Improvements in in-vehicle technology are anticipated to encourage development of sturdy car battery harnesses and secondary wiring for automobiles, which is likely boost demand
Wilmington, Delaware, United States, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global automotive wiring harness market stood at US$ 42.66 Bn. The global market is likely to develop at 7.32% CAGR during the forecast period, from 2022 to 2031. It is projected that by 2031, the global automotive wiring harness market will touch value of US$ 86.46 Bn. The use of the internet and digitalization in vehicles has grown, which is estimated to raise usage of automotive wiring harness connectors and terminals. Additionally, there has been a significant rise in the demand for MPVs and SUVs worldwide, which is expected to present immense growth opportunities for the automotive wiring harness manufacturers. The market is being driven by an aging population of millennials and a rise in desire for sporty, high-tech automobiles. Automotive Cable Connectors
Automobile wiring harness complexity is rising as a result of breakthroughs in electric automobiles. The market for automotive wiring harness is being driven by the rising popularity of electric vehicles (EVs) and the necessity for better and safer in-vehicle power transmission. Numerous incidents involving high-power electric equipment malfunction in electric vehicles have been reported, which has prompted producers of automotive wire harnesses to create uses for wiring harness made of lightweight and heat-resistant materials. This is likely to increase sales of products like automotive wiring harness tape and types of connectors used in automotive wiring harness to broaden their clientele worldwide.
The speedy expansion and rise of electrification tendency in the global automotive industry, as well as significant expenditures on highly advanced vehicle safety mechanisms, are responsible for the market growth. The market is also expected to be driven by an increase in the demand for in-car entertainment systems and improvements in automotive technology.
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Key Findings of Market Report
Based on vehicle type, the passenger car category is expected to account for the largest proportion of the global automotive wiring harness market. It is predicted that rising MPV and SUV demand will greatly stimulate demand for automobile wiring kits. Global connection, improved roadways, and rising disposable incomes of individuals are expected to drive global sales of passenger cars.
Aluminum is likely to hold a sizable market share, based on the kind of material. Due to its low weight, affordable price, and widespread availability, aluminum has captured the interest of manufacturers. Many OEMs use aluminum alloy in the form of conductor material in the wiring harness and it reduces the wire harness's weight by about 15% to 20%.
The global automotive wiring harness market is expected to be dominated by Asia Pacific. South Korea, India, China, and Japan, all have significant vehicle businesses that are based in this region. The global market for automotive wiring harness is expected to be dominated by China over the forecast timeline. Since 2009, China has dominated the global car manufacturing industry. It produces almost 30% of all vehicles made worldwide.
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Global Automotive Wiring Harness Market: Key Competitors
Hella GmbH & Co., KGaA
Global Automotive Wiring Harness Market: Segmentation
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Forklift Battery Connector Types Rohit Bhisey Transparency Market Research Inc. CORPORATE HEADQUARTER DOWNTOWN, 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 USA Tel: 1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Website: https://www.transparencymarketresearch.com Blog: https://tmrblog.com