Global automotive wiring harness market report starts with the overview of the wiring harness market displaying a promising CAGR of 8.96% between 2014 and 2020. The global automotive wiring harness market is estimated to reach a market value of US$ 70 Billion, In the next section, segment analysis of global automotive wiring harness is done.
Albany, NY -- (SBWIRE) -- 06/13/2016 -- Automotive Wiring Harness is an assembly of cables used in interfacing of various electronic components. Also known as cable assembly, it helps in transmitting power to different modules in an automotive. Displaying a promising CAGR of 8.96% between 2014 and 2020, the automotive wiring harness market is estimated to reach a market value of US$70 Bn.
Asia Pacific Automotive wiring Harness market is expected to reach US$ 15,896 Million by 2020 at an estimated CAGR of 10.7% during forecast period. The major countries included in the APAC region are India, China, Australia and ASEAN countries, out of which India and China are the fastest growing market for automotive wiring harness.
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Vehicle Type Overview
On the basis of Vehicle type, Global automotive wiring harness market is segmented as passenger vehicles, commercial vehicles, electric vehicles and hybrid vehicles. Passenger vehicle and commercial vehicle collectively contributed to about 82% of global automotive wiring harness market revenues in 2012. It is anticipated that there will be a decline in the growth of hybrid vehicle wiring harness market due to higher cost as compared to other commercial vehicles.
On the basis of application, global automotive wiring harness market is segmented as chassis, heating, ventilation and air conditioning (HVAC) and sensors. In 2015, chassis wiring harness market is expected to dominate the market and is projected to reach US$ 50.658 Million by 2020. Though, HVAC wiring harness market is estimated to grow with highest CAGR of 11.7% as compared to other applications, during the forecast period. APAC region serves as the major attraction for HVAC wiring harness market due to significant growth in automotive sales in the region.
From regional perspective, global automotive wiring harness market is segmented into North America, Latin America, Eastern Europe, Western Europe, APAC, Middle East & Africa and Japan. Currently, Western Europe dominates the global automotive wiring harness market and accounts for around 24.2% market revenue share, followed by APAC and North America. Western Europe is the major hub of all the major OEMs, delivering high quality and latest technological features. North America automotive wiring harness market is mainly dominated by U.S due to its large scale production of vehicles. In APAC region, China is expected to be the leader in automotive industry by 2020. There are plenty of growth opportunities for the Jafza-based automotive companies, as it is the most dynamic and innovation driven market in Middle East.
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Drivers and Trends
Government across various geographies have mandated the use of certain electronic safety features such as anti-locking braking system (ABS), electronic stability program (ESP) and other features in automotive. Higher income levels and convenient automotive financial services have contributed to the increase in the sales of automotive, particularly passenger cars. In Middle East & Africa, governments are also supporting the growth of automotive sector by offering fiscal incentives and tax exemptions in free zones. Growth in the small car segment due to space constraints in Japan is a major driver for the automotive wiring harness market. Demand for connectivity and car digitalization, adoption of module and platform strategies by major passenger car manufacturers such as General Motors and Volkswagen are strongly driving the growth of wiring harness systems.
Some of the growing trends are the demand for electric and hybrid vehicles due to stringent government regulations for the reduction of harmful fuel emissions. The motorization trend has considerably enhanced the economy of APAC countries. Particularly in China, hence resulting in strong growth for the automotive industry with increasing demand of automotive wiring harness market.
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Key Market Participants
Major market participants in global wiring harness market include Yazaki Corporation, Sumitomo Electric, Denso Corporation, Leoni Wire- Cable – Wiring System, Delphi Automotive, Fujikura, Furukawa Electric Co. Ltd, Lear Corporation, Aisin Seiki Co. and Samvardhana Motherson Group.
Global Automotive Wiring Harness Market Size Forecast and Y-o-Y Growth, 2012–2020.
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