The automotive wiring harness market has been segmented by vehicle into heavy vehicle and light vehicle, both of which are expected to drive the demand for automotive wiring harness due to rapid growth of automobile industry. Due to high production value, the light vehicle segment is expected to acquire largest market share with highest compound annual growth rate by the end of forecast period. With the introduction to numerous technically advanced features and improvement in fuel efficiency, the automotive wiring harness market is expected to grow with noteworthy revenue by the end of 2024.
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The global market for automotive wiring harness is growing at the back of rising automobile industry and is expected to flourish at a CAGR of 6.5% over the period 2017-2024. This can be attributed to technically innovative features implemented in vehicles. Further, the increase in production capacity of vehicles is anticipated to drive the automotive wiring harness market in upcoming years.
In the regional segment, North America and Asia-Pacific constituted around 60.4% share in terms of revenue in overall automotive wiring harness market. China and India are expected to dominate the market in Asia Pacific region owing to infrastructural development that has fostered the demand for heavy vehicles that require technology elevated automobile wiring for heat insulation. Further, Europe market is expected to grow at a moderate rate over the forecast period.
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Government Initiatives to Boom the Market
Government across various geographies have assigned use of certain electronic safety features such as Anti-Lock Braking System (ABS), Electronic Stability Program (ESP) and other similar features in automobiles which are estimated to benefit the expansion of automotive wiring harness market. Further, mounting fuel costs and strict government regulations regarding CO2 emissions are boosting the demand for electric vehicles in different regions across the globe. This factor is believed to supplement the growth of the market.
