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Automotive Wiring Harness Market

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Future Market Insights has announced the addition of the “Digital Breast Tomosynthesis (DBT) Equipment Market: Global Automotive Wiring Harness Market Revenue is Expected to Reach US$ 91.53 Bn by 2025" report to their offering.
Automotive Wiring Harness Market Revenue is Expected to Reach US$ 91.53 Bn by 2025
Future Market Insights (FMI) recently announced the release of its report titled “Automotive
Wiring Harness Market: Global Industry Analysis and Opportunity Assessment 20152025”. According to the report, the global automotive wiring harness market was valued at
US$ 36.82 Bn in 2014 and is anticipated to reach US$ 91.53 Bn by 2025, expanding at a
CAGR of 8.7% throughout the forecast period.
The global automobile industry registered an annual growth rate of over 5.5% from 2010 to
2015, and is estimated to be valued at US$ 5.1 trillion by end of 2015. Consistent growth
in the parent industry is expected to fuel demand for automotive wiring harness in the near
future.
Currently, increasing fuel costs and stringent government regulations regarding CO2
emissions are boosting demand for electric vehicles in regions such as North America,
Western Europe, Eastern Europe and Asia Pacific.
Governments 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 both passenger and commercial vehicles. Furthermore, rise in demand
for high-end electronics and safety features in vehicles, particularly passenger cars, along
with cost reduction and enhanced reliability is leading to increase in global demand for
automotive wiring harnesses.
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Use of automotive Ethernet by automotive OEMs represents a new trend in the external as
well as internal electronics devices connectivity in an automobile. These automotive
Ethernets minimise 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.
Rise in technological developments is expected to create favourable growth opportunities
in the market in the near future. Growing demand for connectivity and car digitisation,
which not only helps establish connectivity within the integral parts of a vehicle but also
enables communication with other vehicles through improved and intelligent roadway
infrastructure, is an emerging trend in the market.
Region-wise, APEJ (Asia Pacific Excluding Japan) dominated the global automotive wiring
harness market in 2014, accounting for 38.3% value share of the overall market.
Furthermore, APEJ is foreseen to expand at a relatively high CAGR of 10.4% during the
forecast period and is expected to maintain its revenue share dominance till 2025 end.
Rise in automotive production and sustained economic growth are some of the factors
driving the APEJ automotive wiring harness market currently.
North America and Western Europe are expected to register high Y-o-Y growth during the
forecast period, owing to increasing demand for e-vehicles and e-bikes in these regions.
Growth of the connected car market has resulted in rise in demand for multiple electronic
devices in vehicles in North America and Western Europe.
Japan is currently witnessing moderate growth in demand for e-bikes, and the trend is
expected to continue during the forecast period as well. The Japan automotive wiring
harness market is expected to register a sluggish CAGR of 4.0% during the forecast
period, due to the matured automotive industry in the country.
On the basis of vehicle type, the passenger vehicles segment dominated the global
automotive wiring harness market in 2014 in terms of revenue, and is foreseen to expand
at a CAGR of 8.6% during the forecast period. In terms of revenue, the hybrid vehicles and
electric vehicles segments are expected to register significant CAGR between 2015 and
2025, in view of the stringent government regulations and growing fuel prices globally.
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On the basis of application type, the chassis & safety segment dominated the global
automotive wiring harness market in 2014 in terms of revenue, accounting for 40.8% share
of the overall market. This segment is expected to lose its market share to the HVAC
segment, which is projected to expand at a significant CAGR of 10.1% during the forecast
period. Furthermore, HVAC manufacturers are designing new eco-friendly devices in order
to follow the environment standards along with introducing new innovating designs.
Key market players covered in the report include YAZAKI Corporation, Aisin Seiki Co.,
Samvardhana Motherson Group (SMG), Delphi Automotive PLC, Fujikura Ltd., Sumitomo
electric Industries, Ltd., Lear Corporation, LEONI AG, Furukawa Electric Co., Ltd. and
PKC Group PLC.
Most players in the market are engaged in various activities, such as mergers and
acquisitions, increasing investments in technological and product developments,
geographical expansion and brand building via strong marketing strategies, in order to
sustain their position in the competitive market.
Author
ashutosh
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