The global automotive wiring harness market size is expected to reach USD 77.15 billion by 2025 at a 6.2% CAGR during the forecast period, according to a study conducted by Grand View Research, Inc. Rising integration of electronic devices in vehicles has positively affected demand for automotive wiring harnesses. Embedding wiring harness in a vehicle provides numerous benefits such as low probability of electrical shortage, improved fuel efficiency, and enhanced performance. Moreover, employing technologically advanced systems such as infotainment systems and advanced driver assistance systems in vehicles is expected to drive demand over the forecast period.
Increasing
adoption of electric vehicles (EVs) in developing regions is also anticipated
to drive the automotive wiring harness market as the number of electronic
components used in EVs is significantly higher than that in conventional
automobiles. Increasing tax benefits and incentives by governments across the
globe is also propelling demand for EVs, consequently driving the sales of
wiring harnesses.
Demand
for automotive wiring harness is directly proportional to increase in vehicle
production. Thus, increasing levels of disposable income across developed
economies, particularly emerging economies such as India, Brazil, and China,
are driving the automotive manufacturing industry, which, in turn, is expected
to trigger the growth of the wiring harness industry.
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Automotive Wiring
Harness Market Report Highlights
- Based on component, the
terminals segment is projected to witness the fastest growth over the
forecast period, primarily driven by development of advanced technologies
in the automotive field, including driver assistance systems and safety
features
- By application, the chassis
segment accounted for approximately 30% of the overall revenue in 2017 as
they are used in various vehicle components such as headlamps, fog lamps,
and turn indicators
- Demand for battery electric
vehicles (BEVs) is driven by increase in fossil fuel prices, enforcement
of emission laws, and anticipated expansion of charging infrastructure
worldwide, all of which is slated to drive the segment by EV
- By vehicle type, the light
vehicle segment is anticipated to witness the highest CAGR, which is
ascribed to increasing production of passenger cars in emerging markets
- Asia Pacific leads the
worldwide market in terms of automotive production and is anticipated to
register significant growth over the forecast period. Rising demand for
enhanced safety and convenience features in mid-segment vehicles, coupled
with availability of low-cost labor, is spurring sales
- Major industry players
include Aptiv PLC, Sumitomo Electric Industries, Ltd., Yazaki Corporation,
and Leoni AG. Recycling components to attain raw materials and ability to
optimize costs through low-cost labor country sourcing are expected to
emerge as key success factors for manufacturers in this industry.
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Automotive Wiring
Harness Market Segmentation
Grand View Research has segmented
the global automotive wiring harness market based on component, application,
electric vehicle, vehicle, and region:
Automotive Wiring
Harness Component Outlook (Revenue, USD Million, 2014 - 2025)
- Electric Wires
- Connectors
- Terminals
- Others
Automotive Wiring
Harness Application Outlook (Revenue, USD Million, 2014 - 2025)
- Body
- Chassis
- Engine
- HVAC
- Sensors
Automotive Wiring
Harness Electric Vehicle Outlook (Revenue, USD Million, 2014 - 2025)
- Battery Electric Vehicle
(BEV)
- Plug-in Hybrid Electric
Vehicle (PHEV)
Automotive Wiring
Harness Vehicle Outlook (Revenue, USD Million, 2014 - 2025)
- Light Vehicles
- Heavy Vehicles
Automotive Wiring
Harness Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- North America
- Brazil
- Middle East & Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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