Automotive Wiring Harness Industry Overview
The global automotive wiring harness market size is expected to reach USD 77.15 billion by 2025 at a 6.2% CAGR during the forecast period, according to a study conducted by Grand View Research, Inc. Rising integration of electronic devices in vehicles has positively affected demand for automotive wiring harnesses. Embedding wiring harness in a vehicle provides numerous benefits such as low probability of electrical shortage, improved fuel efficiency, and enhanced performance. Moreover, employing technologically advanced systems such as infotainment systems and advanced driver assistance systems in vehicles is expected to drive demand over the forecast period.
Automotive Wiring Harness Market Segmentation
Grand View Research has segmented the global automotive wiring harness market based on component, application, electric vehicle, vehicle, and region:
Based on the Component Insights, the market is segmented into Electric Wires, Connectors, Terminals and Others.
- The terminal segment held the largest market share in 2017 and is expected to grow at the highest rate over the forecast period.
- Proliferating adoption of advanced vehicle technologies such as self-driving vehicles and connected vehicles is a key factor impelling sales of automotive terminals over the forecast period.
- Connectors used in wiring harnesses are employed in vehicles that are integrated with advanced safety systems such as airbags, anti-lock braking system (ABS), and vehicle immobilizers.
- Owing to increasing incidents of vehicle thefts, need for integrating safety systems into vehicles is expected to increase, thus driving demand for connectors.
Based on the Application Insights, the market is segmented into Body, Chassis, Engine, HVAC and Sensors.
- The chassis segment accounted for over 30.0% of the overall market in 2017 and is expected to develop at a considerable growth rate from 2018 to 2025.
- The sensors segment is expected to register the highest CAGR of over 8.0% owing to its growing use in technologically-advanced vehicles, which include numerous systems such as safety and security systems, lighting systems, infotainment systems, and battery systems.
Based on the Electric Vehicle Insights, the market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV).
- The BEVs segment accounted for the largest share in 2017 and is projected to expand at the highest CAGR.
- Rising adoption of BEVs is expected to boost sales of automotive wiring harnesses from 2018 to 2025. The plug-in hybrid electric vehicles segment is anticipated to grow at a moderate rate over the forecast period.
Based on the Vehicle Insights, the market is segmented into Light Vehicles and Heavy Vehicles.
- The light vehicle segment accounted for the largest market share in 2017 and is anticipated to exhibit the highest CAGR during the forecast period.
- The heavy vehicle segment is also expected to grow at a considerable rate from 2018 to 2015. This growth is ascribed to increasing government investments in public transportation, coupled with rising construction and manufacturing facilities in emerging markets.
Automotive Wiring Harness Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Increasing technological advancements to sustain competition, coupled with the ability to optimize costs through low-cost labor country sourcing, are expected to emerge as key success factors for OEMs in this industry. Furthermore, OEMs are focusing on strategic alliances and mergers and acquisitions to expand their industry exposure and manufacturing presence.
Some prominent players in the global Automotive Wiring Harness market include:
- Aptiv PLC
- Sumitomo Electric Industries, Ltd.
- Yazaki Corporation; Leoni AG
- Lear Corporation
- Furukawa Electric Co., Ltd.
Order a free sample PDF of the Automotive Wiring Harness Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment