The automotive wiring harness market is estimated to be USD 81.17 Billion in 2018 and is projected to reach USD 120.69 Billion by 2025, at a CAGR of 5.83% from 2018 to 2025. The key growth drivers for the market are the rise in vehicle production and sales, trend of integrating advanced features in the vehicles, and growing demand for electric vehicles.
The passenger car segment is estimated to hold the largest market share during the forecast period. The rising vehicle sales of passenger cars globally is responsible for the exponential growth of the automotive wiring harness market. Also, growing stringency of mandates related to emissions and vehicle safety performance in several countries is inflating the demand for automotive wiring harness.
The HVAC application is projected to register the highest growth, in terms of value and volume, in the automotive wiring harness market during the forecast period. The growth of HVAC wiring harness can be attributed to the rising installation rate of HVAC application in the commercial vehicle segment. Commercial vehicles such as LCVs, buses, and trucks are now equipped with comfort & convenience features, thereby boosting the demand for automotive wiring harness.
By EV type, the HEV segment is estimated to be the largest segment of the automotive wiring harness market, by value and volume, during the forecast period. Rising adoption of HEVs by consumers due to high power generation and fuel efficiency is the principal factor driving the growth of wiring harness in this segment.
By propulsion, the automotive wiring harness market for EV segment is estimated to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the increased production of electric vehicles. However, the internal combustion engine (ICE) vehicle segment is estimated to hold the largest share of the automotive wiring harness market. It is expected to remain an attractive market in the near future due to increased production and sales.
The automotive wiring harness market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Yazaki (Japan), Sumitomo (Japan), Aptiv (UK), Leoni (Germany), and Lear (US).
Post time: Dec-14-2018