Automotive Wiring Harness Market Consumption Forecast Analysis
According to the report, the global automotive wiring harness market is projected to reach ~US$ 76 Bn by 2027, expanding at a CAGR of ~5% during the forecast period. Increasing GDP and technological advancements are major factors fueling the demand for automotive wiring harness market globally. The automotive wiring harness is undergoing an architectural revolution, owing to increase in incorporation of electronic components in vehicles, causing the weight of wiring in a car to reach nearly 150 pounds. Rising complexity of vehicles due to integration of advanced driver assistance features and automation is further boosting the use of wiring content per vehicle. This, in turn, is driving the automotive wiring harness market.
Expansion of Automotive Wiring Harness Market
Rapid expansion of the manufacturing industry, due to a surge in the demand from consumers, presence and expansion of vehicle manufacturers, increased adoption of advanced vehicle technologies due to increase in per capita income, and increase in vehicle electrification and inclination toward minimal human efforts are boosting the automotive wiring harness market. Based on type, the dashboard/cabin harness segment leads in the automotive wiring harness market, owing to rising adoption of infotainment systems and displays on dashboards in vehicles. Heated seats and installment of systems including active health monitoring increases usage of wiring harness in seats of the vehicle, which in turn drives the seat harness segment of the market. Based on vehicle type, the passenger vehicle segment held a significant share of the global market for automotive wiring harness. Low maintenance and better fuel combustion are estimated to further boost the adoption of automotive wiring harness during the forecast period.
Regional Analysis of Automotive Wiring Harness Market
In terms of region, the global automotive wiring harness market has been segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Increase in GDP and Increase in disposable income in Asia Pacific is driving the automotive market. This fuels the demand for automotive wiring harness, as modern vehicles require safety features and advanced electronic devices, which in turn propels the demand for wires and cables to be used in vehicles. India is a major market for light vehicles in Asia Pacific, followed by China. Furthermore, government norms and regulations implemented for vehicle safety are expected to boost the demand for automotive wiring harness, as safety regulations are projected to drive installation of safety devices in vehicles, which in turn requires considerable usage of body wiring harness.
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In 2018, Europe held a significant share of the global automotive wiring harness market. Presence of automobile manufacturers such as Mercedes Benz, BMW, and Audi in Europe is driving the market in the region, as it creates an exponential demand for premium passenger vehicles. These premium passenger vehicles are fitted with modern electronic devices for safety and navigation, which in turn drive the market for automotive wiring harness.
Prominent players operating in the global automotive wiring harness market include Delphi Automotive LLP, Furukawa Electric Co. Ltd, Sumitomo Electric Industries, Ltd., Lear Corporation, THB Group, SPARK MINDA, Samvardhana Motherson Group, Nexans Autoelectric, Yazaki Corporation, Yura Corporation, Leoni Ag, Fujikura Ltd., QINGDAO SANYUAN GROUP, and PKC Group. The expansion by key players in emerging economies is likely to drive the global market for automotive wiring harness. For instance, Motherson Sumi Systems, the flagship company of Samvardhan Motherson Group, is expected to open three new production facilities in 2020.
