Global Automotive Wiring Harness Market Introduction
The global automotive wiring harness market is envisioned to value at USD 81 Billion by 2029 end and is expected to register a CAGR of 5.7% over the forecast period 2019-2029.
Global Automotive Wiring Harness Market Overview
Automotive wiring harness caters safe and secure connections. Deploying automotive wiring harness reduces the emission and improves the fuel efficiency of the vehicle. Such advantages have been accelerating the growth of the market. Latest technological advancements deployed in vehicles is inflating the market. Increasing adoption of Electric Vehicles is also propelling the market.
Increasing adoption of an electric vehicle is developed and developing regions is augmenting the market. Rising disposable income in emerging nations like Brazil, China, Taiwan, and India is leading to the expansion of the automotive industry which in turn is fueling the growth of the automotive wiring harness market.
The market is segmented into material, component, application, electric vehicle, vehicle, region. Based on the component, the terminal segment is expected to grow exponentially. Advancement of automotive had a positive influence on the terminal segment. The latest innovation in the form of driver assistance system is escalating the market.
On the basis of application, the chassis segment is expected to dominate the market. Chassis is used vastly used in vehicle components like fog lamps, turn indicators and headlamps.
In terms of vehicle type, light vehicles are expected to dominate the market during the coming time. The rapid increase in sales of passenger cars is contributing to the growth of the market. Increasing government regulations regarding safety are elevating the demand for light vehicle thus expanding the automotive wiring harness market.
Based on an electric vehicle, a battery-electric vehicle is expected to be in vast demand during the forecast. Battery electric vehicle is environmentally friendly and offers better fuel efficiency & higher power generation. These factors have escalated the demand for battery electric vehicle thus burgeoning the market.
On the basis of components, aluminium segment is expected to show significant growth. Manufacturers are opting for aluminium to develop lightweight wiring harness, thus reducing the overall vehicle weight.
In terms of region, North America and Europe region are forecasted to witness considerable growth during the forecast period. Increase in adoption of safety technologies in the automotive industry elevated the market in the region. Asia-Pacific region is forecasted to showcase significant growth during the forecast period. The rising consumer preference for advanced safety measures in the automotive sector is driving the growth of the market in the region. Rapid demand for an electric vehicle is also boosting the presence of the market in the region.
Prominent players like Yazaki Corporation, Leoni AG, Sumitomo Electric Industries Ltd., and Aaptiv PLC have opted for recycling of components to attain raw materials
The strategy has resulted in the optimization of costs with the help of low-cost labor country and emerged as successful for the manufacturers
Some of the prominent players of the market are Sumitomo Electric Industries, Furukawa Electric Co.Ltd, Yazaki Corporation, Lear Corporation, SPARK MINDA, Delphi Automotive LLP, Nexans Auto electric and Samvardhana Motherson Group.
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Global Automotive Wiring Harness Market Segmentation
Body & Lighting Harness
By Electric Vehicle
Battery Electric Vehicles (BEV)
Fuel Cell Electric Vehicle (FCEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Vehicle (PHEV)
Rest of the World
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Tier 1 players- established companies in the market share
Tier 2 players
Emerging players which are growing rapidly
FutureWise Key Takeaways
Advanced safety systems in automotive in the form of anti-lock braking systems and airbags had a positive influence on the market
Mergers and acquisitions among prominent players are also boosting the market. The acquisition of PKC Group Plc by Motherson Sumi Systems Ltd in 2017, strengthened the company's presence in key regions like North America and Asia-Pacific
Objectives of the Study:
To provide an exhaustive analysis of the global automotive wiring harness market on the basis of component, material, application, vehicle, electric vehicle, and regions
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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