Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Our in-depth analysis segmented the automotive wiring harness market in the following segments:
Global automotive wiring harness Market is further classified on the basis of region as follows:
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.
The major key players for automotive wiring harness are as follows:
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