Automotive Wiring Harness Market Worth $55.4 Billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 22, 2019 /PRNewswire/ -- According to the new market research report "Automotive Wiring Harness Market by Application (Engine, Chassis, Cabin, Body & Lighting, HVAC, Battery, Seat, Sunroof, Door), Transmission Type (Data & Electrical), Category, ICE & Electric Vehicle, Component, Material, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Automotive Wiring Harness Market, by value, is projected to grow to USD 55.4 billion by 2027 from USD 43.3 billion in 2019, at a CAGR of 3.1%.

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The increasing ICE vehicle production coupled with increasing penetration of electric vehicles is anticipated to drive the Automotive Wiring Harness Market. Also, increasing penetration of luxury vehicles together with the growing demand for mid-size luxury vehicles, especially in Asia pacific, is further projected to boost the demand for wiring harness.

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Passenger car to be the largest segment by vehicle type

The passenger car segment is projected to lead the Automotive Wiring Harness Market, by vehicle type. The increasing production of passenger cars is increasing the demand for wiring harness. Passenger cars are expected to hold a 48% share in the global ICE vehicle production. According to ACEA, passenger car production hit 79 million in 2018 and is expected to go beyond 100 million by 2024–25, with Asia Pacific and North America being the leading regions. Also, many technological advancements such as ADAS, connected mobile apps, Apple CarPlay, rear cross-traffic alert, 360-degree camera, self-driving technology, heated and ventilated seats, backup cameras/parking sensors, ambient interior lighting, and navigation are upcoming in passenger cars which is anticipated to escalate the demand for data transmission and electrical wires in a harness.

Passenger car is estimated to hold the maximum share in the global Automotive Wiring Harness Market. With penetration of luxury cars, the number of wires in a wiring harness of a passenger car is likely to increase which would boost the wiring harness market.

Dashboard/cabin harness to be the fastest growing segment by application

Dashboard harness is the fastest growing segment by application. With incorporation of user-friendly technologies to enhance the driving experience, dashboard is likely to become the most interactive element in a vehicle. In the near future, dashboard may soon become as versatile as a laptop.

There are many new features being added to dashboards. For instance, Audi introduced a new feature that would provide unprecedented ease in controlling a car's functions. The new feature is called MMI touch which enables drivers to input characters just by using a finger to "write" on the designated touchpad, thereby providing enhanced gesture control. Also, AR display on a car windscreen would add a lot of functionality to the car. Therefore, for functioning of these features, proper connections are required, and this is anticipated to add more wires in a vehicle. Hence, dashboard/cabin harness is expected to grow at the fastest rate.

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Asia Pacific is expected to hold the largest market during the forecast period

Asia pacific is estimated to account for the largest share of the market for wiring harness from 2019 to 2027. Asia pacific has witnessed growth in the Automotive Wiring Harness Market for the past couple of years. The region comprises economies like China, Japan, South Korea, India, and Thailand. China is estimated to dominate the Asia Pacific Automotive Wiring Harness Market during the forecast period. The increase in overall vehicle production has led to an increase in demand for wiring harness in this region. Asia Pacific is estimated to hold 61% production share globally in ICE vehicles. Therefore, Asia pacific is estimated to be the largest market for automotive wiring harness, particularly for passenger vehicles. Asia Pacific constituted more than 50% of the market share, by value, of the overall market in 2018.

The Automotive Wiring Harness Market is dominated by global players and comprises several regional players as well. The key players in the Automotive Wiring Harness Market are Sumitomo Electric Industries (Japan), Yazaki Corporation (Japan), Aptiv PLC (Ireland), Leoni AG (Germany), and Furukawa Electric (Japan).
 
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