Automotive Wiring Harness Market To Reach USD 65.2 Billion In 2027 | CAGR 4.6% - Forencis Research

Automotive Wiring Harness Market Size, Share, Trends, Growth, Analysis, Research

Global Automotive Wiring Harness Market: Key Highlights

  • According to the new market research report “AUTOMOTIVE WIRING HARNESS MARKET” by Component (Connectors, Electric Wires, Terminals and Others) by Material (Conductor and Insulation) by Application (Body Wiring Harness, Engine Wiring Harness, Chassis Wiring Harness, HVAC Harness, Battery Harness, and Others) by Vehicle Type (Internal Combustion Engine (ICE), Electric Vehicles and Others) by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America) – Global Forecast from 2020 To 2027”, the global Automotive Wiring Harness Market is estimated to reach USD 65.2 Billion in 2027 at a CAGR of 4.6% during forecast period 2020-2027.
  • Growing need for automotive safety systems is expected to drive the automotive wiring harness market during the forecast period.
  • However, fluctuating raw material prices are expected to restrain the market growth during the forecast period.

Automotive Wiring Harness Market

Global Automotive Wiring Harness Market: Key Market Dynamics

  • Compared to the internal combustion engine (ICE) vehicles the need for wire harness is 3x in electric vehicles. Thus, the rise in demand for electric vehicles is likely to propel the demand for automotive wiring harness market during the forecast period.
  • Any fault in the wiring system can result in short circuit, electrical fires, and can harm any users and passengers. Hence, there exists a high need for a better safety system to boost the passenger’s safety, which is expected to drive the automotive wiring harness market during the forecast period.
  • Price fluctuations of copper, uncertain shortage, and supply tightness have significant impacts on manufacturers of raw materials. Thus, fluctuating raw material prices acts as a restraint to the market growth.
  • Increase in demand for semi-autonomous and autonomous vehicles is expected to open up new growth avenues for the automotive wiring harness market in upcoming future
  • Complex harness architecture is likely to act as a challenge for market growth

Global Automotive Wiring Harness Market: Regional Overview

  • Asia-Pacific

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.

  • Europe         

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.:

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.:

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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Published : 2020-01-27