Advent of Electric Vehicles Creates Immense Demand for Automotive Wiring Harnesses Market to Report 5.10% CAGR between 2020 and 2027

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Advent of Electric Vehicles Creates Immense Demand for Automotive Wiring Harnesses Market to Report 5.10% CAGR between 2020 and 2027
GLOBAL AUTOMOTIVE WIRING HARNESS MARKET SIZE STUDY, BY APPLICATION TYPE (BODY WIRING HARNESS, ENGINE WIRING HARNESS, CHASSIS WIRING HARNESS, HVAC WIRING HARNESS, SENSORS WIRING HARNESS), BY VEHICLE TYPE (TWO WHEELERS, PASSENGER CARS, COMMERCIAL VEHICLES) AND REGIONAL FORECASTS 2020-2027

Report Ocean has recently published a new research report on the global automotive wiring harness market. The study, titled “Global Automotive Wiring Harness Market Size study, by Application Type (Body Wiring Harness, Engine Wiring Harness, Chassis Wiring Harness, HVAC Wiring Harness, Sensors Wiring Harness), by Vehicle Type (Two Wheelers, Passenger Cars, Commercial Vehicles) and Regional Forecasts 2020-2027,” is prepared after carrying out a detailed analysis of this market, taking the performance of every market segment into consideration, using various research tools.

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The global automotive wiring harness market derives most of the growth from the continuous expansion in the automotive industry. The significant rise in the demand for cars and other passenger vehicles has created a massive requirement for electronics components that transfer power efficiently. As a result, the demand for wiring harnesses has soared in the automotive industry across the world. The global automotive wiring harness market stood approximately at US$81.1 bn in 2019. With a rise in vehicle production and sales, thanks to the increasing assimilation of technologically advanced features, the market is anticipated to rise at a CAGR of more than 5.10% over the period of 2020-2027.

Demand from Passenger Cars Supports Growth

Passenger cars have surfaced as the most prominent vehicle type that requires automotive wiring harnesses. As per the International Organization of Motor Vehicle Manufacturers (OICA), around 67.1 million units of passenger cars were manufactured across the world in 2019. This figure is anticipated to increase manifolds in the coming years. In the U.S. alone, the auto sale is expected to reach nearly 17 million units by 2022. This, in turn, is likely to fortify the demand for automotive wiring harness, worldwide, over the next few years.

Going forward, the rising demand for electric vehicles is likely to propel the growth of the worldwide automotive wiring harness market during the forecast period. However, the high replacement cost and the issues related to overheating or short circuit of wiring harnesses may create hindrance in the years to come, states the research study.

Asia Pacific to Report Highest Growth Rate

The research study also offers an in-depth regional analysis of global automotive wiring harness market. The report has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World as the key regional markets for automotive wiring harnesses. The most prominent regional market for automotive wiring harnesses has been Asia Pacific over the last few years. Thanks to the rising demand for premium vehicles and the presence of a large pool of automobile manufacturers, the regional market is likely to showcase the highest growth rate over the forecast period as well. The escalating demand for convenience and safety among consumers is expected to create lucrative growth prospects manufacturers in the near future.

Impact of Covid 19 on Global Automotive Wiring Harness Market

One of the severely impacted markets from the Covid 19 pandemic is the global automotive industry and the markets under its bandwidth, including the global automotive wiring harness market. With the production of automobiles being stopped completely, the demand for automotive wiring harnesses also declined to a great extent. However, now as the production has resumed, the market for automotive wiring harnesses is anticipated to gain its momentum back across the world in the near future.

Key Findings:

  • Passenger cars have surfaced as the most prominent vehicle type that requires automotive wiring harnesses.
  • With the rising demand for premium vehicles Asia Pacific is likely to showcase the highest growth rate over the forecast period.

The global automotive wiring harness market is categorized into:

By Application Type

  • Body Wiring Harness
  • Engine Wiring Harness
  • Chassis Wiring Harness
  • HVAC Wiring Harness
  • Sensors Wiring Harness

By Vehicle Type

  • Two Wheelers
  • Passenger Cars
  • Commercial Vehicles

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Rest of the World

Companies Mentioned in this Report

  • Delphi Automotive LLP
  • Furukawa Electric Co. Ltd.
  • Sumitomo Electric Industries, Ltd.
  • Lear Corporation
  • THB Group
  • SPARK MINDA
  • Samvardhana Motherson Group
  • Nexans Autoelectric
  • Yazaki Corporation
  • Yura Corporation

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