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Dec 03, 2020 (Market Insight Reports) —
Selbyville, Delaware Global Automotive Wiring Harness Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2027. Automotive Wiring Harness Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Automotive Wiring Harness market and provides information regarding the revenue for the period 2020 to 2027.
Global Automotive Wiring Harness Market is valued approximately at USD 81.1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.10% over the forecast period 2020-2027. An automotive wiring harness is defined as an electrical assembly of several components in a vehicle that can transfer information and power to a single system. Wiring harness plays a significant role in transferring power and information pertaining to the operation of the vehicle, transmitting & receiving sensor signals, and delivering power. The components that are generally assembled through wiring harness consist of heating, ventilation, and air conditioning (HVAC) systems, electrical devices, speed sensors, and other associated automotive components.
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The rise in demand of modern cars is creating the huge demand for electronics components which can transfer power and other requirements efficiently.. As a result, wiring harnesses can be observed to add enormously to the advancement as well as the development of modern vehicles by automobile manufacturers around the world. An increase in vehicle sales and/or production with the implementation of technologically advanced features, rising trend of vehicle electrification, and growing demand for electric vehicles are the few factors responsible for the CAGR of the market during the forecast period. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2019, there were around 67.1 million units of passenger cars produced around the world, representing an increase of 65.7 million units in 2013. Similarly, as per the survey of the American Automotive Policy Council (AAPC) in 2017, the automobile production in the United States was more than doubled from 5.6 million vehicles in 2009 to 12.2 million vehicles in 2016. Also, it was predicted that U.S. auto sales would reach almost nearly 17 million vehicles by 2022. This, in turn, is likely to strengthen the demand for Automotive wiring harness all over the world. However, the high replacement cost and the issues related to overheating or short circuit of wiring harness are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Automotive Wiring Harness market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in the demand for premium vehicles, along with the presence of a significant number of automobile manufacturers in the