LONDON--(BUSINESS WIRE)--The global automotive wiring harness market size is expected to grow by USD 10.70 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Prominent vendors in the automotive wiring harness market have started to use advanced electrical materials to manufacture the harnesses as they are often subjected to extreme temperature and pressure. Materials such as advanced radiation cross-linked fluoropolymer insulation are used to provide robustness, high-temperature resistance, and protection against any damages. Vendors are using advanced grade insulators, conductors, and sheath for wires and cables to enable high mechanical performance. Thus, the rising use of advanced materials is expected to make the wiring harnesses durable, which will facilitate their efficient use in harsh environments. This will boost the growth of the automotive wiring harness market during the forecast period.
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As per Technavio, advances in autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Automotive Wiring Harness Market: Advances in Autonomous Vehicles
R&D initiatives pertaining to the development of autonomous vehicles have increased significantly in the last five years. Advanced wiring harnesses are increasingly being used in autonomous vehicles due to the deployment of electronic systems in these automobiles. Autonomous vehicles use high level automation systems which generate high volumes of data. Therefore, they require advanced high-voltage wiring harnesses to ensure optimum performance. Furthermore, growing initiatives and funding among the several stakeholders of the automotive sector for developing autonomous vehicles will also act as a growth enabler for the automotive wiring harness market during the forecast period.
“Rising penetration of automotive electronics, and growing application in automotive powertrains, are a few other factors that will boost the automotive wiring harness market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Wiring Harness Market: Segmentation Analysis
This market report segments the global automotive wiring harness market by application (chassis, sensors, and HVAC), and vehicle type (passenger vehicles, light commercial vehicles, and medium and heavy commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the automotive wiring harness market share in 2019, followed by Europe, North America, South America, and MEA respectively due to the high demand for automobiles in economies including China, Japan, South Korea, India, and Thailand. The region will account for the highest incremental growth in the automotive wiring harness market due to the rising implementation of regulatory norms on vehicle safety and vehicular emissions.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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