According to the latest report by IMARC Group titled, “Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global automotive wiring harness market grew at a CAGR of around 6% during 2014-2019.
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Automotive wiring harness refers to an organized bundle of wires, terminals and connectors that provides power and information throughout a vehicle. It is designed to minimize installation time, reduce the risk of shorting, improve fuel efficiency and operate in extreme conditions effectively. It also aids in signal transmission and providing power to different electronic and electrical devices in the vehicle. Besides this, it is also used in two-wheelers, three-wheelers, cars, utility vehicles and commercial vehicles.
Owing to inflating disposable incomes, increasing fuel prices and growing environmental concerns, there is increasing adoption of electric vehicles (EVs) across the globe. This represents one of the key factors impelling the market growth. Moreover, the rising number of road accidents is further escalating the demand for the automotive wiring harness. Other than this, the increasing demand for lightweight materials in the vehicle manufacturing and designs on account of their cost-effectiveness, in confluence with the burgeoning automotive industry, is expected to propel the market growth in the coming years.
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Insights on Market Segmentation:
Breakup by Application:
Body Wiring Harness
Engine Wiring Harness
Chassis Wiring Harness
HVAC Wiring Harness
Sensors Wiring Harness
Breakup by Material Type:
Breakup by Transmission Type:
Breakup by Vehicle Type:
Breakup by Category:
Heat Resistant Wires
Breakup by Component:
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being Delphi Technologies (BorgWarner Inc.), Furukawa Electric Co. Ltd., Lear Corporation, Leoni AG, Nexans Autoelectric GmbH, PKC Group Plc (Motherson Sumi Systems Ltd.), Samvardhana Motherson Automotive Systems Group B.V., Sumitomo Electric Industries Ltd., THB Group (AmWINS Group Inc.), YAZAKI Corporation, YURA Corporation, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.