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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights

Automotive Wiring Harness Market Overview

Automotive wiring harness is an electrical assembly of various components in a vehicle that transmit power and information to the system. It has evolved from the need of compact wiring, ease of operation in handling different electronics devices and protection against vibration and abrasion. It plays an important role in transmitting information about the operation of the vehicle, sending and receiving sensor signal and supplying power.

Market Size and Forecast

The automotive wiring harness market is expected to grow at a CAGR of 6.5% over the forecast period i.e. 2017-2024. This market is driven by the rapid growth of automobile industry owing to various technologically innovative features implemented in vehicles. Light vehicle segment is anticipated to acquire largest market share with the highest CAGR, during the forecast period, due to high production value.

The most prominent regional markets include North America and Asia-Pacific, which together constituted around 60.4% share in the total revenue of automotive wiring harness market. Asia–Pacific region is expected to dominate the market during the forecast period aided by China and India the fastest developing countries. Increase in use of speed sensors wiring harness and HVAC wiring harness owing to high demand for premium vehicles is ening the demand for the automotive wiring harness. Infrastructural development in this region are also anticipating the market growth, as it has fostered the demand for heavy vehicles that require technology elevated automobile wiring for heat insulation.

Automotive Wiring Harness

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In Europe, the market is projected to attain maturity as most of the vehicles are with high end electronics and safety features. In Western Europe, Germany is estimated to dominate the Western Europe automotive wiring harness market. However, Eastern Europe and North American countries such as Mexico and Canada still have the potential market due to increasing vehicle production capacity and commissioning of new vehicle assembly plants.

Market Segmentation

Our in-depth analysis segmented the automotive wiring harness market in the following segments:

By Application

Body wiring harness
Engine wiring harness
Chassis wiring harness
HVAC wiring harness
Sensors wiring harness

By Vehicle Type

Heavy Vehicle
Light Vehicle

By Material

Copper
Aluminum
Others

By Region

Global automotive wiring harness Market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Increasing installation of the advanced driver assistance system and stringent automotive norms taken by the government of various countries is anticipated to foster the growth of automotive wiring harness market. Further, mounting fuel costs and strict government regulations regarding CO2 emissions are boosting demand for electric vehicles in North America, Western Europe, Eastern Europe and Asia Pacific. Government across various geographies have mandated use of certain electronic safety features, such as Anti-Lock Braking System (ABS), Electronic Stability Program (ESP) and other features, in automotive. Furthermore, increase in demand for high-end electronic and safety features in vehicles, mainly passenger cars, along with cost reduction and enhanced reliability, is likely to impel the demand for automotive wiring harnesses globally.

Use of automotive ethernet by automotive OEMs represents a new trend in the external as well as internal electronic devices connectivity in an automobile. Therefore, these automotive ethernet diminishes the use of complex wiring harness structures to a great extent and, thereby, may act as a restraint for growth of the global automotive wiring harness market in the coming years.