Automotive Wiring Harness Industry| COVID-19 Impact, Business Overview, Challenges, Opportunities, Trends And Market Analysis By 2023

Automotive Wiring Harness Industry Overview

Sales of electric vehicles is the primary factor driving the market. Integration of wiring harnesses to reduce onboard electronic complexities and overall vehicle weight is anticipated to augur market growth over the forecast period.

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Competitive Dashboard

Some of the key players profiled in the market report include

PKC Group(Finland)

Leoni AG (Germany)

Sumitomo Electric Industries Ltd. (Japan)

YAZAKI Corporation (Japan)

Lear Corporation (U.S.), and others.

Acquisitions, collaborations, and launch of new products are strategies employed by these players to acquire a larger market share.

Segmental Analysis

MRFR’s report offers a detailed segmental analysis of the Automotive Wiring Harness Industry based on material type, component type, application, vehicle type, and region. By material type, the market has been segmented into copper, aluminum, and others. The copper segment accounted for a large market share and maintain its dominance in the market over the forecast period.

Major market applications include engine, chassis, sensors, heating, ventilation, and air conditioning (HVAC), body, and others. The engine segment is touted to generate maximum revenue for the market by 2023, followed by chassis and HVAC segments. Demand for HVAC can be attributed to installation of these units in light commercial vehicles and trucks.

Regional Outlook

The Automotive Wiring Harness Industry size, on the basis of region, is segmented into the North America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). The APAC market is projected to exhibit a 6.79% CAGR over the forecast period. This can be attributed to the booming automotive sector in the region. China can contribute to regional market revenue owing to its lax policies regarding labor laws and tariffs. Moreover, growth of the transportation and information and communication technology (ICT) sectors in parallel to the automotive sector can influence market demand.

The North America market is also touted to exhibit a stupendous CAGR over the forecast period owing to the U.S. In addition, presence of various automobile manufacturers coupled with a steady demand for commercial vehicles can augur market growth.

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