The Global Automotive Wiring Harness Market, By Vehicle Type (Passenger (Midsize, Premium, Luxury, SUV and Sports), Hybrid, Electric, Two Wheeler, Commercial (Light Commercial Vehicles and Heavy Commercial Vehicles) and Buses & Coaches) By Application (Chassis & Safety (Conventional Chassis, Semi-forward Chassis and Full-forward Chassis), HVAC, Engine, Sensors, Body (Roof, Facia, Door & Window, Seat, Interior)), and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 108229.2 million by 2027, exhibiting a CAGR of 8.9 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
An automotive wiring harness is a set of cable assembly where cables are used to integrate various electronic components that help in transmitting power to different modules in the vehicle. Generally, the connectors are connectors developed for the automotive warring harness that are specially designed by the manufacturer of the vehicle and re different from the connectors used in a standard wire harness. The tests involved automotive wiring harness exceed the normal test so that the harness will be suitable for conditions of the vehicle such as vibration and environmental wearing. Automotive wiring harness protects wiring from vehicle vibrations, moisture, and abrasions.
The global automotive wiring harness market was valued for US$ 54,629.4 Mn in 2019 is expected to exhibit a CAGR of 8.9% during the forecast period
Increasing demand for electric vehicles, hybrid vehicles, e-scooters, e-bikes, and S-pedelecs is expected to drive growth of the global automotive wiring harness market during the forecast period
Automotive wiring harness is being increasingly used in e-vehicles across the globe since these vehicles are technologically advanced and are equipped with advanced electronic devices. Developed regions such as Europe, North America, and Japan are witnessing high demand for electric vehicles. This is owing to increasing fuel costs and strict regulatory policies regarding CO2 emission, thereby boosting the demand for electric vehicles in the region. Moreover, major manufacturers are focused on investing significantly in research and development activities, in order to improve e-bike/e-scooter technology and provide better offerings to highly lucrative markets such as the U.S., Japan, France, and Germany. Rising disposable income is boosting the demand for e-bikes, which in turn, is expected to boost the global automotive wiring harness market growth over the forecast period.
Constantly changing consumer preference is expected to present lucrative growth opportunities
Increasing demand for connectivity and car digitization that connects internal parts as well as other vehicles through enhanced roadway infrastructure is expected to drive the market growth in the near future. According to Coherent Market Insights’ analysis, by 2020, over 60% of consumers are expected to opt for vehicle-bound internet connectivity and build-in technologies, particularly in passenger cars. Moreover, increasing the implementation of electronic functions in vehicles is expected to boost the demand for compact wiring harnesses for compact car platforms. Near Field Communication (NFC) technology, which enables relatively easier pairing between the car and mobile devices such as smartphones, is finding traction in the automotive industry.
Rising use of automotive Ethernet is expected to hamper the global automotive wiring harness market growth over the forecast period
The use of automotive Ethernet is an emerging trend in the automotive sector in the external and internal connectivity of an automobile. These automotive Ethernets reduce utilization of complex wiring harnesses significantly, which in turn, is expected to hamper the global automotive wiring harness market growth in the near future.
The architecture wiring in the automotive is becoming far more intelligent than it was in the past. A number of actions in automotive are now being controlled through the use of electronic modules. The industry is increasingly using aluminum wiring instead of copper wires. However, this has made automotive wiring harness more a little expensive. Major vendors in the market are developing substitute materials that fulfill the impedance requirements and these materials have superior mechanical strength when compared to copper wires of similar sizes. This is enabling wiring harness manufacturers to reduce the weight and size of the wire. Furthermore, the automotive wiring harness market in this region generates most of its revenue from trades in the luxury and premium automobile segments.
Majority of automotive vehicles in Western Europe are being equipped with advanced electronic devices and high technology devices that need the usage of an automotive wiring harness. Premium and luxury sub-segment cars hold the dominant position in the passenger car segment, which are available with high top speed and requires speed and pressure sensors for optimum performance. This is creating demand for sensors wiring harness in the region. Furthermore, the European market is expected to pick up the rapidly-growing trend with its recovering economy which in turn is expected to forward its benefits to the automotive wiring harness market.
Key players operating in the global automotive wiring harness market are Sumitomo Electric Industries, Ltd., YAZAKI Corporation, PKC Group PLC, Aisin Seiki Co., Amphenol RF, Furukawa Electric Co., Ltd., Samvardhana Motherson Group (SMG), LEONI, ERNI Electronics, AVX Corporation, Delphi Automotive PLC, Lear Corporation, and Fujikura Ltd.