Automotive Wiring Harness Market Scenario:
As per the research by Market Research Future Reports (MRFR), the global automotive wiring harness market size is anticipated to value USD 93,074.4 million, thriving at a CAGR of 6.35% during the forecast period.
The surging demand in automobiles is expected to drive the global automotive wiring harness market 2020. The increasing purchasing power of the individuals is estimated to augment the market. Besides, the rising demand for the latest systems is likely to affect Automotive Wiring Harness Market growth.
The forefront players of the global automotive wiring harness markets consist of Motherson Sumi Systems (India), Sumitomo Electric Industries Ltd. (Japan), Lear Corporation (U.S.), Furukawa Electric Co., Ltd. (Japan), YAZAKI Corporation (Japan), PKC Group (Finland), Fujikura Ltd. (Japan), Delphi Automotive Plc. (renamed itself as Aptiv) (U.K.), THB Group (China), Leoni AG (Germany), and others.
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The demand for electric automobiles is anticipated to pose serval growth opportunities for the market. Moreover, several governments have taken the initiative to monitor greenhouse gas emission, which is anticipated to play a significant role in expanding the market. Also, the unstable cost of fuel is estimated to surge the demand for the automotive wiring harness.
However, the outbreak of COVID-19 has resulted in the daily business operations to come at a standstill. Several markets have come to stagnancy due to the observation of lockdown in several countries.
The global automotive wiring harness market can be segregated on the basis of material type, component type, application, and region.
On the basis of material type, the global automotive wiring harness market can be segmented into aluminum, copper, and others
On the basis of component type, the global automotive wiring harness industry can be segmented into connectors, wires, and terminals.
On the basis of application, the global automotive wiring harness market can be segmented into chassis, engine, sensors, heating, body, ventilation, air conditioning (HVAC), and others.
On the basis of vehicle, the global automotive wiring harness market can be segmented into passenger and commercial vehicles.
On the basis of region, the global automotive wiring harness market can be segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.
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the regional evaluation of North America, Europe, Asia Pacific, and the Middle East and Africa has been performed. As per the analysis by MRFR, the APAC region dominates the global market. The APAC region is projected to be the most lucrative market for automobile wiring harness, mainly due to the presence of emerging economies like Thailand, China, and India. The purchasing power of the region has increased considerably from the past few decades. The surge in demand for fuel-efficient vehicles has propelled the regional market. Also, the increasing demand in a passenger vehicle is estimated to make a significant contribution to the regional market. In addition, the increasing awareness regarding environmental pollution has resulted in a demand to regulate emission vehicles. On the other hand, North America and the European region is estimated to expand significantly during the forecast period. The wiring harness market in these regions is majorly influenced by a robust aftersales market. Besides, the region consists of globally renowned manufacturers, which are a major reason for regional market expansion. Moreover, these globally renowned manufacturers, by law, have to reduce the emission from the engines to protect the environment. These are some of the significant factors propelling the automotive wiring harness market in the region.
However, the outbreak of pandemic coronavirus has affected several regional markets. The constant lockdown observed in several regions has changed the market dynamics.
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