Albany, NY, June 10, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Automotive Wiring Harness Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021" the market was valued at USD 45.40 billion in 2014, which is expected to reach USD 80.50 billion by 2021, growing at a CAGR of 8.6% from 2015 to 2021.
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Increasing GDP and technological upgradation are the major factors responsible for the rise in demand for automotive wiring harness market globally. Based on the types of vehicle, automotive wiring harness market is segmented into light vehicles and heavy vehicles. Further, by application, the automotive wiring harness market has been sub-divided into chassis wiring harness, HVAC wiring harness, engine wiring harness body wiring harness and speed sensors wiring harness.
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Light vehicles dominated the market share of the automotive wiring harness market followed by heavy vehicles. Due to low maintenance and better fuel combustion, the light vehicles are expected to increase during the forecast period. Moreover, the light vehicles segment includes passenger cars, LCV and LUV. Increase in GDP and high consumption expenditure in Asia Pacific is driving the automotive market. This results in increased demand for automotive wiring harness as modern vehicles require safety features and advanced electronic devices which increases the demand for wires and cables used in vehicles. India is the prime market for light vehicles in Asia Pacific followed by China. In addition, government norms and regulations implemented for vehicle safety are expected to increase demand for the automotive wiring harness as the safety regulations will increase installation of safety devices in vehicles which requires usage of body wiring harness.
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In 2014, Europe led the automotive wiring harness market. The presence of automobile manufacturers such as Mercedes Benz, BMW, and Audi among others in Europe is driving the market in this region as it creates an exponential demand for premium passenger cars. These premium passenger cars are fitted with modern electronic devices for safety and navigation which drive the market for automotive wiring harness. However, Asia Pacific is the most attractive market for automotive wiring harness due to installation of safety and navigation devices in vehicles which requires body wiring harness and speed sensors wiring harness. Moreover, implementation of government regulations for vehicle safety is also driving the growth of the automotive wiring harness market in this region as car safety instruments requires speed sensors wiring harness.
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THB Group, Minda Automotive Solution, Nexans Autoelectric, Leoni Ag, Delphi Automotive LLP, Samvardhana Motherson Group, Sumitomo Electric Industries, Yazaki Corporation, Furukawa Electric Co. Ltd and Lear Corporation are among some of the key players in the automotive wiring harness market.
The Market has been Segmented as follows:
Global Automotive Wiring Harness Market: By geography
- North America
- Asia Pacific
- Rest of the World
The Report provides a cross-sectional analysis of all the below segments with respect to the above mentioned regions.
Global Automotive Wiring Harness Market: By Vehicle Type
- Light Vehicles
- Heavy Vehicles
Global Automotive Wiring Harness Market: By Application
- Chassis Wiring Harness
- HVAC Wiring Harness
- Engine Wiring Harness
- Body Wiring Harness
- Speed Sensors Wiring Harness
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research