Pune, India, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The Automotive Wiring Harness market size size was USD 38.69 billion in 2020. The market is projected to grow from USD 46.87 billion 2021 to USD 64.73 billion in 2028 at a CAGR of 4.7% during the 2021-2028 period. Factors such as the lower probability of electrical shortage, improved performance, and efficient fuel efficiency will boost the market growth during the forecast period. Additionally, the rapidly growing automobile industry will fuel the growth of the market.
Production Delays and Raw Material Pricing Volatility to Limit Market Growth
The COVID-19 pandemic affected various sectors across the globe. Halted production lines and disruptions in supply chains affected the market immensely. Dominant players in the market had to operate at less than 50% operational capacity due to the imposed restrictions on people’s gatherings. Volatility in raw material pricing further hampered the Automotive Wiring Harness Market growth during the pandemic era. However, as the pandemic looms on, various economies across the world are loosening lockdown restrictions, which is expected to affect the market positively.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.7% |
| 2028 Value Projection | USD 64.73 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 38.69 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Component, Application, Vehicle Type, and Region |
| Growth Drivers | Rising Trend of Integrated Advanced Features in Cars to Propel Growth |
| Asia Pacific to Witness Substantial Growth due to Rising Demand for Safety Features |
Component, Application, Vehicle Type, and Region are Studied
By component, the market for automotive wiring harness market is divided into connectors, terminals, electric wires, and others, wherein the other segment covers sheaths, convoluted tubes, clamps, grommet, and protectors.
Based on application, the market is differentiated into body, engine, chassis, HVAC, and sensors.
With respect to vehicle type, the market is segmented across commercial vehicles and passenger cars.
In terms of geography, the market for automotive wiring harness is categorized into North America, Europe, Asia Pacific, and the rest of the world.
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Rising Trend of Integrated Advanced Features in Cars to Propel Growth
Factors such as increased electronic integrations within automobiles and rising consumer demand intuitive technology will boost the automotive wiring harness market growth during the forecast period. Also, increasing purchasing power among consumers and improving lifestyles will further fuel the market growth. Additionally, increasing financial and regulatory initiatives by governments will increase the footprint of the market.
However, the corrosive nature of automobile harnesses will limit the market growth during the forecast period.
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Asia Pacific to Witness Substantial Growth due to Rising Demand for Safety Features
Asia Pacific will hold the largest automotive wiring harness market share during the forecast duration due to lowered labor costs, developing infrastructure, and growing automotive manufacturing. Additionally, the presence of prominent players in the region will increase the footprint of the market. Increasing sales pertaining to luxurious vehicles will boost the market growth.
Europe will account for a considerable market share due to increasing imports of wiring harnesses and rising EV adoption. Additionally, innovations in driving technologies and rising automobile production will fuel the market growth during the forecast period.
The Report Lists the Key Companies in the Global Market
- Sumitomo Electric Industries (Osaka, Japan)
- PKC Group Ltd. (Helsinki, Finland)
- Yazaki Corporation (Tokyo, Japan)
- THB Group (London, U.K.)
- Lear Corporation (Michigan, U.S.)
- FURUKAWA ELECTRIC CO., LTD. (Tokyo, Japan)
- Nexans Autoelectric GmbH (Germany)
- Leoni AG (Nuremberg, Germany)
- Motherson (Noida, India)
- Spark Minda (New Delhi, India)
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Global Automotive Wiring Harness Market Segmentation:
By Component Type:
- Electric Wires
- Connectors
- Terminals
- Others
By Application:
- Body
- Engine
- Chassis
- HVAC
- Sensors
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
Continued…
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