COVID-19 Impact on Automotive Wiring Harness Market Size, Business Revenue, Future Scope, Market Trends, Key Players And Forecast To 2023

The Automotive Wiring Harness Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Automotive Wiring Harness Market Size highlights the future prediction and the growth alternatives that can be created.

(firmenpresse) - Automotive Wiring Harness Market Overview

Also, the increased sales of two wheeler segment in the region is also adding to the drivers of the wiring harness market. However, the growth of this market can be restrained by the cost of the technology and the continuous research and development that is needed to update the system.

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.

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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 Market Size 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.

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.

Regional Outlook

The COVID-19 Impact, 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.

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