Global Automotive Wiring Harness Market is valued approximately at USD 81.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.10% over the forecast period 2020-2027. An automotive wiring harness is defined as an electrical assembly of several components in a vehicle that can transfer information and power to a single system. Wiring harness plays a significant role in transferring power and information pertaining to the operation of the vehicle, transmitting & receiving sensor signals, and delivering power. The components that are generally assembled through wiring harness consist of heating, ventilation, and air conditioning (HVAC) systems, electrical devices, speed sensors, and other associated automotive components. The rise in demand of modern cars is creating the huge demand for electronics components which can transfer power and other requirements efficiently.. As a result, wiring harnesses can be observed to add enormously to the advancement as well as the development of modern vehicles by automobile manufacturers around the world. An increase in vehicle sales and/or production with the implementation of technologically advanced features, rising trend of vehicle electrification, and growing demand for electric vehicles are the few factors responsible for the CAGR of the market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2019, there were around 67.1 million units of passenger cars produced around the world, representing an increase of 65.7 million units in 2013. Similarly, as per the survey of the American Automotive Policy Council (AAPC) in 2017, the automobile production in the United States was more than doubled from 5.6 million vehicles in 2009 to 12.2 million vehicles in 2016. Also, it was predicted that U.S. auto sales would reach almost nearly 17 million vehicles by 2022. This, in turn, is likely to strengthen the demand for Automotive wiring harness all over the world. However, the high replacement cost and the issues related to overheating or short circuit of wiring harness are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Automotive Wiring Harness market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in the demand for premium vehicles, along with the presence of a significant number of automobile manufacturers in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as increasing disposable income of the individuals and escalating demand for advanced safety, convenience, and comfort systems would create lucrative growth prospects for the Automotive Wiring Harness market across the Asia-Pacific region.
Major market player included in this report are:
Delphi Automotive LLP
Furukawa Electric Co. Ltd.
Sumitomo Electric Industries, Ltd.
Samvardhana Motherson Group
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application Type:
Body Wiring Harness
Engine Wiring Harness
Chassis Wiring Harness
HVAC Wiring Harness
Sensors Wiring Harness
By Vehicle Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Automotive Wiring Harness Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers