Asia-Pacific and Europe are the potential markets for the growth of automotive wiring harness. Moreover, rise in use of aluminum to manufacture wiring harness further supplements the market growth. In addition, rise in demand for electric vehicles and proactive government initiatives are anticipated to provide various opportunities for growth.
Portland, OR -- (SBWIRE) -- 09/27/2017 -- Global automotive wiring harness market was valued at $66,543 million in 2015, and is expected to reach $93,069 million by 2022, growing at a CAGR of 5.1% from 2016 to 2022. Automotive wiring harness is an electrical assembly of various components in a vehicle that transmits power and information to a single system.
Automotive wiring harness is an assembly of cables or wires that transmit signals or electrical power. They are bound together by straps, cable ties, sleeves, cable lacing, electrical tape, or a combination of these systems. Wiring harnesses are usually designed according to geometric and electrical requirements. Automotive wiring harness is better safeguarded against the impact of vehicular vibrations as compared to the individual electric wires in an automobile. Moreover, this harness is more secure from abrasions and moisture.
The automotive wiring harness market is driven by the rapid growth of automobile industry owing to various technologically advanced features implemented in vehicles. High competition exists among car manufacturers to design cars with various safety features and electronic gadgets.
Key Findings of the Automotive Wiring Harness Market
* In 2015, passenger cars led the overall automotive wiring harness market, generating revenue of $34,284 million, and is estimated to grow at a CAGR of 4.9%.
* Two wheelers market is anticipated to grow at the highest CAGR of 7.2% during the forecast period.
* In 2015, chassis wiring harness lead the overall market, with $22,593 million, and is expected to maintain its dominance ahead as well.
* HVAC wiring harness segment is anticipated to witness the highest CAGR of 6.2%.
* Asia-Pacific dominated the market, generating revenue of $30,163 million in 2015, and is projected to grow at a CAGR of 5.3%.
* Europe is anticipated to grow at the highest CAGR of 5.5%.
The key players profiled in the 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, and Yura Corporation.
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