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There is an industry-wide imperative to design lighter, more fuel-efficient cars.
HYDERABAD, TELANGANA, INDIA, October 21, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Automotive Wiring Harness Market is estimated to surpass $51.2 billion mark by 2026 growing at an estimated CAGR of more than 3.3% during the forecast period 2021 to 2026. Key drivers for Automotive Wiring Harness segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for Automotive Wiring Harness over the forecast period. Autonomous driving and the increasing electrification of vehicles not only bring stricter safety and quality requirements for manufacturers of wiring harnesses – they are also confronted with new types of wiring harnesses as well.
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https://www.industryarc.com/Research/Automotive-Wiring-Harness-Market-Research-501184
Key Takeaways
1. There is an industry-wide imperative to design lighter, more fuel-efficient cars. This has a bearing on conductor specifications and wiring harness design
2. As the available space stays the same, miniaturization plays an important role on the one hand and multi-function on the other.
3. There are a rising number of electronic interfaces throughout the drive train and control systems, plus inside the passenger compartment. This is increasing the number and complexity of harnesses in vehicles.
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Segmental Analysis:
Automotive Wiring Harness Market Segment Analysis – By Material : Metals driven by adoption of copper wiring dominated the market in 2020. However, the optical fiber market is projected to witness significant growth and play a key role during the forecast period. The growing demand for high-speed data transmission from vehicle manufacturers is driving the market for optical fiber cables in vehicles. Copper may not suffice the requirements of upcoming functions and technologies. Optical fiber cables h ave a relatively higher speed than copper and other materials. Optical fiber cables held an extremely low share of the market in 2020, but with increasing demand for high-tech features like ADAS, augmented dashboards, automatic gear box, and automatic door locking in ICE and electric vehicles, the demand for optical fiber cables is likely to boost in future.
Automotive Wiring Harness Market Segment Analysis – By Vehicle Type: The passenger vehicles sector dominates the Automotive Wiring Harness Market driven by significant adoption in luxury and high end vehicles. Key drivers for Automotive Wiring Harness segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for Automotive Wiring Harness over the forecast period. This is especially prevalent in Commercial vehicles where the number of electronic components is rising at a significant rate.
Automotive Wiring Harness Market Segment Analysis – By Geography: APAC remains the major market for Automotive Wiring Harness driven by significant automotive production in the region. Despite the effect of Covid-19, China will remain the major market for Automotive Wiring Harness in the APAC market. It is expected that the demand profile for vehicle sales in China is promising in the medium to long term, and that the country will remain the largest car market in the world in the coming future, directly increasing the growth of the Asia-Pacific’s Automotive Wiring Harness Market. Automotive OEMs need to change their manufacturing and customer base footprints, supply chains, and product offerings to growing geographic and segment supply and demand patterns; and the evolving Chinese after-sales market offers new growth opportunities.
Competitive Landscape:
The top 5 players in the Automotive Wiring Harness industry are –
1. Acitome
2. Sumitomo Electric
3. Furukawa Electric
4. Delphi Automotive
5. Yazaki
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