According to the latest report by IMARC Group “Automotive Wiring Harness Market: 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 represents an electrical assembly of various vehicle components, such as connectors, wires, terminals, etc., that are utilized to transmit data and power to a single system. Some of the transmitted information includes the operation and performance of the automobile, along with sending and receiving sensor signals. An automotive wiring harness ensures reliable transmission of energy even while being subjected to high temperatures, noise, vibrations, moisture, etc. Consequently, it finds wide-ranging applications in the wiring of engines, sensors, chassis, heating, ventilation and air conditioning (HVAC) systems, etc.
The growing adoption of electric vehicles (EVs), on account of the elevating environmental consciousness, is primarily driving the automotive wiring harness market. In addition to this, the inflating demand for numerous product variants, including aluminum harnesses that aid in reducing vehicular weight, improving fuel economy, minimizing carbon emissions, etc., is further catalyzing the market growth. Moreover, the shifting consumer preferences from conventional wiring systems towards automotive wiring harnesses, owing to their highly secure and reliable connections, are acting as significant growth-inducing factors. Besides this, the rising investments in R&D activities aimed at developing cost-effective optical fibers are also augmenting the global market. Furthermore, the increasing integration of automobiles with Advanced Driver Assistance Systems (ADAS) for securing safety sensors, such as automated control systems and blind-spot detection in several models, is anticipated to fuel the automotive wiring harness market over the forecasted period.
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