Automotive Wiring Harness Market to Touch USD 93,074.4 Million by 2023

Pune, India, June, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Automotive Wiring Harness Market Research Report.

The global automotive wiring harness market size is expected to touch USD 93,074.4 million by 2023 owing to rising sales of cars. Market Research Future (MRFR)’s latest study reveals that the market is predicted to grow at a 6.35% CAGR during the forecast period (2017–2023). Sales of electric vehicles is the primary factor driving the market. Integration of wiring harnesses to reduce onboard electronic complexities and overall vehicle weight is anticipated to augur market growth over the forecast period.

Introduction of infotainment systems and advanced driver assistance systems (ADAS) in latest cars is projected to fuel global market. Speed sensor wiring harness is a unit expected to induce demand owing to popularity of connected cars. Demand for in-vehicle applications and real-time connectivity are factors driving demand for speed sensor wiring harnesses. Continuous development of technologies such as vehicle-to-everything (V2X), vehicle to infrastructure (V2I), and vehicle to vehicle (V2V) are projected to provide growth opportunities for the market. High costs of wiring harness can pose a challenge to market growth.

Global Market for Automotive Wiring Harness – Segmental Analysis

MRFR’s report offers a detailed segmental analysis of the 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.

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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.

Global Market for Automotive Wiring Harness – 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. Acquisitions, collaborations, and launch of new products are strategies employed by these players to acquire a larger market share.