Automotive Wiring Harness Market Set For Rapid Industry Growth, To Reach Around US$ 68.18 Billion By 2027 with a CAGR of 4.27%

Latest market study on “Automotive Wiring Harness Market to 2027 by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle); Type (Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and Others)– Global Analysis and Forecast”, The Automotive Wiring Harness Market is estimated to reach US$ 68.18 Bn by 2027 from US$ 47.08 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.

Market Insights

Rapid rise in vehicular population as a result of rising disposable incomes

As per the automobile associations, the global vehicular population had crossed 1 billion mark in the year 2010 itself which was driven by the aggressive growth rates in India and China in that fiscal year. The rise in the sales of vehicles and in particular passenger cars can be attributed to the steady increase in the disposable incomes of consumers. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. This would drive the revenue prospects of automotive wiring harness market

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Automotive Wiring Harness Market - Company Profiles: Sumitomo Electric, Lear Corporation, Delphi Automotive PLC (Aptiv), Yazaki Corporation, Furukawa Electric Co., Fujikura Automotive, Samvardhana Motherson Group, Leoni AG, Minda Spark, and Nexans among others.

Advancement of technologies for display units, voice recognition systems and consumer electronics
Automobiles of today have evolved with large number of electronic integrations. The dashboard, infotainment systems, and head-up-display units in an automobile require large number of electronic components. As these electronic systems are becoming a common accessory, consumers and automakers have pushed the component suppliers for more innovations and integrations. Consumers demand for more intuitive technology, thus pushes automotive OEMs to look for best-in-class technology and features. Availability of large amounts of accessible content for entertainment and sources of information have left consumers demanding for more features integrated in the vehicle. These factors together would have a positive impact on the growth of automotive wiring harness market.

Strategic Insights
New market initiatives were observed off late by companies in global automotive wiring harness market. Few of the recent market initiatives are listed below:

2019: Aptiv PLC announced the opening of its Las Vegas Technical Center. The facility joins Boston, Singapore and Pittsburgh as one of Aptiv's major autonomous vehicle hubs, and is a state-of-the-art, all-inclusive facility for vehicle operations, research and development, data management and technology demonstration center.

2018: Furukawa Electric Co. received an order for new wire harness for global vehicles, following this the company has expanded the production capacity of its Philippines Center.

2018: Lear Corporation announced its investment in an Israel-based venture capital fund managed by Maniv Mobility that is focused on advancing mobility technology.

GLOBAL AUTOMOTIVE WIRING HARNESS – MARKET SEGMENTATION

Global Automotive Wiring Harness Market – By Vehicle type
• Passenger Car
• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle

Global Automotive Wiring Harness Market – By Type
• Main Harness
• Auxiliary Harness
• ICE Harness
• Others (AC/DC charging, high voltage auxiliaries, traction, 3-phase)

Global Automotive Wiring Harness Market – By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o Russia
o UK
o Turkey
o Rest of Europe
• Asia Pacific (APAC)
o South Korea
o China
o India
o Japan
o Rest of Asia Pacific
• Middle East and Africa (MEA)
o South Africa
o Rest of MEA
• South America
o Brazil
o Argentina
o Rest of South America (SAM)

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This release was published on openPR.