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Automotive Wiring Harness Market to represent a significant expansion at 8.7% CAGR by 2025
Research Report Insights (RRI) has launched the report titled, “Automotive Wiring Harness Market to represent a significant expansion at 8.7% CAGR by 2025”
Growing demand for high-end electronics and feature that ensure safety, mainly in passenger vehicles has propelled demand for the automotive wiring harness. In addition, improved reliability in parallel to reduction of cost prices has further contributed towards growth of the automotive wiring harness market over the following decade. The global automotive wiring harness market is expected to register a healthy 8.7% CAGR over the forecast period, 2025.
Surge in fuel prices in parallel to strict regulations related to emission of CO2 will fuel demand in regions such as Eastern Europe, Western Europe, Asia Pacific and North America. Moreover, governments in various regions have mandated use of electronic features related to safety in vehicles such as Electronic Stability Program (ESP), Anti-Lock Braking System (ABS) and such others in commercial and passenger vehicles.
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Automotive Wiring Harness Market: APEJ to Retain Dominance throughout 2025
New trends in the internal and external electronics device connectivity in automobile is witnessing a surge in adoption of automotive Ethernet by OEMs of automotive, which minimizes complex structures of wiring harness significantly. Such factors are likely to inhibit growth of the automotive wiring harness market in the span of next ten years.
However, developing technology is likely to extend favourable opportunities for growth of the global automotive wire harness market over the following decade. Moreover, upsurge in demand for car digitisation and connectivity within internal parts of the vehicle through intelligent and improved roadway infrastructure adds to the list of emerging trends in the market.
In 2014, passenger vehicles among other types of vehicles retained dominance in the global automotive wiring harness market in terms of revenue. The passenger vehicles segment will grow at 8.6% CAGR over the following decade. Whereas, due to surge in fuel prices and imposition of strict government regulations, the electrical vehicles and hybrid vehicles will grow at an impressive CAGR of 10.1% in the span of next ten years.
In 2014, the chassis & safety segment retained dominance in the global automotive wiring harness market in terms of revenue and accounted for 40.8% of the overall market share. However, the chassis & safety segment is likely to lose its market share to the HVAC segment, which will expand at an impressive CAGR of 10.1% over the following decade. Moreover, in order to follow environment standards in parallel to introducing innovative designs, HVAC manufacturers are designing new devices that are eco-friendly.
In 2014, APEJ dominated in the automotive wiring harness market globally among various regions and accounted for 38.3% revenue share of the global market. Moreover, the APEJ market is expected to grow at a relatively high CAGR of 10.4% and is likely to retain dominance in terms of revenue over the following decade.
Constant economic growth and surge in production of automotive are factors fuelling growth of the automotive wiring harness market in APEJ. Additionally, due to surge in demand for e-bikes and e-vehicles in regions such as Western Europe and North America, the market in the following regions will witness relatively high Y-o-Y growth in the span of next ten years.
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Japan is witnessing steady demand for e-bikes and trend is likely to continue over the following decade. Due to advanced automotive wiring harness, the automotive wiring harness market in Japan will witness a sluggish 4.0% CAGR.
Key players operating in the market mainly engage in activities such as increasing investments in product technological and developments, Sumitomo electric Industries, Ltd., Fujikura Ltd., LEONI AG, Lear Corporation, PKC Group PLC and Furukawa Electric Co.
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