Automotive wiring harness market size to grow by USD 12,286.48 million from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio
NEW YORK, Dec. 8, 2022 /PRNewswire/ -- Technavio categorizes the global automotive wiring harness market as a part of the automotive components and accessories market, the parent market. The automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles such as passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive wiring harness market size is estimated to increase by USD 12,286.48 millionfrom 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 4.68%.
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Global automotive wiring harness market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines ?
Key purchase criteria
Adoption rates
Adoption lifecycle
Drivers of price sensitivity
Global automotive wiring harness market? Vendor analysis
Vendor landscape - The global automotive wiring harness market is fragmented. The prominent vendors operating in the market are involved in the development and manufacturing of wiring harnesses for automotive applications. A few prominent vendors that offer automotive wiring harnesses in the market are Aptiv, Assembly Solutions Ltd., Coroplast Fritz Muller GmbH & Co. KG, Cypress Holdings Ltd. dba Cypress Industries, Eugen Forschner GmbH, Fritz Draxlmaier GmbH & Co. KG, Fujikura Co. Ltd., Furukawa Electric Co. Ltd., Kromberg & Schubert Automotive GmbH & Co. KG, and others.
Vendors in the market are offering wiring harnesses for different applications in automobiles. Some of the common areas of applications are chassis, engine, transmission, and braking systems. Prominent vendors are focusing on improving the reliability and lifecycle of wire harnesses due to stringent regulatory requirements. In addition to international vendors, the market has regional and local vendors as well, which cater to the requirements of regional or local customers.
Vendor offerings -
Aptiv: The company offers automotive wiring harnesses with robust and innovative connection systems that help in optimizing the cost and performance of the entire electrical system.
Fujikura Co. Ltd.: The company offers automotive wiring harnesses for transmitting power and signals to electric equipment in vehicles.
Furukawa Electric Co. Ltd.: The company offers automotive wiring harnesses for automobiles to bundle multiple electric wires together.
Kromberg & Schubert Automotive GmbH & Co. KG: The company offers automotive wiring harness for motorbikes and utility vehicles.
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Global automotive wiring harness market - Segmentation assessment
Geography Overview
Based on geography, the global automotive wiring harness market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global automotive wiring harness market.
APAC will account for 54% of the global automotive wiring harness market growth during the forecast period. The market in the region is estimated to grow at the fastest pace. In emerging markets such as India and Indonesia, M&HCV OEMs are equipping their vehicles with systems such as ABS, electrically adjustable outside rear-view mirrors, HVAC systems, and auto-dimming mirrors. These factors are expected to increase the demand for wiring harnesses, which, in turn, will contribute to the growth of the market in the region.
Segment overview
Based on application, the global automotive wiring harness market is segmented into chassis, engine, HVAC, sensors, and body.
The market share growth of the chassis segment will be higher than the other segments during the forecast period. The growth of this segment is driven by factors such as various applications of wiring harnesses in chassis and their control systems. Other factors fueling the segment's growth are the growing integration of automotive electronics in automotive chassis control systems and the growing demand for premium or luxury-segment vehicles.
Global automotive wiring harness market? Market dynamics
Leading driver - The increasing demand for battery electric vehicles (BEVs) is driving the market growth. Automotive electronics have become an integral part of automobiles due to technological innovations and developments in the automotive industry. The growing focus on fuel efficiency, the reduction of vehicular emissions, and the increasing demand for advanced safety systems have increased the use of automotive electronics. Automotive electronics are core components of various onboard systems, such as sensors, ECUs, and wiring harnesses. These factors will contribute to the revenue generation of the market during the forecast period.
Key trend - Advances in autonomous vehicles are a key trend in the market. R&D activities related to autonomous vehicles have grown significantly, and self-driving vehicles are expected to be commercially viable soon. Thus, developments in autonomous vehicles will enable the growth of the market. Autonomous vehicles require advanced wiring harnesses owing to the use of advanced electronics. Therefore, the growing developments in autonomous vehicles and the shift toward self-driving vehicles will support the market's growth during the forecast period.
Major challenge - Declining sales of automobiles are challenging the market growth. This decline is attributed to several factors, such as trade tensions between the US and China. Inflation, supply chain issues, COVID-19 cases, and a shortage of semiconductor chips are also hindering the market's growth. In emerging markets such as India, poor consumer buying behavior and the growing popularity of car-sharing have hampered the sales of automobiles. Therefore, the decline in automobile sales will challenge the growth of the market during the forecast period.
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What are the key data covered in this automotive wiring harness market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive wiring harness market between 2023 and 2027
Precise estimation of the size of the automotive wiring harness market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive wiring harness market across APAC, North America, Europe, Middle East and Africa, and South America
Thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive wiring harness market vendors
Theautomotive secondary wiring harness market size is estimated to grow by USD 8.02 billion from 2021 to 2026. The market is segmented by application (sensors and HVAC) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Theautomotive Ethernet market size is estimated to grow by USD 3.49 billion from 2021 to 2026. The market is segmented by application (cameras and DASs, infotainment, diagnostics, and network backbone) and geography (APAC, North America, Europe, South America, and MEA).
Automotive Wiring Harness Market Scope
Report Coverage
Details
Page number
178
Base year
2022
Historic period
2017-2021
Forecast Period
2023 -2027
Growth momentum & CAGR
Accelerate at a CAGR of 4.68%
Market growth 2023-2027
USD 12,286.48 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
3.8
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing contribution
APAC at 54%
Key countries
US, China, Japan, South Korea, and Germany
Competitive landscape
Leading companies, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled
Aptiv, Assembly Solutions Ltd., Coroplast Fritz Muller GmbH & Co. KG, Cypress Holdings Ltd. dba Cypress Industries, Eugen Forschner GmbH, Fritz Draxlmaier GmbH & Co. KG, Fujikura Co. Ltd., Furukawa Electric Co. Ltd., Kromberg & Schubert Automotive GmbH & Co. KG, Lear Corp., Leoni AG, Minda Corp. Ltd., Motherson Sumi Systems Ltd., Nexans SA, Precision Cable Assemblies LLC, Prysmian Spa, Sumitomo Corp., Tianhai Auto Electronics Group Co. Ltd., Yazaki Corp., and YURA Corp.
Market dynamics
Parent Market Analysis; market growth inducers and obstacles; fast-growing and slow-growing segment analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 172: Tianhai Auto Electronics Group Co. Ltd. - Overview
Exhibit 173: Tianhai Auto Electronics Group Co. Ltd. - Product / Service
Exhibit 174: Tianhai Auto Electronics Group Co. Ltd. - Key offerings
12.16 Yazaki Corp.
Exhibit 175: Yazaki Corp. - Overview
Exhibit 176: Yazaki Corp. - Product / Service
Exhibit 177: Yazaki Corp. - Key offerings
12.17 YURA Corp.
Exhibit 178: YURA Corp. - Overview
Exhibit 179: YURA Corp. - Product / Service
Exhibit 180: YURA Corp. - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 181: Inclusions checklist
Exhibit 182: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 183: Currency conversion rates for US$
13.4 Research methodology
Exhibit 184: Research methodology
Exhibit 185: Validation techniques employed for market sizing
Exhibit 186: Information sources
13.5 List of abbreviations
Exhibit 187: List of abbreviations
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