Automotive Wiring Harness Market Size, Growth, Valued USD 93,074.4 Mn, Future Plans, Research Report and Industry Forecast by 2023 | Global Automotive Wiring Harness Market information By Material Type (Copper, Aluminum and Others), By Component Type (Wires, Connectors and Terminals), By Application (Engine, HVAC, Body, Chassis, Sensors, Others), By Vehicle Type (Passenger Vehicle and Commercial Vehicle) and By Region (North America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA)) – Forecast to 2023
Automotive Wiring Harness Market Overview
The global Automotive Wiring Harness Market Size 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.
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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)
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.
MRFR’s report offers a detailed segmental analysis of the Automotive Wiring Harness Market Size 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.
The Automotive Wiring Harness Market Size size, 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.
Table Of Content
1 Executive Summary
2 Market Introduction
2.1 Definition 15
2.2 Scope Of The Study 15
2.3 List Of Assumptions 16
2.4 Market Structure 16
3 Research Methodology
3.1 Research Process 18
3.2 Primary Research 19
3.3 Secondary Research 20
3.4 Market Size Estimation 20
3.5 Forecast Model 21
4 Market Dynamics
4.1 Drivers 24
4.1.1 Focus On Emerging Nations For Automotive Manufacture 24
4.1.2 Growing Complexities Of On-Board Electronics 25
4.2 Restraints 25
4.2.1 High Cost Of Wiring Harness 25
4.2.2 Over-Heating Or Short Circuit Of The Wiring Harness 26
4.3 Opportunity 26
4.3.1 Increased Need For Comfort And Safety 26
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