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In-depth Analysis of Automotive Secondary Wiring Harness Market Industry Landscape
The automotive industry is undergoing a transformation, and one key aspect influencing the automotive wiring harness market is the growing number of cars, particularly in the Asia Pacific region. The European Automobile Manufacturers Association has reported a steady increase in the average age of vehicles since 2012, indicating their longer lifespan and higher sales of new cars. According to LMC Automotive, over half of the new car and light truck sales in 2013 were in emerging markets. China, a significant player with a 13% share in global car and light truck sales, had 83 million registrations by 2012, showcasing substantial growth potential. As of 2016, emerging markets and developing economies, including China, accounted for 23% of global car production, reaching 50% by 2013. This trend suggests that emerging nations will soon contribute more than half of the world's car production.
The surge in new vehicle registrations extends beyond China to other emerging markets like South East Asia and India, making these regions crucial for the automotive wiring harness market. While much technological development occurs in western economies, its impact trickles down to the manufacturing potential in emerging nations. This shift is expected to favor the automotive wiring harness market in the coming years.
In conclusion, the automotive wiring harness market is poised for growth, driven by the increasing number of vehicles, especially in emerging markets like Asia Pacific, and the ongoing technological advancements that influence these regions. Manufacturers in the automotive wiring harness sector are presented with lucrative opportunities in these evolving economies. As the automotive industry experiences a shift towards emerging nations, the wiring harness market is expected to benefit from this trend in the foreseeable future.
The worldwide automotive wiring harness market boasts prominent companies in the automotive components sector. The strong presence of these established players creates challenges for new entrants, mainly due to the significant capital needed to enter the market. Additionally, the rapidly evolving landscape of the automotive industry demands substantial investments in research and development.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Application and Vehicle Type |
Automotive Secondary Wiring Harness Market Highlights:
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