Automotive Wiring Harness Industry is projected to expand its worth to USD 262.72 billion by forecast 2023
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
(firmenpresse) - Automotive Wiring Harness Industry Overview
The global Automotive Wiring Harness Industry has seen a potential growth over the last decade and as per MRFR analysis, this market is expected to grow at a rapid pace during the forecast period. Automotive wiring harness can be explained as wires or cables which helps in transmitting signal or electrical power in automobiles. This wiring harness works in an entire vehicle through electric power to connect various components. The growing automotive industry coupled with increasing demand of passenger vehicles have augmented the growth of global Automotive Wiring Harness Industry.
The global Automotive Wiring Harness Industry is expected to reach USD 98.4 billion by 2023 with a CAGR of 5.6%.
Competitive Dashboard
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)
PKC Group(Finland)
Leoni AG (Germany)
Sumitomo Electric Industries Ltd. (Japan)
YAZAKI Corporation (Japan)
Lear Corporation (U.S.), and others.
Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the Automotive Wiring Harness Industry 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.
Regional Outlook
The Automotive Wiring Harness Industry 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.
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Datum: 01.04.2020 - 16:09 Uhr
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Date of sending: 1/04/2020
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