Pune, India, June 19, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR)’s analysis, the global automotive wiring harness market is projected to expand at a CAGR of 6.35% during the forecast period 2018 to 2023. In addition, the market has been estimated to value at USD 93,074.4 Mn towards the end of 2023. Wiring harness is extensively used in cars for the reduction of onboard electronic complexities and relaying power and information. It is projected to catalyze the pace of market growth over the next couple of years.
The shift witnessed in the automotive industry towards fuel efficiency is likely to generate demand for wiring harness in the years to come. Installation of wiring harness systems enables auto manufacturers to reduce the weight of the vehicle which further ensures fuel efficiency. Thus, the market is likely to gain traction in the forthcoming years and exhibit stellar growth curve.
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The increasing demand for electric cars is presumed to unleash developmental opportunities for market participants over the next couple of years. The governments are supporting the adoption of electric vehicles for minimizing fuel emissions. It is projected to accelerate revenue generation in the automotive wiring harness market. Also, an upsurge is forecasted in the production of electric cars which is likely to favor market growth. Case to the point is, China’s automaker Geely has introduced its new brand for premium all-electric car, Geometry, which is likely to boost the sales of electric cars in the region.
The integration of infotainment systems and advanced driver assistance systems (ADAS) to the latest car models is observed to fuel demand for wiring harness. Also, the focus on passenger comfort is anticipated to revolutionize the growth trajectory of the market during the projection period. However, the high cost of these systems is poised to undermine market growth in the foreseeable future.
Key Players:
The noted players operating in the global automotive wiring harness market are PKC Group (Finland), Furukawa Electric Co., Ltd. (Japan), Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.), YAZAKI Corporation (Japan), Sumitomo Electric Industries Ltd. (Japan), Fujikura Ltd. (Japan), Leoni AG (Germany), Lear Corporation (U.S.), Motherson Sumi Systems (India), and THB Group (China).
Market Segmentation:
This MRFR report offers a comprehensive segmental analysis of the global automotive wiring harness market based on material type, component type, application, and vehicle type. By material type, the market has been segmented into copper, aluminum, and others. The copper segment is expected to exhibit significant growth over the next few years. Its growth can be primarily ascribed to the properties of copper such as high tensile strength, resistivity, coating adherence, etc.
Based on component type, the global market has been segmented into wires, connectors, and terminals. Among these, the wires segment is poised to signify strong growth potential reflecting a CAGR of 6.43% during the assessment period. Wires are widely used for relaying electric signals to different components.
The global Automotive Wiring Harness Market, by application, has been segmented into body, engine, sensors, chassis, heating, ventilation, and air conditioning (HVAC), and others. The engine segment is estimated to strike a CAGR of 6.61% across the forecast period.
By vehicle type, the global market is segmented into passenger and commercial vehicles. Among these, the passenger segment accounted for a significant market share in 2016 and is poised to scale a considerable CAGR over the assessment period.
Asia Pacific set to thrive at 6.79% between 2018 and 2023
The global automotive wiring harness market, by region, has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). Asia Pacific is expected to reflect a CAGR of 6.79% over the assessment period. The expansion of the automotive industry in major country-level markets such as China and India are poised to act as growth catalysts for the regional market. The presence of global auto manufacturers in the region is anticipated to favor the proliferation of the automotive wiring harness market over the next couple of years.
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North America is another major growth pocket and is prognosticated to scale a healthy CAGR over the review period. The technological brilliance of the U.S. is presumed to play a significant role in the development of the market. Additionally, Europe is also forecasted to signify positive growth in the years to come owing to the increasing demand for electric cars.
Latest Industry News:
- Furukawa Automotive Systems Inc., a member of the Furukawa Electric Group, has announced the expansion of vehicle harness production by opening a center in the Philippines.
- Zuken Inc., a Japanese multinational corporation specializing in end-to-end electrical and electronic engineering, has launched a new software, E3.WiringSystemLab, for the optimization of complex wire harness designs.
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