturing facilities, which are equipped with automated machines.
Global Automotive Wiring Harness Market: Segmental Analysis
The automotive wiring harness market is segmented on the basis of material type, component type, vehicle type, and application.
The automotive wiring harness market by material type is segmented into aluminum, copper, and others. Of these, the copper segment is predicted to account for a larger market share.
By component type, the automotive wiring harness market is segmented into connectors, wires, and terminals. Of these, the wires segment is predicted to expand at a CAGR of 6.43% due to the importance of wires in a wiring harness unit. Wires help to transfer electric signals between devices, including meters, engine light, and navigation systems.
By application, the market is segmented into chassis, engine, body, sensors, ventilation, heating, air conditioning (HVAC), and others. Of these, the engine segment is predicted to generate maximum revenue in the long run.
By vehicles, the market is segmented into passenger and commercial vehicles. Of these, the passenger vehicle segment is likely to induce demand due to increasing expendable income levels of consumers, high adoption of these vehicles, and the development of hybrid vehicles.
Regional Frontiers
Geographically, the automotive wiring harness market spans across Europe, North America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific is predicted to garner a CAGR of 6.79% due to the current boom in the automotive industry in the region. China is likely to contribute to the growth of the market due to its tax policies related to tariffs and labor laws. The current growth in ICT and transportation sectors is likely to influence the market demand to a great extent. Surging adoption of advanced technologies in automotive electronics and increasing production rate of automobiles are driving the course of the regional market.
North America is likely to register a stupendous CAGR during the forecast period, due to the existence of several automobile manufacturers coupled with the soaring demand for commercial vehicles. Europe is likely to register a significant CAGR in the coming years due to the growth in automobile production, soaring adoption of electric vehicles, and innovations in terms of drive technologies.
Industry Updates
July 2019: Convert Ltd. has recently designed a rear light cable harness for a German automotive manufacturer’s electric sports car. The company has recently completed its pre-series development work on the cable harness for the LED lamp unit, manufactured and designed by Wipac.
Competitive Dashboard
The major players dominating the global automotive wiring harness market include Sumitomo Electric Industries Ltd. (Japan), Lear Corporation (U.S.), PKC Group (Finland), Furukawa Electric Co., Ltd. (Japan), Fujikura Ltd. (Japan), YAZAKI Corporation (Japan), Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.), THB Group (China), Motherson Sumi Systems (India), Leoni AG (Germany), and others.
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