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

Vehicle Wiring Harness Market Overview

The wiring harness protects wires and cables from moisture, abrasion, vibrations, and other external influences. Benefits of integrating harnesses include low probability of electrical shortage, reduced installation time, improved fuel efficiency, and superior performance.

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Competitive Dashboard

Some of the key players profiled in the market report include

A Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.)

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.

By component type, the market is segmented into wires, connectors, and terminals. The wires segment is touted to grow at a 6.43% CAGR over the forecast period. This can be attributed to importance placed on wires in a wiring harness unit. The wires transfer electrical signals between various devices including engine light, meters, navigation systems, etc.

Regional Outlook

The COVID-19 Impact, 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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