Automotive secondary wiring harness market worth $33.78 billion by 2022
The automotive secondary wiring harness market is projected to grow at a CAGR of 20.96% during the forecast period, from $13.04 billion in 2017 to $33.78 billion by 2022. This projection is according to research by MarketsandMarkets and presented in its report, "Automotive Secondary Wiring Harness Market, by Application (Engine, Cabin, Door Harness, Airbag Harness, Electronic Parking Brakes, Electronic Gear Shift System), Vehicle Type, EV type (BEV, HEV, PHEV), and Region - Global Forecast to 2022."
In terms of volume, the market is estimated to reach 4.58 billion units by 2022. The major factors driving the growth of the automotive secondary wiring harness market are growing advanced technologies, increased production of passenger cars, and electrification of vehicles.
The cabin harness is the dominant application type in the global automotive secondary wiring harness market, followed by door harness application. In terms of growth rate, the market for the airbag harness is expected to show the highest CAGR in the next five years. This can be attributed to the increasing installations of extra airbag in new vehicle models and also the rising mandates for automotive safety across the globe.
According to the International Energy Agency, the global electric vehicle market (based on sales) is projected to reach a market size of $6.9 million by 2022, growing at a CAGR of 21.48% from 2017 to 2022. In recent years, the demand for electric vehicle products has risen rapidly. These products have a wide voltage range and require a special set of wires for operation. Across the globe, wiring harness manufacturing companies are focusing on developing secondary wiring harness systems to support high-technology systems such as infotainment systems, lighting systems, electronic brakes, and connectivity technology.
Asia-Pacific is estimated to be the largest market, by value, for the automotive secondary wiring harness in 2017 because of the large production of passenger cars and electric vehicles in the region. The Asia-Pacific region is expected to dominate the market during the forecast period, aided by China and India, the fastest developing countries. Factors such as increased use of advanced systems and increasing vehicle production due to high demand for premium vehicles are intensifying the demand for the automotive secondary wiring harness. The infrastructure development in this region is also assisting the market growth, as it has raised the demand for heavy vehicles that require advanced technology automotive wiring for heat insulation.
The report covers players in the automotive secondary wiring harness market, including Sumitomo Electric Industries, Ltd. (Japan), Lear Corporation. (U.S.), Delphi Automotive LLP (UK), Yazaki Corporation (Japan), and Furukawa Electric Co., Ltd. (Japan).
To find out more about the study, go to http://www.marketsandmarkets.com/Market-Reports/automotive-secondary-wiring-harness-market-248141482.html.