Market Scenario:
The demand for electric automobilesis anticipated to pose serval growth opportunities for the market. Moreover,several governments have taken the initiative to monitor greenhouse gasemission, which is anticipated to play a significant role in expanding themarket. Also, the unstable cost of fuel is estimated to surge the demand forthe automotive wiring harness.
As per the research by MarketResearch Future Reports (MRFR), the global automotive wiring harness market isanticipated to value USD 93,074.4 million, thriving at a CAGRof 6.35% during the forecast period. The surging demand in automobiles isexpected to drive the global automotive wiring harness market 2020. Theincreasing purchasing power of the individuals is estimated to augment themarket. Besides, the rising demand for the latest systems is likely to affect AutomotiveWiring Harness Market growth.
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However, the outbreak of COVID-19has resulted in the daily business operations to come at a standstill. Severalmarkets have come to stagnancy due to the observation of lockdown in severalcountries.
Market Segmentation
The global automotive wiringharness 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 market can be segmented into connectors,wires, and terminals.
On the basis of application, theglobal automotive wiring harness market can be segmented into chassis, engine,sensors, heating, body, ventilation, air conditioning (HVAC), and others.
On the basis of vehicle, theglobal automotive wiring harness market can be segmented into passenger andcommercial vehicles.
On the basis of region, theglobal automotive wiring harness market can be segmented into North America,Europe, Asia Pacific, and the Middle East and Africa.
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Regional Analysis
the regional evaluation of NorthAmerica, Europe, Asia Pacific, and the Middle East and Africa has beenperformed. As per the analysis by MRFR, the APAC region dominates the globalmarket. The APAC region is projected to be the most lucrative market forautomobile wiring harness, mainly due to the presence of emerging economieslike Thailand, China, and India. The purchasing power of the region hasincreased considerably from the past few decades. The surge in demand forfuel-efficient vehicles has propelled the regional market. Also, the increasingdemand in a passenger vehicle is estimated to make a significant contributionto the regional market. In addition, the increasing awareness regardingenvironmental pollution has resulted in a demand to regulate emission vehicles.On the other hand, North America and the European region is estimated to expandsignificantly during the forecast period. The wiring harness market in theseregions is majorly influenced by a robust aftersales market. Besides, theregion consists of globally renowned manufacturers, which are a major reasonfor regional market expansion. Moreover, these globally renowned manufacturers,by law, have to reduce the emission from the engines to protect theenvironment. These are some of the significant factors propelling theautomotive wiring harness market in the region.
However, the outbreak of pandemiccoronavirus has affected several regional markets. The constant lockdownobserved in several regions has changed the market dynamics.
Key Players
The forefront players of theglobal 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 asAptiv) (U.K.), THB Group (China), Leoni AG (Germany), and others.
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Market Research Future (MRFR) isa global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-stepassistance to our valued clients through strategic and consulting services toreach managerial and actionable decisions.
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