Report: Automotive wiring harness market expected to reach $93,069 million by 2022
The automotive wiring harness market was valued at $66.5 billion in 2015, and is expected to reach $93.1 billion by 2022, growing at a CAGR of 5.1% during the forecast period in a new report by Allied Market Research. The passenger cars segment is anticipated to dominate the market throughout the analysis period. Asia-Pacific accounted for approximately 45% share of the global market in 2015, and is projected to lead in the future.
An automotive wiring harness, an assembly of cables or wires that transmit signals or electrical power, are bound together by straps, cable ties, sleeves, cable lacing, electrical tape, or a combination of these systems. Compared to individual electric wires, the harness assembly offers better safeguards against vehicular vibrations and is more secure from abrasion and moisture.
The industry is witnessing technological advancements to increase the efficiency of the harness. Total harness cost has declined and demand increased in recent times due to falling copper prices (one of the raw materials) and several lawsuits against the price control practices of the key manufacturers.
By application type, the automotive wiring harness market is divided into those for body, engine, chassis, HVAC, and sensor areas. The chassis wiring harness type accounted for the highest revenue in 2015, owing to its high adoption rate and large number of global manufacturers. The HVAC wiring harness segment is anticipated to have the highest CAGR of 6.2%.
By vehicle type, the automotive wiring harness market is divided into two wheelers, passenger cars, and commercial vehicles. The passenger-car segment, which accounted for about 52% market share in 2015, is anticipated to register a CAGR of 4.9% due to a rise in global vehicle sales and a higher adoption rate of advanced and lightweight wiring harnesses by automakers. The two-wheelers segment is anticipated to see a high growth rate of 7.2% due to higher rates of electrification.
The Asia-Pacific region accounted for the highest revenue in 2015, and is anticipated to grow at a CAGR of 5.3%, owing to the increase in use of sensor and HVAC wiring harnesses due to higher demands for premium vehicles and the rise of the upper middle class. Europe is projected to grow at the highest CAGR of 5.5% due to more stringent government regulations of vehicle emission control.
According to Sheetanshu Upadhyay, Research Analyst at Allied Market Research, "Asia-Pacific and Europe are the potential markets for the growth of automotive wiring harness. Moreover, rise in use of aluminum to manufacture wiring harness further supplements the market growth. In addition, rise in demand for electric vehicles and proactive government initiatives are anticipated to provide various opportunities for growth. Incorporation of these systems in passenger cars and two wheelers is expected to increase rapidly in the coming years."
Key Findings of the Study
- In 2015, passenger cars led the overall automotive wiring harness market, generating revenue of $34.3 billion, and is estimated to grow at a CAGR of 4.9%.
- The two-wheeler market is anticipated to grow at the highest CAGR of 7.2% during the forecast period.
- In 2015, the chassis wiring harness segment lead the overall market, with $22.6 billion, and is expected to maintain its dominance ahead as well.
- HVAC wiring harness segment is anticipated to witness the highest CAGR of 6.2%.
- Asia-Pacific dominated the market, generating revenue of $30.2 billion in 2015, and is projected to grow at a CAGR of 5.3%.
- Europe is anticipated to grow at the highest CAGR of 5.5%.
The key players profiled in the automotive wiring harness market include Delphi Automotive LLP, Furukawa Electric Co. Ltd., Sumitomo Electric Industries, Ltd., Lear Corp., THB Group, Spark Minda, Samvardhana Motherson Group, Nexans Autoelectric, Yazaki Corp., and Yura Corp.
A summary of the report can be accessed at: https://www.alliedmarketresearch.com/automotive-wiring-harness-market.