Wire harnesses are assembly of electric cables used for transmission of electric signals and electric power in a vehicle. Wire harness are commonly used in vehicles for body wiring, chassis wiring, engine wiring, and HVAC wiring.
A major factor driving growth of the global vehicle wiring harness market is rapidly growing automotive sector. In addition, increasing adoption of high-end electronics in vehicles and increasing demand of wire harness in electric vehicles are other major factors driving growth of the global vehicle wiring harness market. Vehicle wiring harnesses provides optimum utilization of space and delivers reliable & secure connection between various systems. These are another factors expected to propel growth of the global vehicle wiring harness market over the forecast period.
However, high maintenance cost and high raw material prices are major factors hampering growth of the global vehicle wiring harness market. In addition, development of recyclable and high voltage capacity wiring harness systems can create potential business opportunities for key players in the global vehicle wiring harness market.
The global vehicle wiring harness market is segmented on the basis of vehicle type, application, and region. On the basis of region, the global vehicle wiring harness market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Asia Pacific is expected to witness significant growth in terms of revenue and is expected to register a CAGR of X.X% during the forecast period. This growth can be attributed to rising automotive demand in this region. The market in Europe is expected to witness fastest growth rate over the forecast period, owing to rising vehicle manufacturing capacity and authorizing of a new vehicle assembly plant in countries in the region.
Prominent players in the global vehicles wiring harness market include Delphi Automotive LLP, Furukawa Electric Co. Ltd., Sumitomo Electric Industries, Ltd., Lear Corporation, Henan Thb Electric Co., Ltd., Spark Minda Ashok Minda Group, Nexans autoelectric GmbH, Yazaki Corporation, Yura Corporation, and Fujikura Ltd.