Expansion of EV Sector Will Spur Demand for Automotive Wiring Harness Until 2020, Says Technavio

Technavio publishes a new market research report on the global automotive wiring harness market from 2016-2020. (Graphic: Business Wire)

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LONDON--()--According to the latest market study released by Technavio, the global automotive wiring harness market is expected to reach USD 53.15 billion by 2020, growing at a CAGR of 6%.

This research report titled ‘Global Automotive Wiring Harness Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. To calculate the market size, the market research considers revenue generated from the sales of automotive wiring harnesses across all geographies.

The wiring harnesses used in electric vehicles (EVs) has also evolved. Earlier, EVs used wiring harnesses that could handle a voltage of 12 V. Thus, the shielding requirement is less as compared with today's EVs that use wiring harnesses handling a voltage of 48 V. The increase in voltage will not only require better shielding of wiring harnesses to reduce electromagnetic interference, but also safety systems in place to protect the passengers in case of accidents. This will result in an increase in wiring harness content per vehicle.

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Technavio’s automotive analysts categorize the global automotive wiring harness market into three major segments by vehicle type. They are:

  • Passenger vehicles
  • LCVs
  • HCVs

In 2015, the passenger vehicle segment dominated the market with 72.48% share owing to increasing adoption of electronic components and safety features in passenger cars. The HCVs segment contributed to at least 5.24% owing to slow growth rate of HCVs as compared with passenger cars and LCVs.

Automotive wiring harness market by passenger vehicles

The global automotive wiring harness market by passenger vehicles accounted for USD 28.79 billion in 2015, and this is expected to reach USD 38.88 billion by 2020, growing at a CAGR of 6.19%.

Passenger vehicles account for the largest segment in terms of both volume and value in the automotive industry. The demand for passenger cars is often considered as a proxy for economic development of any country or region, as it is directly correlated with industrial output, economic development, and population demographics. This segment is expected to remain the largest, backed by strong demand from emerging countries and revival of developed economies.

According to Siddharth Jaiswal, a lead automotive electronics analyst from Technavio, “Asia is expected to become a key market for passenger car sales with strong middle-class population stimulated with economic growth. In 2014, Asia’s middle-class population contributed to 35% of the global middle-class pool, which is expected to reach 56.2% by 2025.”

Automotive wiring harness market by LCVs

The global automotive wiring harness market by LCVs accounted for USD 8.85 billion in 2015, and this is expected to reach USD 11.78 billion by 2020, growing at a CAGR of 5.88%.

LCVs refer to commercial carrier vehicles of gross vehicle weight of up to 3.5 tons. The gross weight of the vehicle is the operating weight — the maximum weight a truck can carry while driving. This includes actual vehicle weight as well as passengers, cargo, and fuel weight. LCVs typically include pick-up trucks and vans that are used to carry a wide range of goods from hubs to different places and are used as passenger carriers as well.

Most industries worldwide follow the hub-and-spoke model as they work to reduce cycle times to add customer value. LCVs are considered ideal for the logistics industry due to their compact nature, which is ideal for logistics in urban areas,” says Siddharth.

Automotive wiring harness market by HCVs

The global automotive wiring harness market by HCVs accounted for USD 2.08 billion in 2015, which is expected to reach USD 2.49 billion by 2020, growing at a CAGR of 3.67%.

HCVs are trucks with gross vehicle weight of over 10,000 lbs. These vehicles include haul trucks to cement mixers and city transit buses used for goods transportation across cities, in construction or mining activities or for large-scale public transport. Road transport plays a vital role in a country's economy, as it links ports and cities. HCVs are the most preferred vehicles for transporting goods quickly and efficiently across a country. The market for HCVs is increasing, particularly in emerging markets, due to growing infrastructure and mining activities as compared with mature markets.

Enhanced performance, driver comfort, vehicle security, and safety in HCVs are the key trends observed in the market. The global automotive wiring harness and connector markets for HCVs are expected to grow owing to increased penetration of safety systems such as airbags, anti-lock braking systems (ABS), lane keeping systems, driver state monitoring systems, and increased demand for embedded telematics systems due to global regulations.

The top vendors highlighted by Technavio’s research analysts in this report are:

  • Delphi Automotive
  • Lear
  • Leoni
  • Sumitomo Electric Wiring Systems
  • Yazaki

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global automotive wiring harness market is expected to reach USD 53.15 billion by 2020, growing at a CAGR of 6%.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com