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CHICAGO, December 8, 2021 / PRNewswire / – According to New Market Research Report “Automotive Wiring Harness Market By Application (Engine, Chassis, Cab, Body & Lights, HVAC, Battery, Seat, Sunroof, Door), Transmission Type (Data, Electric), Date Rate, ICE & EV, Component, Material & Region – Forecast worldwide for 2026 “, published by MarketsandMarkets â„¢, the global automotive wiring harness market is expected to grow by $ 47.0 billion in 2021 to $ 57.4 billion by 2026, at a CAGR of 4.1% over the forecast period. The demand for electric and autonomous vehicles would create growth opportunities for the automotive wiring harness market.
Browse the table of contents in depth on “Automotive wiring harness market”
355 – Tables
64 – Figures
335 – Pages
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Chassis beams segment is expected to be the largest segment during the forecast period
The Chassis Harness segment is expected to dominate the market, in terms of value, during the forecast period owing to the higher demand for automotive wiring harnesses in chassis applications such as frame, brake pump. air, suspension systems and others. Rising demand has encouraged automotive wiring harness makers and other component manufacturers to come up with state-of-the-art chassis harnesses that help drive short distances and reduce weight. The growing demand for premium vehicles and the integration of advanced technologies into vehicles are expected to increase the demand for automotive wiring harnesses.
Metal segment by material type is expected to hold the largest market share in 2021
The metal segment holds the largest share of the automotive wiring harness market. OEMs mainly use copper for manufacturing automotive wire harnesses due to the high conductivity, limited corrosion, high tensile strength, and high data transfer. Despite fluctuations in copper prices, which have impacted the profit margins of wire harness manufacturers in the recent past, metallic materials are still expected to hold a 92% share of the automotive wire harness market by 2026. .
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Asia Pacific is considered to be the dominant regional market
China is a major contributor to the overall sales of automotive wiring harnesses (around 60%) in the Asia Pacific region in 2021.
China is considered the manufacturing hub for the automotive industry. According to the MarketsandMarkets â„¢, China and India collectively produce around 25 million vehicles each year. With an increase in vehicle production, the demand for automotive wiring harnesses is expected to increase. This, in turn, is expected to drive the growth of the Automotive Wiring Harness market in the Asia Pacific Region. China The Asia-Pacific automotive wiring harnesses market is expected to dominate during the forecast period. China is the largest automobile manufacturer in the world. Thus, the automotive wiring harness market in China is expected to grow at a high rate. OEM based at China focus on adopting lightweight materials for wire harnesses. Thus, cable harness manufacturers are increasingly using materials such as aluminum. Currently, the penetration of aluminum into wire harnesses is limited.
In recent years, the Asia Pacific region has seen an increase in demand for luxury vehicles. Luxury / premium segment vehicles are equipped with advanced electronic body functions which require additional automotive wiring harnesses for proper operation. Thus, the region is estimated to dominate the automotive wiring harness market with a share of 57.6% in 2021.
Key market players:
The Global Automotive Wiring Harness Market is dominated by prominent players such as Yazaki Corporation (Japan), Sumitomo Electric Industries (Japan), Aptiv PLC (Ireland), Electric Furukawa (Japan), and Leoni AG (Germany). These companies have adopted new product development and acquisition to gain traction in the automotive wiring harness market.
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SOURCE Markets and Markets
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