Automotive Wiring Harness Market to Reach US$ 91.53 Bn By 2025
The global automobile industry registered an annual growth rate of over 5.5% from 2010 to 2015, and is estimated to be valued at US$ 5.1 trillion by end of 2015. Consistent growth in the parent industry is expected to fuel demand for automotive wiring harness in the near future.
Currently, increasing fuel costs and stringent government regulations regarding CO2 emissions are boosting demand for electric vehicles in regions such as North America, Western Europe, Eastern Europe and Asia Pacific.
Governments across various geographies have mandated use of certain electronic safety features such as Anti-Lock Braking System (ABS), Electronic Stability Program (ESP) and other features in both passenger and commercial vehicles. Furthermore, rise in demand for high-end electronics and safety features in vehicles, particularly passenger cars, along with cost reduction and enhanced reliability is leading to increase in global demand for automotive wiring harnesses.
Use of automotive Ethernet by automotive OEMs represents a new trend in the external as well as internal electronics devices connectivity in an automobile. These automotive Ethernets minimise the use of complex wiring harness structures to a great extent and, thereby, may act as a restraint for growth of the global automotive wiring harness market in the coming years.
Rise in technological developments is expected to create favourable growth opportunities in the market in the near future. Growing demand for connectivity and car digitisation, which not only helps establish connectivity within the integral parts of a vehicle but also enables communication with other vehicles through improved and intelligent roadway infrastructure, is an emerging trend in the market.
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Region-wise, APEJ (Asia Pacific Excluding Japan) dominated the global automotive wiring harness market in 2014, accounting for 38.3% value share of the overall market. Furthermore, APEJ is foreseen to expand at a relatively high CAGR of 10.4% during the forecast period and is expected to maintain its revenue share dominance till 2025 end. Risein automotive production and sustained economic growth are some of the factors driving the APEJ automotive wiring harness market currently.
North America and Western Europe are expected to register high Y-o-Y growth during the forecast period, owing to increasing demand for e-vehicles and e-bikes in these regions. Growth of the connected car market has resulted in risein demand for multiple electronic devices in vehicles in North America and Western Europe.
Japan is currently witnessing moderate growth in demand for e-bikes, and the trend is expected to continue during the forecast period as well. The Japan automotive wiring harness market is expected to register a sluggish CAGR of 4.0% during the forecast period, due to the matured automotive industry in the country.
On the basis of vehicle type, the passenger vehicles segment dominated the global automotive wiring harness market in 2014 in terms of revenue, and is foreseen to expand at a CAGR of 8.6% during the forecast period. In terms of revenue, the hybrid vehicles and electric vehicles segments are expected to register significant CAGR between 2015 and 2025, in view of the stringent government regulations and growing fuel prices globally.
On the basis of application type, the chassis & safety segment dominated the global automotive wiring harness market in 2014 in terms of revenue, accounting for 40.8% share of the overall market. This segment is expected to lose its market share to the HVAC segment, which is projected to expand at a significant CAGR of 10.1% during the forecast period. Furthermore, HVAC manufacturers are designing new eco-friendly devices in order to follow the environment standards along with introducing new innovating designs.
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