Automotive Wiring Harness Market Predicted to Grow During Forecast Period
Growing consumer preference towards technologically advanced vehicles across the globe has emerged as a major driving factor for automotive wiring harnesses and it is expected to be one of the major demand generating factors for the automotive wiring harnesses market during the forecast period as well.
TechSci Research has released a report on, “Global Automotive Wiring Harness Market By Vehicle Type (Passenger Cars and Commercial Vehicles (*including electric vehicles)), By Application Type (Body harness, Chassis harness, Engine Harness, Speed Sensors Harness and Others), By Component Type (Connectors, Wires and Others), By Material Type (Aluminium, Copper and others), By Company Forecast & Opportunities, 2015-2025”, predicting that global automotive wiring harness market which stood at USD 47.98 Billion in 2019, in value terms, will surpass USD 67.53 Billion by 2025, growing at a CAGR of 15.63% in the next five years.
Increasing consumer preference for personal vehicles, better mileage and comfortable riding experience have fueled demand for advanced features such as modern infotainment features, ADAS, DMS, etc., in passenger cars.
Due to the above-mentioned reasons, OEMs are also focused on designing and manufacturing passenger car models with various safety features and electronic gadgets that require the use of wires and wiring harnesses in passenger cars. Growing consumer preference for advanced driving assistance system coupled with rising demand for enhanced riding experience and better fuel efficiency is driving demand for automotive wiring harnesses, globally.
In 2019, the passenger car wiring harness segment accounted for a value share of about 75.10% of the global automotive wiring harness market, and the segment is anticipated to continue its dominance over the next five years also. Demand for passenger car automotive wiring harnesses is increasing due to rising production and sales of passenger cars coupled with higher consumer preference for advanced features such as modern infotainment features, ADAS, DMS, etc., in passenger cars.
Major companies operating in the economy include Yazaki Corporation, Sumitomo Electric Industries, Ltd, Aptiv Plc, Lear Corporation, Yura Corporation Ltd., Samvardhana Motherson Group, Leoni AG, Fujikura Automotive Ltd., Spark Minda, and PKC Group Oy., among others.
“In the global automotive wiring harness market, the copper automotive wiring harness is dominating the market globally with a percentage share of around 94.55% in 2019 in value terms. Copper automotive wiring harness is used due to its excellent electrical and thermal conductivity coupled with intrinsic strength, good ductility, machinability and durability as well as good resistance to oxidation, corrosion, creep and fatigue. Due to the above-mentioned factors, copper automotive wiring harness has become an ideal choice for the automakers across the globe.” said Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
According to TechSci Research Report “Global Automotive Wiring Harness Market By Vehicle Type (Passenger Cars and Commercial Vehicles (*including electric vehicles)), By Application Type (Body harness, Chassis harness, Engine Harness, Speed Sensors Harness and Others), By Component Type (Connectors, Wires and Others), By Material Type (Aluminium, Copper and others), By Company Forecast & Opportunities, 2015-2025” has analyzed the potential of Global Automotive Wiring Harness market across the country, and provides statistics and information on market sizes, shares and trends.
The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the Global Automotive Wiring Harness market.
For the full report details, please click here.
