Automotive Wiring Harness Market size to grow by USD 60.12 billion by 2027 with a CAGR of 4.68% between 2022 – 2027; A Comprehensive Report on Market Size, Growth Drivers, and Key Players- Technavio

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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.”

Technavio has announced its latest market research report titled Global Automotive Wiring Harness Market 2023-2027

For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027) – Request a Free sample report

What’s New?

  • Special coverage on the RussiaUkraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
  • Global competitiveness and key competitor positions 
  • Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report!

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.

Insights on the market contribution of various segments including country and region, historic (2017 to 2021), and forecast market size (2023 to 2027) – Download a Free Sample Report

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.

Insights on Market Drivers, trends, and challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a Free sample report!

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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About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research

Jesse Maida

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Email: [email protected]

Website: www.technavio.com

Global Automotive Wiring Harness Market 2023-2027

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