The automotive wiring harness market accounted for USD 3.358 billion in 2020 and is expected to reach USD 4.372 billion by 2026, with a compound annual growth rate of over 4.19% during the forecast period.

New York, November 3, 2021 (GLOBE NEWSWIRE) - Reportlinker.com announced the release of the report "Automotive Wire Harness Market-Growth, Trends, COVID-19 Impact and Forecast (2021-2026)"-https:/ /www.reportlinker .com/p06179110/?utm_source=GNW The outbreak of COVID-19 has had a rapid and serious impact on the globally integrated automotive industry. The suspension of production by many OEMs has indirectly affected the automotive wiring harness market. However, as some countries gradually lift the blockade, the demand for cars has increased slightly, which is expected to drive the market forward in the next few years. However, after the epidemic, due to global consumers' preference for personal travel, increasing demand for self-driving cars, and safety, the future market prospects are certainly promising. As the COVID-19 pandemic affects the global transportation economy, more automated vehicles will be introduced to overcome the economic slowdown and stabilize revenue. This opens up huge potential for income generation and job creation in this market. The increasing emphasis on safety solutions, the growing demand and use of hybrid and electric vehicles, and the increase in the electrification of vehicles are some of the main driving factors for market growth. However, challenges such as reliability and durability may limit market growth. With the increasing number of accidents caused by automation failures, both customers and governments are showing more and more interest in advanced safety features and are working hard to enhance the safety systems of their vehicles, which is expected to promote the development of the wiring harness market. Major market trends increase electric vehicles to drive the market. In 2020, global plug-in electric vehicle sales increased by 39% year-on-year to 3.1 million units. In 2020, 1.3 million electric vehicles were sold in China and Europe, four times the sales volume in the United States. In the United States, electric vehicle sales account for only 2.4% of all new vehicle sales. By the end of 2026, the annual sales of pure electric passenger vehicles are expected to exceed 7 million. By the end of 2026, it is estimated that it will contribute about 15% of total car sales. In recent years, the electric vehicle market has shown a significant growth rate. In 2020, the sales of electric vehicles in several European countries will grow by double digits. In 2020, the European region accounted for approximately 43% of global electric vehicle sales, up from 26% in 2019. The surge in sales is mainly due to the increase in regulatory standards, various organizations and governments in order to limit emissions and promote zero-emission vehicles. The increase in the number of electric vehicles is still mainly driven by the policy environment. China, the United States, Norway, Germany, Japan, the United Kingdom, France, Sweden, Canada, and the Netherlands and other countries with the top ten electric vehicle penetration rates have all introduced a series of policies to promote the popularization of electric vehicles. As more and more electric vehicles hit the road, the wiring harness market is also expected to grow, because wiring harnesses are used more in electric vehicles than traditional fossil fuel vehicles. The Asia-Pacific region will dominate the market. The Asia-Pacific region is expected to occupy the majority share in the automotive wiring harness market. The increase in disposable income and the growth of GDP in the Asia-Pacific region are driving the market. For many years, China has been the world's largest automobile manufacturer. China accounts for more than 30% of global automobile production. This capability exceeds the combined of the European Union, the United States and Japan. China is also the world's largest producer and seller of electric vehicles. Due to the increase in the electrification of traditional vehicles and the increase in the adoption rate of electric vehicles, China's automotive wiring harness market is expected to grow significantly during the forecast period. Growing government regulations have increased the adoption rate of electric vehicles, and the strong expansion of OEMs and suppliers in the region to meet the growing demand of the Chinese automotive industry is expected to create positive prospects for market growth. Other important countries in the region are India and South Korea. India is a lucrative market for manufacturing companies in the automotive wiring harness market because the government allows 100% foreign equity investment in the automotive industry. In addition, the number of new car registrations in India each year is increasing, which provides a positive growth environment for automotive wiring harness manufacturing companies. The South Korean government has set high goals for its electric vehicle industry over the next ten years, and the country is investing heavily in cars and the infrastructure needed to support them. The ever-expanding automotive industry, as well as the increase in the level of automotive electrification, is expected to expand the wiring harness market. Some of the major players in the competitive landscape that dominate the market are Furukawa Electric, BorgWarner Corporation, Motherson Group, Leoni AG, and Lear Corporation. Market concentration can be regarded as a medium level of competition. Different wiring harness manufacturers have outstanding performance in different vehicle control systems. The Leoni AG group specializes in providing wires, wiring systems and optical fibers for the automotive market. Leoni only generates about 45% of sales in the EMEA region. In order to gain considerable advantages over other participants in the market, many companies are establishing partnerships to introduce the latest features into their products. For example, in October 2020, Hunan Tianhai Electric Co., Ltd., a subsidiary of Tianhai Group, announced that it has successfully reached a new agreement with BAIC to produce wiring harnesses for BAIC's C53 and C62 series models. The order amount is 57.8 million yuan. Other benefits:-Market Estimate (ME) table in Excel format-3 months of analyst support to read the full report: https://www.reportlinker.com/p06179110/?utm_source=GNW About Reportlinker ReportLinker is an award-winning Market research solutions. Reportlinker finds and organizes the latest industry data so you can get all the market research you need-in one place instantly. __________________________

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