Summary
Global Automotive 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
Automotive Wiring Harness Market Overview
Automotive wiring harness includes an array of transistors, wires, etc. that facilitate the relay of electric signals between automobile components. In this report presented by Market Research Future MRFR, the global automotive wiring harness market is projected to register 6.35% CAGR over the assessment period 2017 to 2023. It also presents an observation that the valuation of the market will surpass USD 93,000 Mn by the close of 2023. Increasing demand for electric vehicles is poised to influence the revenue generation in the automotive wiring harness market positively in the upcoming years.
The advantages of the system such as lower installation time, fuel efficiency, etc. are prognosticated to lead the expansion of the automotive wiring harness market in the upcoming years. Technological innovations in product portfolios of key players are also projected to encourage the development of the market on the global front. Product launches catering to changing trends in the industry are anticipated to boost growth of the automotive wiring harness market in the foreseeable future.
Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the Automotive 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.
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.
By vehicle type, the market is segmented into passenger and commercial vehicles. The passenger vehicle segment is expected to induce demand for wiring harnesses by 2023. As per a 2016 report by the OICA Car Association, nearly 69 million passenger cars were sold globally. This number is expected to rise sharply owing to rise in expendable income levels of consumers, development of hybrid vehicles, and adoption of these vehicles.
Automotive Wiring Harness Market – 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.
Regional Outlook
The Automotive Wiring Harness Market, 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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