NEW YORK, Jan. 11, 2024 /PRNewswire/ — The automotive wiring harness market is estimated to grow by USD 12.28 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.68% during the forecast period. However, the growth momentum will progress. The Senior Automotive Analyst, at Technavio, said that “the increasing use of electronics in vehicle manufacturing is a key factor driving market growth. This evolution spans Vehicle Wiring, Electrical Wiring, Cable Assembly, Connectors, Terminal Blocks, and Wire Insulation. Leveraging Copper Wires for Automotive Electronics and Power Distribution, the sector witnesses transformative changes in Wiring Harness Components. This rise highlights the trade-off between augmented functionalities and amplified production costs in the automotive sector.”
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Automotive Wiring Harness Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on application (chassis, engine, HVAC, sensors, and body), vehicle type (passenger vehicles and commercial vehicles), and geography (APAC, Europe, North America, South America, and Middle East, and Africa).
- The market share growth of the chassis segment will be significant during the forecast period. The revenue generated in the market focus is due to an increasing use of wire harnesses on chassis and control systems. The revenue generation of the segment is also driven by the growing integration of automotive electronics into vehicle chassis control systems.
Regional Overview
APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 54%. In emerging markets like India and Indonesia in the Asia-Pacific region, original equipment manufacturers (OEMs) for Medium and Heavy Commercial Vehicles (M and HCV) are swiftly advancing to incorporate features such as ABS, electrically adjustable external rear-view mirrors, HVAC systems, auto-dimming mirrors, and more into their vehicles.
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Automotive Wiring Harness Market – Market Dynamics
Major Trend
The evolving trend in the Automotive Wiring Harness Market is the increase in Hybrid Vehicles. This shift prompts a focus on Conductor Materials, Wiring Harness Design, and Wiring Harness Testing, meeting stringent Automotive Safety Standards. Emphasizing Energy Efficiency, this trend impacts Wire Harness Suppliers, Automotive Aftermarket, and automotive Industry Trends in Wiring Harness Integration, reflecting the industry’s dynamic evolution towards greener and more integrated automotive solutions.
Significant Challenge
The challenge confronting the Automotive Wiring Harness Market stems from stringent regulatory norms overseeing safety and vehicular emissions, impacting Signal Transmission, Electrical Systems, and Wire Harness Manufacturing. This regulatory landscape affects Automotive OEMs, necessitating compliance in Vehicle Connectivity, Electric Vehicles (EVs), and Vehicle Diagnostics. Addressing Environmental Regulations becomes pivotal for Automotive Wiring Solutions, requiring a delicate balance between innovation and adherence to evolving industry standards for sustainable automotive advancements.
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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 size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Automotive Wiring Harness Market industry across APAC, Europe, North America, South America, and the Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Automotive Wiring Harness Market companies
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SOURCE Technavio
