London, April 28, 2015 (GLOBE NEWSWIRE) -- Future Market Insights, in its latest report titled,"Global Automotive Wiring Harness Market Analysis and Opportunities Assessment, 2014-2020", states that the global automotive wiring harness market accounted for US$ 42.1 Bn in 2014 and is expected to reach US$ 70.4 Bn, growing at a CAGR of 8.9% through 2020. Western Europe, a key region in the global automotive wiring harness market, is expected to grow at an estimated CAGR of 8.3% during the forecast period.
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By vehicle type, the global automotive wiring harness market is segmented into a passenger vehicle, commercial vehicle, electric vehicle, and a hybrid vehicle. The combined global market for passenger and commercial wiring harness market is expected to reach US$ 58 Bn by 2020. Wiring harness cost is relatively higher in commercial vehicles, and according to FMI's analysis, this segment will register a CAGR of 8.5% during the forecasted period.
By application, the global automotive wiring harness market is segmented into the chassis, heat, ventilation and air conditioning (HVAC), and sensors. Chassis and HVAC application segment collectively contributed around 88.9% of market revenue in 2014. The chassis was the largest application in the global automotive wiring harness market in 2014 and is anticipated to continue its dominance through 2020. HVAC is the second largest application segment of the global automotive wiring harness market and is expected to register the fastest CAGR of 11.7% during the forecast period.
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Incorporating electronic functions in automotive impacts the cabin space and weight, and wiring harness is a feasible way of countering this. Considering the compliance to environmental safety guidelines, internal combustion engine (ICE) downsizing is the most efficient way to reduce fuel emission and meet future environmental standards. This is another factor that has provided an impetus to the global automotive harness market.
The key challenges in the automotive wiring harness market are the increasing cost of raw materials and price manipulation by key market players. Utilisation of automotive ethernet represents a new trend in the internal and external connectivity of a vehicle. Automotive ethernet reduces the usage of complex wiring harness designs to a great extent, and this factor can pose a challenge to the global automotive wiring harness market.
The motorization trend has considerably enhanced the economy of Asia Pacific countries, particularly in China, hence resulting in strong growth for the automotive industry with increasing demand of automotive wiring harnesses. Rise in fuel prices, stringent regulations, and consumer awareness concerning carbon emissions have also resulted in many initiatives by automakers, such as internal combustion engine downsizing.
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Region-wise, Western Europe is the largest contributor in the global market and is expected to continue its dominance till 2020. Currently, the Western Europe wiring harness market is valued at US$ 10.2 Bn and is expected to reach US$ 16.4 Bn by 2020. North America and APAC are other major markets and have a share of 19.6% and 20.5% respectively in terms of global automotive wiring harness market revenue. Middle East & Africa (MEA) had the lowest revenue share in 2014, but it is anticipated that it will expand at a CAGR of 9.8% over the forecast period.
Major market participants in global wiring harness market include Yazaki Corporation, Sumitomo Electric Industries, Denso Corporation, LEONI, Delphi Automotive, Fujikura Ltd., Furukawa Electric Co. Ltd, Lear Corporation, Aisin Seiki Co., Ltd., and Samvardhana Motherson Group.
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Source: Future Market Insights