AutomotiveWiring Harness Market Scenario:
The demand for electricautomobiles is 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 automotivewiring 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 inautomobiles is expected to drive the global automotive wiring harness market2020. The increasing purchasing power of the individuals is estimated toaugment the market. Besides, the rising demand for the latest systems is likelyto affect Automotive Wiring Harness Market growth.
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However, the outbreak ofCOVID-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 inseveral countries.
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 wiringharness industry can be segmented intoconnectors, 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), andothers.
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.
RegionalAnalysis
the regional evaluation ofNorth America, 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 ofpandemic coronavirus has affected several regional markets. The constantlockdown observed in several regions has changed the market dynamics.
KeyPlayers
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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