Albany, NY -- (SBWIRE) -- 10/22/2018 -- The rivalry between THB Group, Nexans Autoelectric, Minda Automotive Solution, Leoni Ag, Lear Corp., Delphi Automotive LLP, and various other players characterizes the vendor landscape prevalent in the global automotive wiring harness market, finds a new research report by Transparency Market Research (TMR). These players are aggressively focusing on innovation and technological advancements in their product offerings. Going forward, they are likely to involve increasingly into strategic alliances over the next few years in order to expand their reach across various regions, states the market report.

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As per the research study, the global market for automotive wiring harness was worth US$45.4 bn in 2014. Proliferating at a CAGR of 8.60% during the period from 2015 to 2021, the market is expected to touch US$80.5 bn mark by the end of the period of the forecast. In terms of the type of the vehicle, the light vehicle segment has been dominating the global market. With low maintenance requirements and better fuel combustion in light vehicles, this segment is projected to remain on the top over the next few years. Speed sensors wiring harnesses, engine wiring harnesses, body wiring harnesses, chassis wiring harnesses, and heat, ventilation, and air conditioning (HVAC) wiring harnesses have surfaced as the key application areas of automotive wiring harness across the world, reports the market study.

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Currently, the automotive industry is witnessing a substantial rise and is anticipated continue its growth streak over the next few years. Constant technological up-gradation in vehicles has become a necessity for automobile manufacturers in order to remain relevant in the global market. "In a bid to make vehicles perform at an optimum level and to ensure proper operations of all the electronic devices fixed in vehicles, manufacturers are focused on developing advanced automotive wiring harnesses, leading to a substantial growth in this market," says a TMR analyst. Continual advancements and upgrades in existing technologies are likely to support this market over the next few years, states the research report.

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Based on the geography, the worldwide market for automotive wiring harness is divided into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. In 2014, Europe led this market, thanks to the presence of a number of prominent automobile manufacturers, such as Mercedes Benz, BMW, and Audi in this region. The Europe market for automotive wiring harness is anticipated to continue leading the global market over the forthcoming years, notes the study.