Automotive Wiring Harness Market to 2027 - Global Analysis and Forecasts by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle); Type (Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and Others)
The global automotive wiring harness market accounted to US$ 47.08 Bn in 2018 and is expected to grow at a CAGR of 4.27% during the forecast period 2019 - 2027, to account to US$ 68.18 Bn by 2027. It is believed that there are more than a billion cars are on the road worldwide. Also, people have been keen on keeping cars for a longer time with them than ever before and therefore, the expenditures on the aesthetics and design of vehicles are expected to be more than ever before. Previously, automotive wiring harness was considered to be the most overlooked suspension components in the passenger cars. However, gaining importance for fuel efficiencies while driving and surging demands for smoother rides have translated into healthy growth for wire harness products in the passenger cars.
Currently, the automotive wiring harness market is experiencing a steady growth that is attributed to numerous factors. The most significant factors that have impacted the growth of this industry are more disposable incomes with consumers and consequently the number of passenger cars on the roads; poor condition of roads in the developing and the underdeveloped economies and the parallel advancements made in the consumer products industry. Over the years, the automobile industry has experienced occasional highs and lows as a result of the changes in the economy, weather conditions, and the interest from new investors. The consumer spending on automotive components and other allied accessories have changed drastically that present significant opportunities to the businesses today.
Wiring harness provides electrical as well as data connection within a vehicle. With the rise of advanced driver assistance systems such as Anti-lock Brake System (ABS), Electronic Brake Distribution (EBD), Lane-keep Assist, Traction Control, Electronic Stability Program (ESP), Adaptive Cruise Control, Automatic Braking, Automatic Parking and Blind Spot Detection (BSD) among others, the demand for data connectivity cables or harness is set to increase. It is believed that in the future, with the advent of more driver assistance systems and autonomous driving is further going to increase the demand for faster, better, and more rugged data connectivity solution. Thus, these factors are going to drive the market for wiring harness over the forecast period from 2019 - 2027.
The Automotive wiring harness market globally has been segmented based on vehicle type into Passenger Cars, Light Automotive, and Medium & Heavy Automotive. Based on type, the automotive wiring harness market is further segmented into Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and others. Geographically the automotive wiring harness market is presently dominated by APAC, and further, the automotive wiring harness market is expected to be in favor of APAC.
The overall automotive wiring harness market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Automotive wiring harness market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Automotive wiring harness industry.
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