Automotive Wiring Harness Market to be Driven by the Thriving Automobile Industry in the Forecast Period of 2023-2028

Erika Tinkle March 14, 2023

2 3 minutes read

The new report by Expert Market Research titled, ‘Global Automotive Wiring Harness Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive wiring harness market, assessing the market based on its segments like components, applications, vehicle types, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Get a Free Sample Report with Table of Contents – https://www.expertmarketresearch.com/reports/automotive-wiring-harness-market/requestsample

The key highlights of the report include:

Market Overview (2018-2028)

Forecast CAGR (2023-2028): 6%

The automotive wiring harness industry is being driven by the thriving automobile industry. The growing popularity of vehicles like XUV, SUV, and sedans, among others, among the youth, owing to the increasing trend of road trips and travel is surging the deployment of automotive wiring harness. The increasing ownership of passenger cars by the emerging middle-class population is also significantly contributing to the growth of the market for automotive wiring harness. With the increasing demand for automobiles with advanced features and safety, the utilisation of automotive wiring harnesses for the efficient functioning of electronic components in vehicles is surging, thereby fuelling the market growth.

Industry Definition and Major Segments

An automotive wiring harness is defined as a bundle of loose wires that are grouped together into a single system to transmit power and information into the automobile. By powering up the different electrical and electronic device installed, the automotive wiring harness enhances the performance of the vehicle.

Read Full Report with Table of Contents – https://www.expertmarketresearch.com/reports/automotive-wiring-harness-market

The different components of the product in the market are:

Electric Wire
Connectors
Terminals
Others

The significant applications of automotive wiring harness include:

Body
Engine
Chassis
HVAC
Sensor
Others

On the basis of vehicle type, the market can be segmented into:

Passenger car
Light Commercial Vehicle (LCV)
Medium and Heavy Commercial Vehicle (M&HCV)
Others

The regional markets for automotive wiring harness include:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

Technological advancements, including the development of aluminium wiring harness, is likely to propel the growth of the market. As aluminium wiring harness improves the fuel economy and reduces CO2 emissions, its demand is surging and aiding the market growth. The growing popularity of electric vehicles is increasing the use of automotive wiring harness for powering electronic components, which is likely to augment the market growth. The introduction of various government initiatives to curb greenhouse emissions are likely to increase the demand for automotive wiring harness to enhance the fuel efficiency of vehicles, which is anticipated to provide impetus to the growth of the market in the forecast period.

Key Market Players

The major players in the market are Sumitomo Electric Industries Ltd., Furukawa Electric Co. Ltd., Yazaki Corporation, Leoni AG, and Lear Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.