Automotive Wiring Harness Market to Grow at CAGR of over 15% During Forecast Period
Increasing vehicle
production, growing consumer awareness for vehicle safety to drive the Global
Automotive Wiring Harness market through 2025
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”, Global
automotive wiring harness market stood at USD 47.98 Billion in 2019, in value
terms, and is projected to surpass USD 67.53 Billion by 2025, growing at a CAGR
of 15.63% in the next five years. 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. Increasing consumer preference for personal
vehicles, better mileage and comfortable riding experience has 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 which requires 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.
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In 2019, 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.
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“In global automotive wiring harness market, 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 Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“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 Global Automotive
Wiring Harness market.
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