Global Automotive Wiring Harness Market Prognosticated to Value Over USD 81 Billion by 2029 End

  • 25 Jul 2019
  • Automotive

The global automotive wiring harness market is envisioned to value at USD 81 Billion by 2029 end and is expected to register a CAGR of 5.7% over the forecast period 2019-2029.

Rising integration of electronic appliances in vehicles to provide safety features is driving the growth of the market. Deployment of such systems has resulted in enhanced performance and improved fuel efficiency. Increased manufacturing of vehicles has positively influenced the automotive wiring harness market. The rise in disposable income is also propelling the market. Rapid production of an electric vehicle is also soaring the market. Favorable government policies, advancement in EV charging infrastructure is also fueling the growth of the market. The growing need for intricate wiring for advanced electronic and electric devices is bolstering the requirement of the wiring harness.

The market is segmented into material, component, application, electric vehicle, vehicle, region. Based on the component, the terminal segment is expected to grow exponentially. Adoption of self-driving vehicles and connected vehicles remains the major factor behind the rising demand of the terminal chassis.

On the basis of application, the chassis segment is expected to dominate the market. Automotive wiring harness is deployed in multiple components such as headlamps, infotainment systems and turn indicators.

Vehicle type consists of heavy vehicles and light vehicles. Light vehicles are expected to dominate the market during the coming time. The rapid increase in sales of passenger cars is contributing to the growth of the market. Increasing government regulations regarding safety are elevating the demand for light vehicle thus expanding the automotive wiring harness market.

Based on an electric vehicle, the battery electric vehicle is expected to be in vast demand during the forecast. The imposition of government incentives and fewer battery prices is accelerating the demand for an electric vehicle, thus promoting the automotive wiring harness market. 

On the basis of components, aluminium segment is expected to show significant growth. Manufacturers are opting for aluminium to develop lightweight wiring harness, thus reducing the overall vehicle weight.

In terms of region, Asia-Pacific is expected to be a lucrative region for the manufacturers during the forecast period. The increasing production rate of automobiles is escalating the market in the region. Advancement in infrastructure is also fueling the growth of the market in the region. Europe is also expected to boost the market. The governments of France and Germany have implemented stringent regulations which aim at using advanced technologies to prevent high emission levels in vehicles. The zero-emission vehicles project is also accompanying the thriving of the market. The latest prospect of deploying automotive wiring harness in advanced electronic technologies is also creating a lucrative space for the manufacturers.

Some of the prominent players of the market are Sumitomo Electric Industries, Furukawa Electric Co.Ltd, Yazaki Corporation, Lear Corporation, SPARK MINDA, Delphi Automotive LLP, Nexans Autoelectric and Samvardhana Motherson Group.

Global Automotive Wiring Harness Market Segmentation

By Material

  • Aluminium
  • Copper
  • Others 

By Component

  • Electric Wires
  • Connectors
  • Terminals
  • Others

By Application

  • Engine Harness 
  • Chassis Harness 
  • Body & Lighting Harness 
  • HVAC Harness 
  • Dashboard/Cabin Harness 

By Electric Vehicle

  • Battery Electric Vehicles (BEV) 
  • Fuel Cell Electric Vehicle (FCEV) 
  • Hybrid Electric Vehicle (HEV) 
  • Plug-In Hybrid Vehicle (PHEV)

By Vehicle

  • Heavy Vehicles
  • Light Vehicles

By Region:

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • Rest of the World

Competitive Landscape:

●    Tier 1 players- established companies in the market share

●    Tier 2 players

●    Emerging players which are growing rapidly

●    New Entrants

FutureWise Key Takeaways

•    Growth prospects

•    SWOT analysis

•    Key trends

•    Key data-points affecting market growth

Objectives of the Study:

•    To provide with an exhaustive analysis on the global automotive wiring harness market by application, by vehicle, by EV type, and by region

•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

•    To evaluate and forecast micro-markets and the overall market

•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and rest of world

•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies

 

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