Latest News- Automotive Wiring Harness Market: Passenger vehicles is expected to lead the Vehicle Type segment during 2024-2028

The Automotive Wiring Harness Market is being driven by Increasing penetration of automotive electronics

The Automotive Wiring Harness Market is expected to grow at a CAGR of 4.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 13.15 billion. The global automotive wiring harness market is poised for significant growth due to the increasing development and commercialization of autonomous vehicles. With the surge in research and development activities related to self-driving technology over the past five years, the viability of autonomous vehicles for commercial use is becoming imminent. Advanced connectivity and electronic systems in autonomous vehicles necessitate the use of sophisticated wiring harnesses. Major automakers, such as General Motors, are investing heavily in autonomous vehicle technology, with GM's recent USD300 million investment in Chinese self-driving car startup Momenta. Similarly, Continental and Horizon Robotics have established a joint venture in China to accelerate the commercialization of automotive AI technology and autonomous vehicles. These strategic moves underscore the market potential for advanced wiring harnesses in the burgeoning autonomous vehicle sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger vehicles
  • Commercial vehicles
• Application
  • Chassis
  • Engine
  • HVAC
  • Sensors
  • Body
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing penetration of automotive electronics
• Increasing use of advanced materials for wire harnesses
• Increasing use of wire harnesses in EV sector

However, the market also witnesses some limitations, which are as follows:

• Declining sales of automobiles
• Short lifecycle of wire harnesses
• Stringent regulatory norms and standards for automotive wiring

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Market Scope in Automotive Wiring Harness Market Research Report

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Research Analysis Overview

The Automotive Wiring Harness Market encompasses various advanced technologies such as Blind-Spot Detection (BSD), 360-degree cameras, and proximity sensors, which are integral components of modern vehicles. These sensors transmit critical signal data to electronic devices, enhancing vehicle safety and performance. HVAC systems, speed sensors, and other electrical devices also rely on this intricate network. Safety solutions like BSD and 360-degree cameras facilitate vehicle-to-vehicle communication and autonomous/semi-autonomous vehicle functionality. Smart battery systems and low-latency communication devices further optimize vehicle efficiency and connectivity. Vehicle manufacturers continuously innovate to integrate these technologies into their offerings, ensuring superior vehicle performance and enhanced user experience.

Market Research Overview

The Automotive Wiring Harness Market is a significant segment of the global Automotive Parts and Equipment Market, encompassing companies that manufacture electrical wiring harnesses for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. This market's size is determined by the combined revenue generated by manufacturers of automotive components and equipment. Key technological advancements in automotive electronics, such as Blind-Spot Detection (BSD) systems, 360-degree cameras, Proximity sensors, and Motor Management Harnesses, are driving market growth. These innovations rely on sensor signals, electrical devices, and HVAC systems, all of which are integrated into the automotive wiring harness. The increasing sales of electric vehicles and the growing demand for motor management harnesses and other electrical components in PCs are significantly contributing to the market's expansion. Companies like TE Connectivity, Yazaki Corporation, and Guchen Electronic are key players in this market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/