Automotive Wiring Harness Market Future Demand, Market Analysis and Outlook To 2027

Press Release : March 26, 2020
Automotive Wiring Harness Market Future Demand, Market Analysis and Outlook To 2027

Market overview

An automotive wiring harness also referred to as cable assembly is a set of cables used to integrate various electronic components that helps in transmitting power to various modules in an automotive vehicle. It is one of the most crucial components in the vehicle since it handles complete current flow across all of a vehicle including wipers, electrical devices, and other electronic components. The major difference between in automotive wire harness and a standard wire harness is the connectors used and the test is done to it. Automotive wiring harness protects wiring from vehicle vibrations, moisture, and abrasions. With the help of different components such as conduits, electrical tape, cable ties or a combination of these are used to tie electrical wires together to form the complete automotive wiring assembly.

The global automotive wiring harness market was valued for US$ 54,629.4 Mn in 2019 is expected to exhibit a CAGR of 8.9% during the forecast period

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Market Dynamics

Rapid growth of automobile industry owing to technological advancement features implemented in the vehicles is the factor driving the growth of automotive wiring harness market during the forecast period. All the car manufactures are designing cars with safety and electronic gadgets. Additionally, deploying such wiring harness systems helps in improving the efficiency of the fuel in the vehicles and also complies with government regulations for the usage of fuel and emission. Rising demand for automotive vehicles is also expected to drive growth of the global automotive wiring harness market. Across the globe, there is a high demand for automotive vehicles. According to the Coherent Market Insights’ (CMI) analysis, the global automobile industry recorded an annual growth rate of over 5.5% from 2010 to 2015 and is estimated to be valued at US$ 5.1 trillion by end of 2015.

Increasing demand for electric vehicles is also expected to drive growth of the global automotive wiring harness market during the forecast period. Developed regions such as Europe, North America, and Japan increased the demand for electric vehicles. Due to increasing fuel costs and stringent regulatory policies regarding CO2 emission increasing the demand for electric vehicles in the region. Moreover, manufacturers are focused on investing in research and development activities, in order to improve electric vehicle technology and provide better offerings to the markets such as the U.S., Japan, France, and Germany. Rising disposable income is boosting the demand for electric vehicles, which in turn, is expected to boost the global automotive wiring harness market growth over the forecast period.

Detailed Segmentation:

Global Automotive Wiring Harness Market, By Vehicle Type

Passenger

Midsize

Premium

Luxury

SUV

Sports

Hybrid

Electric

Two Wheeler

Commercial

Light Commercial Vehicles

Heavy Commercial Vehicles

Buses & Coaches

 

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Key players operating in the global automotive warring harness market are Sumitomo Electric Industries, Ltd., YAZAKI Corporation, PKC Group PLC, Aisin Seiki Co., Amphenol RF, Furukawa Electric Co., Ltd., Samvardhana Motherson Group (SMG), LEONI, ERNI Electronics, AVX Corporation, Delphi Automotive PLC, Lear Corporation, and Fujikura Ltd.

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