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Global Automotive Wiring Harness Market to Grow at a CAGR of 6% During 2021-2026, Aided by the Rising Demand in the Automobile Industry

According to a new report by EMR titled, ‘Global Automotive Wiring Harness Market Report and Forecast 2021-2026’, the market is expected to grow at a CAGR of around 6% between 2021 and 2026.

The global automotive wiring harness industry is anticipated to be driven by the rising product demand in the automobile industry. The rising demand for automotive wiring harness from the vehicle manufacturers, who are focused on enhancing the safety and security of passengers through high-speed data transmission, is aiding the industry growth. Furthermore, the automotive wiring harness enhances the fuel efficiency of vehicles, which is likely to be a major factor driving its demand globally. The Asia Pacific is likely to account for a significant share in the market, owing to the rising disposable income and the favourable government policies to support the adoption of electric vehicles in countries like China.

The growing inclination towards electric vehicles owing to the rising environmental concern is expected to further aid the market growth in the forecast period. Sumitomo Electric Industries Ltd. (TYO:5802), one of the key industry players, has been engaged in developing products for electric-powered vehicles after witnessing the rapid growth of the segment. The company has developed high-voltage harnesses and is focused on developing aluminium-based harnesses.

On March 25, 2021, Lear Corporation (NYSE: LEA) took a decision to acquire M&N Plastics, which is a privately-owned, Michigan-based manufacturer of engineered plastic components for automotive electrical distribution. This will expand the global reach of the company whilst allowing it to advance in the field of automotive seating and electrical distribution systems. Thus, the growing mergers and acquisitions by the key industry players are expected to further propel the growth of the automotive wiring harness industry in the forecast period.

Market Breakup by Component, Application, Vehicle Type, and Region:

  • The market is segmented based on component into electric wire, connectors, and terminals, among others.
  • The major applications of the product include body, engine, chassis, HVAC, and sensor, among others.
  • Based on vehicle type, the market can be segmented into passenger car, light commercial vehicle (LCV), and medium and heavy commercial vehicle (M&HCV), among others.
  • Region-wise, the global market for automotive wiring harness can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for automotive wiring harness is being driven by the thriving automobile industry and the growing production of vehicles.
  • The growing adoption of electric vehicles owing to the favourable government policies is expected to further aid the market growth. 
  • The growing focus of automotive manufacturers to enhance the safety and security of passengers is likely to augment the market growth. 
  • The rising disposable income and the growing demand for luxury cars and autonomous vehicles are expected to further aid the market growth in the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for automotive wiring harness for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the components, applications, vehicle types, and regions of automotive wiring harness.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive wiring harness market are Sumitomo Electric Industries Ltd., Furukawa Electric Co. Ltd., Yazaki Corporation, Leoni AG, and Lear Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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