Vehicle Wiring Harness Market Business Revenue, Future Scope, Trends, Key Players And Forecast To 2023
Summary
Vehicle Wiring Harness Market information By Material Type (Copper, Aluminum and Others), By Component Type (Wires, Connectors and Terminals), By Application (Engine, HVAC, Body, Chassis, Sensors, Others), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) and By Region (North America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA)) – Forecast to 2023
Market Overview
The global Vehicle Wiring Harness market size is expected to touch USD 93,074.4 million by 2023 owing to rising sales of cars. Market Research Future (MRFR)’s latest study reveals that the market is predicted to grow at a 6.35% CAGR during the forecast period (2017–2023). Sales of electric vehicles is the primary factor driving the market.
Competitive Dashboard
Some of the key players profiled in the market report include
Motherson Sumi Systems (India)
THB Group (China)
Furukawa Electric Co., Ltd. (Japan)
Fujikura Ltd. (Japan)
PKC Group(Finland)
Leoni AG (Germany)
Sumitomo Electric Industries Ltd. (Japan)
YAZAKI Corporation (Japan)
Lear Corporation (U.S.), and others.
Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the Vehicle Wiring Harness Market 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 Vehicle Wiring Harness market 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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