Market overview The global automotive wiring harness market is expected to reach a high compound annual growth rate of 14% during the forecast period (2021-2028).
(ProNewsReport editorial):-Amherst, New York, November 9, 2021 (Issuewire.com)-Market Overview
During the forecast period (2021-2028), the global automotive wiring harness market is expected to reach a high compound annual growth rate of 14%.
The wiring harness is a combination of wires, terminals, and connectors that cover the entire vehicle. They transmit information and electricity to different parts of the vehicle, such as the circulatory system and respiratory system of the human body. The growth of global electric vehicle sales is driving the development of the automotive wiring harness market.
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The main factor driving the global automotive wiring harness market is the growth in sales of passenger cars and commercial vehicles in different regions of the world. The increase in sales of electric vehicles in countries such as Norway, Sweden, and the Netherlands has also promoted the growth of the automotive wiring harness market.
The growth of passenger car and commercial vehicle sales is driving the growth of the automotive wiring harness market
The growth in sales of passenger cars and commercial vehicles in different regions of the world is driving the growth of the automotive wiring harness market. According to a report by the International Organization of Automobile Manufacturers (OICA), Asia-Pacific countries such as China, Japan, the United States, Germany, India, and France ranked 1, 2, 3, 4, 5, and 6 with 2017 million vehicles. , Passenger car sales in 2020 were 3.8 million, 3.4 million, 2.9 million, 2.433 million, and 1.65 million. Passenger car sales in China, the United States, Japan, India, France, and South Korea were 21.4 million. , 4.7 million vehicles, 4.3 million vehicles, and 2.9 million vehicles, 2.214 million vehicles and 1.497 million vehicles in 2019. In 2019, global passenger car sales were 63.7 million, and in 2020 it was 53.5 million. According to a report by the International Organization of Motor Vehicle Manufacturers, car sales in 2020 decreased by 13.8% compared with 2019. According to a report by the International Organization of Automobile Manufacturers (OICA), the total global commercial vehicle sales decreased from 26.69 million in 2019 to 2020. 24.37 million vehicles in the year. South Africa, China, Canada, Japan and India rank 1, 2, 3, 4, and 5 in terms of commercial vehicle sales. In 2020, a total of 11.1 million, 5.1 million, 1.2 million, 780,000 and 505,000 vehicles were sold In 2019, 12.3 million, 4.3 million, 1.44 million, 890,000 and 850,000 units were sold.
The growing demand for electric vehicles in many regions of the world is driving the growth of the automotive wiring harness market
Due to the government's pollution reduction policy, the demand for electric vehicles in some countries in the world is increasing, and even some countries are focusing on eliminating their dependence on gasoline and diesel, because several oil-producing countries have monopolized their interests and interests. Profits generate more or less crude oil, which will affect the price of crude oil and in turn affect citizens of oil-importing countries. For example, due to reduced supply and increased demand, the current prices of gasoline and diesel are higher than 100 Indian rupees and 85 Indian rupees respectively. Several states in India. The report shows that the sales of electric vehicles in 2020 will increase by 39% to 3.1 million units, and the proportion of electric vehicle sales in passenger car sales will increase to 4.5% in 2020. Automotive market growth
Wiring harness. Tesla Model 3 and Wuling Hongguang mini EV are the highest-selling electric vehicles in 2020, with a total of 365,000 and 119,000 sold.
High maintenance costs due to metal rust and the availability of alternative connectors hinder the market growth of the automotive wiring harness market
Due to supply chain disruptions, the COVID-19 pandemic has affected many industries, as many countries in the world are completely or partially blocked, cross-border restrictions and airport closures hinder world trade. As the supply chain is disrupted, people prefer health to work, so the construction industry has also been severely affected by covid-19. The company is unable to operate with proper COVID-19 regulations. It is also difficult for employees and workers to comply with social distancing regulations. Were severely affected because many workers returned home during covid-19, causing the industry to suffer huge losses. During the covid-19 pandemic, sales of passenger cars declined, which hindered the growth of the automotive wiring harness market. According to a report by the International Organization of Automobile Manufacturers (OICA), Asia-Pacific countries such as China, Japan, the United States, Germany, India, and France ranked 1, 2, 3, 4, 5, and 6 with 2017 million vehicles. , Passenger car sales in 2020 were 3.8 million, 3.4 million, 2.9 million, 2.433 million, and 1.65 million. Passenger car sales in China, the United States, Japan, India, France, and South Korea were 21.4 million. , 4.7 million vehicles and 4.3 million vehicles. In 2019, they were 2.9 million vehicles, 2.214 million vehicles and 1.497 million vehicles respectively. According to a report by the International Organization of Motor Vehicle Manufacturers, car sales in 2020 will be 13.8% lower than in 2019. In 2019, global passenger car sales were 63.7 million, and in 2020 it was 53.5 million. According to a report by the International Organization of Motor Vehicle Manufacturers, compared with 2019, car sales in 2020 have fallen by 13.8%. According to a report by the International Organization of Motor Vehicle Manufacturers, according to OICA data, global commercial vehicle sales have decreased from 26.69 million in 2019 to 24.37 million in 2020. The United States, China, Canada, Japan, and India rank 1, 2, 3, 4, and 5 respectively. Commercial vehicle sales in 2020 will be 11.1 million, 5.1 million, 1.2 million, 780,000 and 505,000, respectively, in 2019 The annual sales were 12.3 million, 4.3 million, 1.44 million, 890,000 and 850,000.
The increase in sales of electric vehicles during the 2020 pandemic is driving the growth of the automotive wiring harness market. The report shows that in 2020, the sales of electric vehicles will increase by 39% to 3.1 million units, and the proportion of electric vehicle sales in passenger car sales will increase to 4.5% in 2020. The market for automotive wiring harnesses is growing.
According to this region, the global automotive wiring harness market is segmented into North America, Europe, Asia Pacific, Middle East, Africa and South America.
The Asia-Pacific region's market share in 2020 is XX%, and it is expected to reach XX% by 2028. Due to the needs of countries such as India, China, Japan, and Japan, the Asia-Pacific region has the highest market share of all regions. South Korea’s passenger cars are increasing, and even passenger car sales in the region are increasing. According to the report of the International Organization of Automobile Manufacturers (OICA), the total sales of passenger vehicles in Asia-Pacific countries such as China, Japan, India, and South Korea are respectively 2017 million, ranking 1, 2, 5, and 8 respectively. In 2020, respectively Sales of passenger vehicles in China, Japan, India, and the South were 3.8 million, 2.433 million and 1.6 million
South Korea has 21.4 million vehicles, 4.3 million vehicles, 2.9 million vehicles and 1.497 million vehicles in 2019. According to a report by the International Organization of Automobile Manufacturers, car sales in 2020 will be 13.8% lower than in 2019. According to the report of the International Automobile Organization (OICA), the total global commercial vehicle sales decreased from 26.69 million in 2019 to 24.37 million in 2020. China, Japan, and India rank second, fourth, and fifth in global commercial vehicle sales, respectively. A total of 5.1 million, 780,000 and 505,000 units were sold in 2020, and a total of 4.3 million, 890,000 and 850,000 units were sold in 2019.
The global automotive wiring harness market is fragmented, there are major global players in the market, and there are many large companies in the market. Some of the major companies that have contributed to market growth are-Delphi Automotive Co., Ltd., Furukawa Electric Co., Ltd., Sumitomo Electric Industries Co., Ltd., Lear Corporation, THB Group, SPARK MINDA, Samvardhana Motherson Group, Nexans Automotive Electric, Yazaki Company, Yura Corporation and many others.
Mergers and acquisitions, agreements, expansions, and joint ventures have increased market competition. For example, Dhoot Transmission acquired a Bangalore company called San Electromec in February 2019. Lear Corporation acquired M&N Plastics in March 2021. Furukawa Electric Co. Ltd increased its wire harness production capacity in Vietnam in September 2020. Furukawa Electric also expanded its automotive wiring harness production center in the Philippines in May 2018.
The introduction of new innovations, new products, and new services has also intensified competition among companies, and many companies are developing innovative technologies. Partnerships and collaborations between companies also make the market more competitive. The company's divestment and investment, as well as the company's spin-off have also made the market more competitive.
View the full report: https://www.datamintelligence.com/research-report/automotive-wiring-harness-market
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