Pune, 14, Dec, 2022: As per Maximize Market research, a global business research and consultancy firm, the total global market for Automotive Wiring Harness Market was 47.2 Bn in 2021 and is expected to grow at CAGR of 4.8 % over the forecast period to reach 68.68 Bn. by 2029.
Automotive Wiring Harness Market Scope and Research Methodology
The automotive wiring harness market report analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, and more. The study details the market segmentation for the three types of automobile wiring harnesses. Market players and geographic regions have provided data (North America, Asia Pacific, Europe, the Middle East, Africa, and South America). The competitive environment for Automotive Wiring Harness includes information on the revenue, financial condition, portfolio, technological adoption, mergers and acquisitions, joint ventures, and strategic alliances of the major market players in terms of their regional market shares.
A bottom-up approach has been used to collect data and estimate the market size by countries. Bottom-up strategy has assisted in focusing on local markets and gaining comprehensive insight into the various segments mentioned in the report. Without excluding any factors that have impacted the business internally or externally, our analyst has been able to estimate and project the market size with the aid of a thorough analysis of market drivers and constraints at the local, regional, and worldwide levels. The main methods were surveys, distributing questionnaires, and conducting telephone interviews with experts in the field, market leaders, business owners, and marketers. For optimal trustworthiness of the inferences, secondary data was thoroughly gathered from appropriate sources. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, and releases of products from manufacturers and suppliers in the industry, along with paid databases.
SWOT analysis was conducted to provide the strengths and weaknesses of the Automotive Wiring Harness Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Automotive Wiring Harness Market.
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Automotive Wiring Harness Market Overview
An organised system of wires, terminals, and connectors known as a “wiring harness” runs throughout the entire vehicle and transmits information and electrical power, effectively “connecting” a number of different components. In order to minimise space and fulfil other requirements, car component parts are becoming more and more dependent on electronics. Wiring harnesses that significantly enhance the growth and development of automobile manufacturers all over the world
Automotive Wiring Harness Market Dynamics
The automotive wiring harness market is growing as more are needed to build vehicles with cutting-edge technologies. The need for driver assistance technologies (ACC, BSD, AFL, and LKA) that incorporate cutting-edge features in automobiles has grown as people’s understanding of how important safety and security are continues to develop. Additionally, automakers are required to follow safety laws and incorporate features like airbags. Electronic devices need a wiring harness to transmit data, signals, and power. To ensure the proper operation of various features, wiring harness bundles are installed in vehicles in addition to these circuits.
Numerous electrical issues with the car exist, including broken front and rear lights, a dead battery, lights, an alternator, and ignition issues, which can occasionally be brought on by faulty wire harnesses. Rapid environmental changes, such as temperature changes from extremely hot to extremely cold, can cause the wiring harness to bend. These problems might shorten the wiring harness’s lifespan and cause erosion. For instance, the aluminium wiring harness made by Sumitomo connects the copper-based terminals to the aluminium wires. When this mixture of copper and aluminium is exposed to saltwater or another electrolyte solution, galvanic corrosion takes place. Corrosion is one of the main challenges limiting the development of wiring harnesses made of aluminium.
Automotive Wiring Harness Market Regional Insights
The automotive wiring harness market is dominated by the Asia-Pacific region, with a share of more than 55% in 2021. Market growth was boosted by rising vehicle production in China, India, and Japan. Additionally, China will account for around 60% of all automobile wiring harness sales in the Asia-Pacific region in 2021.
The automotive wiring harness market in Asia-Pacific is forecast to be dominated by China. China is the world’s largest maker of automobiles. As a result, it is expected that the Chinese market for automobile wiring harnesses will grow quickly. The use of lightweight materials for wiring harnesses is emphasised by Chinese OEMs. As a result, makers of wiring harnesses are increasingly using materials like aluminium. Currently, there is little aluminium penetration in wiring harnesses. As a result, the region will hold a 60.3% share of the market in 2021.
Automotive Wiring Harness Market Segmentation
- Electric wire
By Vehicle Type:
- Passenger car
- Commercial vehicles
Automotive Wiring Harness Market Key Manufacturers:
- Aptiv PLC
- Delphi Automotive LLP
- Furukawa Electric Co. Ltd.
- Sumitomo Electric Industries, Ltd.
- Lear Corporation
- THB Group
- Samvardhana Motherson Group
- AutoelectricYazaki Corporation
- Yura Corporation
- Leoni Ag
- Fujikura Ltd
- QINGDAO SANYUAN GROUP
- PKC Group
- Minda Spark
- Devise Electronics Pvt. Ltd.
- The Harness Connection
- EMDEP TestBoards
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Key questions answered in the Automotive Wiring Harness Market are:
- What is Automotive Wiring Harness?
- What is the growth rate of Automotive Wiring Harness Market for the forecast years?
- What is the nature of competition in Automotive Wiring Harness industry in developed and developing economies?
- Who are the key players in the Automotive Wiring Harness Market?
- Who are the market leaders in Automotive Wiring Harness in Europe?
- Who are the market leaders in Automotive Wiring Harness in USA and Canada?
- Who are the market leaders in Automotive Wiring Harness in India, China, Japan and South Korea?
- What are the factors affecting growth in the Automotive Wiring Harness Market?
- Who held the largest market share in Automotive Wiring Harness Market?
- What are the factors for the growth of Asia-Pacific region in Automotive Wiring Harness Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Component, Application, Vehicle Type and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading firm, has also published the following reports:
India Automotive Wiring Harness Market – India Automotive Wiring Harness Market size is expected to reach USD 2.85 billion by 2029 at a CAGR of 8.3 percent during the forecast period India Automotive Wiring Harness Market is expected to be driven by the rapid growth of the automobile industry because of the many technologically advanced features implemented in vehicles. High competition exists among car manufacturing companies to design cars with many safety features and electronic gadgets.
Automotive Relay Market–The Automotive Relay Market size is expected to reach USD 23.52 billion by 2029 at a CAGR of 5.18 percent during the forecast period. The rise in demand for the Hybrid Electric Vehicle (HEV) sector is also boosting the growth of the automotive relay market across the globe.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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