Automotive Wiring Harness Market by Application, Vehicle Type, and Geography - Forecast and Analysis 2020-2024
Global Automotive Wiring Harness Market: About this market
Technavio’s automotive wiring harness market analysis considers sales from chassis, sensors, and HVAC. Our study also finds the sales of automotive wiring harness in APAC, Europe, MEA, North America, and South America. In 2019, the chassis segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the high installation rate of complex and advanced electronics in chassis control systems will play a significant role in the chassis segment to maintain its market position. Also, our global automotive wiring harness market report looks at factors such as increasing penetration of automotive electronics, increasing demand for battery electric vehicles, and increasing the use of advanced materials for wire harness. However, declining sales of automobiles, reliability issues leading to a product recall, and stringent regulatory norms and standards for automotive wiring may hamper the growth of the automotive wiring harness industry over the forecast period.
Global Automotive Wiring Harness Market: Overview
Increasing the use of advanced materials for wire harness
The global automotive wiring harness market is witnessing the increasing use of newer and advanced materials, which are improving the overall performance of the harnesses. Prominent vendors in the automotive wiring harness market have started to use advanced electrical materials to manufacture the harnesses as they are often subjected to extreme temperature and pressure. Materials such as advanced radiation cross-linked fluoropolymer insulation are used to provide robustness, high-temperature resistance, and protection against any damages. Vendors are using advanced grade insulators, conductors, and sheath for wires and cables to enable high mechanical performance. Thus, the rising use of advanced materials is expected to make the wiring harnesses durable, which will lead to the expansion of the global automotive wiring harness market at a CAGR of almost 4% during the forecast period.
Advances in autonomous vehicles
R&D initiatives pertaining to the development of autonomous vehicles have increased significantly in the last five years. Advanced wiring harnesses are increasingly being used in autonomous vehicles due to the deployment of electronic systems in these automobiles. Autonomous vehicles use high-level automation systems that generate high volumes of data. Therefore, they require advanced high-voltage wiring harnesses to ensure optimum performance. Furthermore, growing initiatives and funding among the several stakeholders of the automotive sector for developing autonomous vehicles will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive wiring harness market during the forecast period 2020-2024, click here.
With the presence of several major players, the global automotive wiring harness market is highly fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive wiring harness manufacturers, that include Aptiv Plc, Fujikura Ltd., Furukawa Electric Co. Ltd., Kyungshin Co. Ltd., Lear Corp., LEONI AG, Nexans SA, Samvardhana Motherson Group, Sumitomo Electric Industries Ltd., and Yazaki Corp.
Also, the automotive wiring harness market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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