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Automotive Wiring Harness Market to be Valued at US$80.5 bn by 2021 with Rising Production of Premium Passenger Cars
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The research study on the global automotive wiring harness market provides an in-depth evaluation of the drivers of the market from the supply side, demand side, and economic perspective. The key supply side driver of the global automotive wiring harness market is the growing innovation in wiring harness system. The most prominent driver from the demand side for the market is the growth in overall vehicle production.
By vehicle type, the global automotive wiring harness market is segmented into heavy vehicles and light vehicles, among which the market is dominated by the light vehicles segment. The segment is driven by factors such as the low maintenance needs and better fuel combustion of light vehicles.Application-wise, the global automotive wiring harness market is divided into speed sensors wiring harnesses, body wiring harnesses, engine wiring harnesses, heat, ventilation, and air conditioning (HVAC) wiring harnesses, and chassis wiring harnesses.
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On the basis of geography, the global automotive wiring harness market is classified into Asia Pacific, Europe, North America, and Rest of the World. In 2014, the global automotive wiring harness market was led by Europe. The presence of prominent automobile manufacturers such as BMW, Mercedes Benz, and Audi in Europe is driving this regional market and generating an exponential demand for premium passenger cars. These cars are fitted with innovative electronic devices for safety and navigation, which will further drive the European automotive wiring harness market.
Asia Pacific is projected to be the most attractive market for automotive wiring harnesses during the forecast period. This region will benefit from the rising installation of automotive wiring harnesses in safety and navigation devices. In addition to this, the Asia Pacific automotive wiring harness market will also be driven by the implementation of government regulations for vehicle safety as car instruments require speed sensor wiring harnesses.
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