The automotive wiring harness market, by value, is projected to grow to USD 55.4 billion by 2027 from USD 43.3 billion in 2019, at a CAGR of 3.1%
NEW YORK, Dec. 2, 2019 /PRNewswire/ --
Rapid developments in technology coupled with increasing vehicle production is projected to drive the automotive wiring harness market
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The automotive wiring harness market, by value, is projected to grow to USD 55.4 billion by 2027 from USD 43.3 billion in 2019, at a CAGR of 3.1%. Factors such as increase in vehicle production, incorporation of advanced features and electronic systems in vehicles, and increasing penetration of electric and luxury vehicles are expected to drive the automotive wiring harness market. However, the fluctuating price of copper, high cost of advanced technologies and equipment, and the difficulties associated with evaluating the performance of wiring harness are likely to inhibit the growth of the market.
The data transmission wires are growing at a faster rate in the automotive wiring harness market, by transmission type
The automotive wiring harness market by transmission type has been categorized into data transmission and electrical wires.Modern ICE vehicles are being introduced with luxury features such as ADAS, connected mobile apps, GPS, and interactive dashboards.
Also, electric vehicles have additional features like extra sensors and automatic gear box. These advanced features introduced in ICE and electric vehicles are likely to increase the demand for high-speed data transmission, thereby leading to increase in data transmission wires in a harness.
Metallic material is expected to hold the largest share in the automotive wiring harness market
The increase in technological and functional features has increased complexity in vehicles and driven the demand for high-speed data transmission.As a result, some of the leading OEMs have started adopting optical fiber cables that help in high-speed data transmission in a wiring harness.
However, the high price of optical fiber cables limits its adoption due to which metallic materials are expected to hold the maximum share in the automotive wiring harness market.Despite fluctuations in the prices of copper which have impacted the profit margins of wiring harness manufacturers in recent past, metallic materials are still expected to dominate the automotive wiring harness market by 2027.
Some automakers are considering aluminum for weight and cost reduction.Aluminum has its own challenges such as corrosion and termination issues.
Hence, prominent wiring harness manufacturers use copper because of its high thermal capacity and conductivity.
North America is expected to be the fastest market for wiring harness during the forecast period
North America has the highest demand for LCVs globally. It held a 59% production share in LCVs, and this share is expected to increase at a CAGR of 3.2 % by 2027. Also, LCVs require more harnesses than passenger cars. This is likely to boost the demand for wiring harness in North America. In addition to this, LCVs are being introduced with additional features like power steering and deluxe seating. These factors are likely to boost the demand for automotive wiring harness in North America.
Breakup of primary respondents
-- By Companies: Tier I - 90%, Tier II - 10%
-- By Designation: C-Level Executives - 20%, Manager Level - 80%
-- By Region: Asia Pacific- 40%, Europe - 30%, North America - 10%, RoW - 20%
The automotive wiring harness market is dominated by global players and comprises several regional players as well.The key players in the automotive wiring harness market are Sumitomo Electric Industries (Japan), Yazaki Corporation (Japan), Aptiv PLC (Ireland), Leoni AG (Germany), and Furukawa Electric (Japan).
The study includes an in-depth competitive analysis of these players in the automotive wiring harness market with their company profiles, SWOT analysis, MnM view of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The study segments the automotive wiring harness market based on category (general wires, heat resistant wires, shielded wires, and tubed wires), application (engine harness, chassis harness, body & lighting harness, HVAC harness, dashboard/cabin harness, battery harness, seat harness, sunroof harness, and door harness), component [connectors, wires, terminals, and others (fuses, relays, corrugated tube, etc.)], material [metallic wiring (copper, aluminum and other materials) and optical wiring (glass optical fiber and plastic optical fiber)], transmission for ICE and electric vehicles (data transmission and electrical wiring), ICE vehicle (PC, LCV, Bus, Truck), application (engine harness, chassis harness, body & lighting harness, HVAC harness, dashboard/cabin harness, battery harness, seat, sunroof, and door harness), 48V architecture vehicle, electric Vehicle (BEV, HEV, PHEV, and FCEV), and region (Asia Pacific, Europe, North America, RoW).
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive wiring harness market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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