The growing disposable incomes and rise in sales of passenger cars, which is further anticipated to propel the automotive wiring harness market
Latest market study on “Automotive Wiring Harness Market to 2027 by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle); Type (Main, Auxiliaries, Cockpit, ICE Harness, E-Motor Harness, and Others)– Global Analysis and Forecast”, The Automotive Wiring Harness Market is estimated to reach US$ 68.18 Bn by 2027 from US$ 47.08 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
As per the automobile associations, the global vehicular population had crossed 1 billion mark in the year 2010 itself which was driven by the aggressive growth rates in India and China in that fiscal year. The rise in the sales of vehicles and in particular passenger cars can be attributed to the steady increase in the disposable incomes of consumers. Developing economies witnessed a steady growth in the post-recession era and thus there was rise in the disposable incomes by consumers. Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing, allowing them to enhance their lifestyles. The number of passenger cars operated worldwide is therefore bolstering, further creating a demand for production of passenger cars to cater to the ever increasing demands. There was a steady rise in the demand for new passenger cars post-recession in the advanced as well as developing economies of the world.
A steady progress in the development of autonomous vehicles is being witnessed with some of the renowned car manufacturers collaborating with the technology leaders for it to be conceptualized. Autonomous vehicles have evolved on the platform built by ADAS. Companies like Ford, General Motors, Nissan, Tesla, Mercedes, Honda and other major manufacturers have been investing billions of dollars in the research & development of these cars. Also, technology giants like Apple, IBM, and Intel have further collaborated with the leading auto manufacturers to remain competitive. In the next few years, it is anticipated that the autonomous cars would hit the roads and be commercialized. One of the key enabling technologies required in the autonomous vehicles is the presence of sensor fusion, whose function would be of integrating data from an array of sensors to make quick and appropriate decisions. Fusion sensor allows manufacturers to use inexpensive and less powerful sensors, and also save battery life of the car whereas provide maximum functionality.
The key companies operating in the field of automotive wiring harness that are profiled in the report include Sumitomo Electric, Lear Corporation, Delphi Automotive PLC (Aptiv), Yazaki Corporation, Furukawa Electric Co., Fujikura Automotive, Samvardhana Motherson Group, Leoni AG, Minda Spark, and Nexans among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
Automotive Wiring Harness Market - Region Breakdown, 2018
The report segments the global automotive wiring harness market as follows:
Global Automotive Wiring Harness Market – By Vehicle Type
Global Automotive Wiring Harness Market – By Type
Global Automotive Wiring Harness Market – By Geography
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