Global Automotive Wiring Harness Market: Key Highlights
Global Automotive Wiring Harness Market: Key Market Dynamics
Global Automotive Wiring Harness Market: Regional Overview
The growth in the automotive sector in Asia-Pacific is mainly attributed to the increasing demand for luxury vehicles and rapid adoption of electric vehicles coupled with an increased demand for safety features and high-end electronics in passenger cars. This results in Asia-Pacific to be the largest contributor for the automotive wiring harness market. Among the Asia Pacific, the upcoming regulation for safety technologies in India is also a major factor expected to drive the automotive wiring harness market growth.
The growing automotive sector in the region is the prominent factor pushing the overall economy. In Europe, the rising demand for vehicle production leads to an increased need for high-end electronics and safety equipment’s, which has boosted the automotive wiring harness market. In Europe, 19.2 million vehicles are manufactured every year as per the data shared by the European Automobile Manufacturers Association (ACEA).
Global Automotive Wiring Harness Market: Key Players Overview
Sumitomo Electric Industries, Ltd. is a Japan-based company engaged in the manufacturing of automotive components and products that include electric wires, cables, wire harnesses, optical fibers, and electric monitoring systems. Sumitomo Electric Industries, Ltd. partnered with Aquantia Corp. to deliver Multi-Gig Ethernet connectivity products for autonomous vehicles in February 2019.
FURUKAWA ELECTRIC CO., LTD. is a Japan-based company. The company is specialized in manufacturing automotive systems such as cables, wires, and metal products. In October 2019, the company partnered with Essex Magnet Wire to expand the magnet wire product portfolio in Europe. Moreover, it will focus on developing unique innovations for the transportation industry.
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