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Automotive wiring harness market projected to register CAGR 6.5% till 2024

Automotive wiring harness market projected to register CAGR 6.5% till 2024

Automotive wiring harness is an electrical assembly of various components in a vehicle that transmit power and information to the system. It has evolved from the need of compact wiring, ease of operation in handling different electronics devices and protection against vibration and abrasion.

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It plays an important role in transmitting information about the operation of the vehicle, sending and receiving sensor signal and supplying power.

Market Size and Forecast         

The automotive wiring harness market is expected to grow at a CAGR of 6.5% over the forecast period i.e.

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2017-2024. This market is driven by the rapid growth of automobile industry owing to various technologically innovative features implemented in vehicles. Light vehicle segment is anticipated to acquire largest market share with the highest CAGR, during the forecast period, due to high production value.

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The most prominent regional markets include North America and Asia-Pacific, which together constituted around 60.4% share in the total revenue of automotive wiring harness market. Asia–Pacific region is expected to dominate the market during the forecast period aided by China and India the fastest developing countries.

Increase in use of speed sensors wiring harness and HVAC wiring harness owing to high demand for premium vehicles is heightening the demand for the automotive wiring harness. Infrastructural development in this region are also anticipating the market growth, as it has fostered the demand for heavy vehicles that require technology elevated automobile wiring for heat insulation.

In Europe, the market is projected to attain maturity as most of the vehicles are with high end electronics and safety features. In Western Europe, Germany is estimated to dominate the Western Europe automotive wiring harness market.

However, Eastern Europe and North American countries such as Mexico and Canada still have the potential market due to increasing vehicle production capacity and commissioning of new vehicle assembly plants.

Market Segmentation

Our in-depth analysis segmented the automotive wiring harness market in the following segments:

By Region

Global automotive wiring harness Market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis.

Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis. Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis.

Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis. Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis

Growth Drivers and Challenges

Increasing installation of the advanced driver assistance system and stringent automotive norms taken by the government of various countries is anticipated to foster the growth of automotive wiring harness market. Further, mounting fuel costs and strict government regulations regarding CO2 emissions are boosting demand for electric vehicles in North America, Western Europe, Eastern Europe and Asia Pacific.

Government across various geographies have mandated use of certain electronic safety features, such as Anti-Lock Braking System (ABS), Electronic Stability Program (ESP) and other features, in automotive. Furthermore, increase in demand for high-end electronic and safety features in vehicles, mainly passenger cars, along with cost reduction and enhanced reliability, is likely to impel the demand for automotive wiring harnesses globally.

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Use of automotive ethernet by automotive OEMs represents a new trend in the external as well as internal electronic devices connectivity in an automobile. Therefore, these automotive ethernet diminishes the use of complex wiring harness structures to a great extent and, thereby, may act as a restraint for growth of the global automotive wiring harness market in the coming years.

Key players

The major key players for automotive wiring harness are as follows:

Sumitomo electric industries, Lear corporation, Delphi Automotive PLC, Yazaki corporation, Furukawa electric company, Leoni AG, Samvardhana motherson group, PKC group, THB group, Minda Automotive, Yura Corporation, Kromberg & Schubert

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