Market Research Report
Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952886|
|Published||Content info||116 Pages
Delivery time: 2-3 business days
|Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 116 Pages||
The global automotive wiring harness market grew at a CAGR of around 6% during 2014-2019. An automotive wiring harness refers to an assembly of electric wires, connectors and terminals that relays power and information throughout the vehicle. It also acts as a safety casing that aids in preventing fires caused by short circuits. The different wires connect different components of the automobile and carry energy to start the engine, power windows and operate the navigation system, meters and lights. The components are designed to ensure reliable transmission of energy and operate efficiently under high temperatures, vibration, moisture and noise. They are also commonly used to harness wiring of the chassis, heating, ventilation and air conditioning (HVAC) system and sensors.
Significant growth in the automotive industry across the globe is one of the key factors driving the market growth. In line with this, there is widespread adoption of electric vehicles (EVs), owing to growing environmental consciousness, which is driving the product demand. In comparison to the conventionally used wiring systems, automotive wiring harness offers highly secure and reliable connections, while enhancing the fuel efficiency of the vehicle. Wiring harnesses are also used for securing safety sensors, such as blind-spot detection and automated control systems, for superior vehicle performance. Various product innovations, such as the development of aluminum harnesses, are acting as another growth-inducing factor. Aluminum components are primarily used for vehicle electrification and minimizing vehicular weight, thereby leading to improved fuel economy and reduced carbon emissions. Other factors, including the utilization of cost-effective and reliable optical fibers, along with the growing demand for Advanced Driver Assistance Systems (ADAS) in vehicles, are projected to drive the market further. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years.