Automotive Wiring Harness Market is expected to reach USD 80.50 Billion in 2021|Transparency Market Research

According to a new market report published by Transparency Market Research “Automotive Wiring Harness Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the market was valued at USD 45.40 billion in 2014, which is expected to reach USD 80.50 billion by 2021, growing at a CAGR of 8.6% from 2015 to 2021.

 

Increasing GDP and technological upgradation are the major factors responsible for the rise in demand for automotive wiring harness market globally. Based on the types of vehicle, automotive wiring harness market is segmented into light vehicles and heavy vehicles. Further, by application, the automotive wiring harness market has been sub-divided into chassis wiring harness, HVAC wiring harness, engine wiring harness body wiring harness and speed sensors wiring harness.

 

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Light vehicles dominated the market share of the automotive wiring harness market followed by heavy vehicles. Due to low maintenance and better fuel combustion, the light vehicles are expected to increase during the forecast period. Moreover, the light vehicles segment includes passenger cars, LCV and LUV. Increase in GDP and high consumption expenditure in Asia Pacific is driving the automotive market. This results in increased demand for automotive wiring harness as modern vehicles require safety features and advanced electronic devices which increases the demand for wires and cables used in vehicles. India is the prime market for light vehicles in Asia Pacific followed by China. In addition, government norms and regulations implemented for vehicle safety are expected to increase demand for the automotive wiring harness as the safety regulations will increase installation of safety devices in vehicles which requires usage of body wiring harness.