Dublin, Dec. 24, 2021 (GLOBE NEWSWIRE) -- The "Global Automotive Wiring Harness Market by Application (Engine, Chassis, Cabin, Body & Lighting, HVAC, Battery, Seat, Sunroof, Door), Transmission Type (Data, Electrical), Date Rate, ICE & Electric Vehicle, Component, Material, & Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive wiring harness market is projected to grow from USD 47.0 billion in 2021 to USD 57.4 billion by 2026, at a CAGR of 4.1% during the forecast period.
There has been a significant increase in vehicle production over the years. However, in 2020, factors like COVID-19, regional disparities, weakness in the economy, and lagging vaccination timetables, resulted in the decline in global vehicle production.
However, a strong rebound in global vehicle production with the recovery of major industries across the globe since the middle of last year has helped soften the impact of the pandemic for the automotive industry. The global economic recovery is also expected to be fueled by the higher production of vaccines and vaccination rates, allowing businesses to reopen more quickly.
Stringent vehicle emission regulations and increasing concerns over environmental protection have compelled automotive OEMs to look for alternative fuels. Thus, the use of hybrid and electric vehicles has increased in recent years. Electric vehicles do not have a conventional IC engine and transmission system. The replacement of mechanical systems with electrical and electronic systems has increased wiring harnesses in electric vehicles. The growing demand for BEVs would increase high-end electronics in automobiles, thereby increasing the wiring harness installation in electric vehicles. As electronic features control most functions in electric vehicles, the demand for wiring harnesses is expected to rise in the coming years.
Growing consumer demand for environment-friendly products, such as battery and hybrid electric vehicles, requires a high voltage and weight-saving wiring harness system. The electric vehicles are connected with the high voltage battery and motors, requiring a high voltage wiring harness to transfer the high power. The high voltage wiring harness requires shielding to reduce the electromagnetic noise and protect the surrounding electronic devices and signal lines. The electric vehicle requires positive & negative connectors and pipe shielded wiring harnesses for protection and shielding. The electric vehicle requires a larger current, resulting in the enlargement of the cross-sectional area of the wire conductors, which further raises the area's weight. The weight reduction can be achieved using aluminium wire which works as both shielding and protection. The aluminium is used in most electric vehicle wiring harnesses due to good heat resistance and thermal conductivity and can be moulded to any shape.
Increasing battery electric vehicle sales would have a direct impact on the market for automotive wiring harnesses. New types of wiring harnesses, such as high voltage and optical fibre wires, are also developed specifically for electric and hybrid vehicles. Thus, the increasing adoption of electric vehicles will increase the demand for high voltage wiring harnesses, subsequently expanding the market.
Premium Insights
- Growing Vehicle Production and Demand for Advanced Features in Vehicles to Drive Market
- Automotive Wiring Harness Market, by Ice Vehicle Type -Passenger Cars Projected to Lead Ice Wiring Harness Market
- Market, Ice Vehicle by Application - Sunroof Wiring Harness to Showcase Fastest Growth due to Increased Use in Premium & SUV Vehicles
- Market, Ice by Transmission Type - Electric Wiring Harness to Dominate Market by Transmission Type
- Market, Electric Vehicle, by Transmission Type - Electrical Wiring to Dominate During Forecast Period
- Market, by Electric Vehicle Type - Battery Electric Vehicles to Lead EV Wiring Harness Segment
- Automotive Wiring Harness Market, by Component - Wires to Lead Component Segment in Terms of Value
- Market, by Material - Metallic Wiring in Economy Passenger Cars to Command Larger Market Share
- Data Transmission Harness Market, by Data Rate - 150 MBPS Segment Expected to Maintain Top Position in Forecast Period
- Asia-Pacific Estimated to Account for Largest Share of Market in 2021
Market Dynamics
Drivers
- Growing Vehicle Production and Demand for Advanced Features
- Vehicle Production of Conventional Vs. Premium Vehicles
- Rise in Advanced Features in Vehicles
- Growing Penetration of Electric Vehicles
Restraints
- Limitations of Conventional Wiring Harness
- Lifespan Issues of Wiring Harness
- Limited Data Transfer Rate
Opportunities
- Growing Trend of Autonomous and Semi-Autonomous Vehicles
- Demand for Lightweight Harness
Challenges
- Fluctuating Copper Costs due to Increasing Demand
- Challenges in Wire Preparation, Staging, and Crimping
Company Profiles
- Adaptronic Pruftechnik GmbH
- Aptiv plc
- Brascabos
- Coroplast Fritz Muller GmbH & Co. Kg
- Cypress Industries
- Czech Republic Onamba S.R.O.
- Draxlmaier
- Fintall Oy
- Fujikura Ltd
- Furukawa Electric
- Gebauer & Griller Group
- General Cable Technologies Corporation
- Hesto Harnesses
- KE Elektronik
- Kromberg & Schubert GmbH
- Lear Corporation
- Leoni Ag
- Motherson Sumi Systems Limited
- Nexans
- Prestolite Wire
- Prysmian Group
- Saison Electronics
- Shenzhen Deren Electronics
- Spark Minda
- Sumitomo Electric Industries
- Thai Summit Group
- THB Group
- United Harness Limited
- Yazaki Corporation
- Yura Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7y800u
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