According to the latest report by IMARC Group “Automotive Wiring Harness Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global automotive wiring harness market reached a value of US$ 76.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 99.7 Billion by 2027, exhibiting at a CAGR of 4.4% during 2022-2027.
An automotive wiring harness is an assembly of components, such as electric wires, connectors, and terminals, that relay power and information throughout the vehicle. It plays a vital role in transmitting information about the operation of the vehicle, supplying power, and sending and receiving sensor signals.It acts as a safety casing, which further assists in preventing fires caused by short circuits. At present, the rising need for cost-effective and reliable optical fibers, along with the escalating demand for Advanced Driver Assistance Systems (ADAS) in vehicles, is catalyzing the demand for the automotive wiring harness.
The prospering automotive sector represents one of the major factors stimulating market growth. Moreover, the increasing adoption of electric vehicles (EVs) on account of rising environmental concerns and stringent government regulations for minimizing carbon emissions is driving the market. Apart from this, an automotive wiring harness offers secure and reliable connections and enhances the fuel efficiency of vehicles as compared to conventionally utilized wiring systems. This, in confluence with product innovations like the development of aluminum harnesses, is strengthening the growth of the market.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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The report has segmented the market on the basis of Product Type, End-User and Region.
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