The global automotive wiring harnes market accounted to grow at a CAGR of 4.27% during the forecast period 2022 – 2028-Posted by niket gore on July 22nd, 2022 Automotive Wiring Harness Market to 2028 by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle); Type (Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and Others); and Geography As per the automobile associations, the global vehicular population had crossed 1 billion mark in the year 2010 itself which was driven by the aggressive growth rates in India and China in that fiscal year. The rise in the sales of vehicles and in particular passenger cars can be attributed to the steady increase in the disposable incomes of consumers. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. There was a steady rise in the demand for new passenger cars post-recession in the advanced as well as developing economies of the world. Market Insights Rapid rise in vehicular population as a result of rising disposable incomes As per the automobile associations, the global vehicular population had crossed 1 billion mark in the year 2010 itself which was driven by the aggressive growth rates in India and China in that fiscal year. The rise in the sales of vehicles and in particular passenger cars can be attributed to the steady increase in the disposable incomes of consumers. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. This would drive the revenue prospects of automotive wiring harness market. Get sample pdf :- https://www.theinsightpartners.com/sample/TIPTE100000611/
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Advancement of technologies for display units, voice recognition systems and consumer electronics Automobiles of today have evolved with large number of electronic integrations. The dashboard, infotainment systems, and head-up-display units in an automobile require large number of electronic components. As these electronic systems are becoming a common accessory, consumers and automakers have pushed the component suppliers for more innovations and integrations. Consumers demand for more intuitive technology, thus pushes automotive OEMs to look for best-in-class technology and features. Availability of large amounts of accessible content for entertainment and sources of information have left consumers demanding for more features integrated in the vehicle. These factors together would have a positive impact on the growth of automotive wiring harness market.
Segment by Vehicle Type Insights The global automotive wiring harness market by vehicle type has been segmented into passenger car , Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle (M&HCV). Wiring harness provides electrical as well as data connection within a vehicle. With the rise of advanced driver assistance systems such as Anti-lock Brake System (ABS), Electronic Brake Distribution (EBD), Lane-keep Assist, Traction Control, Electronic Stability Program (ESP), Adaptive Cruise Control, Automatic Braking, Automatic Parking and Blind Spot Detection (BSD) among others, the demand for data connectivity cables or harness is set to increase. TThe price variation of passenger vehicle wiring harness as compared with LCV and M&HCV is around 30% - 40% on the lower side. However, the sheer volume of the passenger vehicle production has negated the weightage of the LCV and M&HC wiring harness prices thus capturing a larger market share of the among the three vehicle types. Segment by Type Insights The global automotive wiring harness market by Type has been segmented into Main Harness, Auxilary Harness, ICE Harness, and others. The automotive wiring harness market by type was led by Main segment. There are various types of wiring harness that goes into a vehicle. Each harness is a perfect match for its purpose and depends upon the vehicle to vehicle and model to model. Individual wiring harness is specific to its model and application and has organized set of connectors, wires, and terminals and runs throughout the body of a vehicle and convey information and electric power. With the advent of the electric vehicle, high voltage >60V wiring harness is coming into play. The main harness of a vehicle is independent from the type of vehicle and features available in the vehicle. These are the most basic set of wires needed for a vehicle to run and is indispensable. However, as features in a vehicle increases, the type of harness also tend to increase. Exhibit: Rest of Europe Automotive Wiring Harness Market by Type
Strategic Insights New market initiatives were observed off late by companies in global automotive wiring harness market. Few of the recent market initiatives are listed below: 2019:Aptiv PLC announced the opening of its Las Vegas Technical Center. The facility joins Boston, Singapore and Pittsburgh as one of Aptiv's major autonomous vehicle hubs, and is a state-of-the-art, all-inclusive facility for vehicle operations, research and development, data management and technology demonstration center. 2018: Furukawa Electric Co. received an order for new wire harness for global vehicles, following this the company has expanded the production capacity of its Philippines Center. 2018:Lear Corporation announced its investment in an Israel-based venture capital fund managed by Maniv Mobility that is focused on advancing mobility technology.
GLOBAL AUTOMOTIVE WIRING HARNESS – MARKET SEGMENTATION
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