The automotive secondary wiring harness market is projected to grow at a CAGR of 20.96% from 2017, to reach USD 33.78 Billion by 2022. Rising demand for compact wiring and emerging new technologies have fueled the growth of the automotive secondary wiring harness market globally. The growing trend of electric vehicles is also a major factor that has contributed to the growth of this market.
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The report "Automotive Secondary Wiring Harness Market by Application (Engine, Cabin, Door Harness, Airbag Harness, Electronic Parking Brakes, Electronic Gear Shift System), Vehicle Type, EV type (BEV, HEV, PHEV), and Region - Global Forecast to 2022", The automotive secondary wiring harness market is projected to grow at a CAGR of 20.96% during the forecast period, from USD 13.04 Billion in 2017 to USD 33.78 Billion by 2022.
Browse 85 Market Data Tables and 57 Figures spread through 139 Pages and in-depth TOC on "Automotive Secondary Wiring Harness Market by Application (Engine, Cabin, Door Harness, Airbag Harness, Electronic Parking Brakes, Electronic Gear Shift System), Vehicle Type, EV type (BEV, HEV, PHEV), and Region - Global Forecast to 2022"
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In terms of volume, the market is estimated to reach 4.58 billion units by 2022. The major factors driving the growth of the automotive secondary wiring harness market are growing advanced technologies, increased production of passenger cars, and electrification of vehicles.
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Airbag Harness segment to show high growth potential
Cabin harness is the dominating application type in the global automotive secondary wiring harness market, followed by door harness application. In terms of growth rate, the market for airbag harness is expected to show the highest CAGR in the next five years.
This can be attributed to the increasing installations of extra airbag in new vehicle models, and also the increasing mandates for automotive safety across the globe.
Increase in electric vehicle production to trigger the demand for automotive secondary wiring harness market
According to International Energy Agency, the global electric vehicle market (based on sales) is projected to reach a market size of USD 6.9 million by 2022, growing at a CAGR of 21.48% from 2017 to 2022. In recent few years, the demand for electric vehicle products are rising rapidly, these products have voltage range from low voltage to high voltage and requires special set of wires for operation.
Across the globe, the wiring harness manufacturing companies are focusing on developing secondary wiring harness systems to support high technology systems such as infotainment systems, lighting systems, electronic brakes, and connectivity technology.
Asia Pacific: Fastest growing region for automotive secondary wiring harness market
Asia Pacific is estimated to be the largest market, by value, for automotive secondary wiring harness in 2017, owing to the huge production of passenger cars and electric vehicles in the region. Asia Pacific region is expected to dominate the market during the forecast period, aided by China and India the fastest developing countries.
Factors such as increase in use of advanced systems and increasing vehicle production owing to high demand for premium vehicles are intensifying the demand for the automotive secondary wiring harness. The infrastructural development in this region is also assisting the market growth, as it has raised the demand for heavy vehicles that require advanced technology automotive wiring for heat insulation.
The report covers all the major players in the automotive secondary wiring harness market, including companies such as Sumitomo Electric Industries, Ltd. (Japan), Lear Corporation. (US), Delphi Automotive LLP.
(UK), Yazaki Corporation. (Japan), and Furukawa Electric Co., Ltd. (Japan).
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