The rise in global automotive sales is a key driver, which is expected to impact the global wire harness market growth. Wire harness is widely used in automotive equipment for various connections. Wire harness in the automotive sector enables energy transmission and communication between all the components in vehicles. The new technological advances along with the cost and weight optimization will drive the demand for wire harness used in the automotive sector during the forecast period.
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In this report, Technavio highlights the rapid expansions in the EV sector as one of the key emerging trends to drive the global wire harness market:
Global wire harness market: Rapid expansions in the EV sector
The demand for electric cars is increasing rapidly worldwide owing to growing environmental concerns and the need for more efficient technologies. Many countries such as the US, Germany, China, the Netherlands, and the UK have already taken initiatives on promoting EVs by offering subsidies for buyers and manufacturers. Companies such as Tesla and BMW are launching highly efficient EV which will increase adoption of EVs and further enhance the demand for wire harness.
According to a senior analyst at Technavio for tools and components research, “The growing demand for EVs will lead to an increase in demand for wire harness, thus driving the growth of the market during the forecast period.”
Global wire harness market: Segmentation analysis through 2022
This market research report segments the global wire harness market by application (automotive, telecom, medical and others) and key regions (the Americas, APAC, and EMEA).
The automotive segment dominated the market accounting for close to 45% of the market in 2017, followed by the telecom and the medical segments. The telecom segment is expected to witness the maximum increase in its market share over the forecast period.
In 2017, the global wire harness market was led by APAC which accounted for over 48% share followed by the Americas and EMEA respectively. APAC is expected to witness a further increase in its market share over the forecast period, while the other two regions will see a decrease in their market shares.
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