Automotive Wiring Harness Market to be Boosted due to Rise in GDP and High Consumption Cost in Nations

The automotive industry is one of the fastest developing sectors at present and is predicted to display substantial growth during the forecast horizon. The global automotive wiring harness market is currently focused on technological advancements such as ethernet cables as well as insulated wires. For vehicles to function at the ideal level and to establish proper performance of all the electronic devices integrated in vehicles, OEMs are working on introducing developed automotive wiring harnesses.Automotive wiring harness constitutes as a vital part of any vehicle. It oversees and ensures appropriate function of the vehicle and enables it to operate smoothly without any problem. Automotive wiring harnesses comprise cables, wires, connectors, ethernet cables, and various other components that distribute power to all electronic devices and components in a car, such as ignition, wipers, lights, and others.The automotive wiring harness market was estimated at US$45.40 billion in 2014, is expanding at an 8.6% CAGR between 2015 and 2021, and will reach US$80.50 billion by 2021.

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In terms of vehicle types, the global automotive wiring harness market is segmented into light vehicles and heavy vehicles. The automotive wiring harness market was dominated by light vehicles. Reasons such as economical maintenance and improved fuel efficiency are expected to bring about an increase in demand for light vehicles during the forecast horizon. The light vehicles segment consist of LCV, LUV, and passenger cars.Rise in GDP and disposable incomes in emerging nations is fuelling the automotive market. This results in a rise in demand for automotive wiring harnesses because of the requirement for sophisticated electronic devices and safety features in modern vehicles, which increases the demand for cables and wires for use in vehicles.

 

 

On the basis of geography, the global automotive wiring harness market has been segmented into four major regions: North America, Europe, Asia Pacific, and Rest of World (RoW). Increase in utilization of HVAC wiring harness and speed sensors wiring harness owing to increased demand for premium vehicles, coupled with the expansion of the upper middle class in Asia Pacific, is the key factor raising the demand for automotive wiring harnesses.Developing countries such as China and India manufacture a huge number of heavy vehicles as well as light vehicles, which also stimulates the demand for automotive wiring harnesses from Asia Pacific.

 

North America trails Asia Pacific in terms of market attractiveness. Dependable and robust wiring harnesses are in huge demand in the North America automotive market.  Nonetheless, the maximum market share was represented by Europe in the global automotive wiring harness market. A majority of the vehicles in Europe are assembled with high-tech devices and cutting-edge electronic devices, which entail utilization of body wiring harnesses. 

 

The key manufacturers operating in the global automotive wiring harness market are Minda Automotive Solution, THB Group, Sumitomo Electric Industries, Nexans Autoelectric, Delphi Automotive LLP, Leoni Ag, Samvardhana Motherson Group, Furukawa Electric Co. Ltd , Lear Corporation, and Yazaki Corporation.

 

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