Albany, NY -- (SBWire) -- 12/19/2018 --Global Automotive Wiring Harness Market: Snapshot
Owing to the upgrade of existing technology and the emergence of new ones, the global automotive wiring harness market is anticipated to have major growth rates in the future years. During the forecast period, it is expected to show significant growth as it is currently focused on technological up-gradation like Ethernet cables and wires insulated with heat. Apart from that, OEMs are concentrated to develop advance automotive wiring harness so that the vehicles gives optimum level performance. This will also endure proper functioning of all electronic devices that are fitted in the vehicles.
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Automotive wiring harness forms the fundamental part of any vehicle and enables the vehicle to run smoothly without any inconvenience. The automotive wiring harness comprises of connectors, Ethernet cables, cables and wires that transmits power to all electronic devices and components like wipers, ignition, and lights. The entire electrical system is dependent on the wiring harness as wires connect all the electrical operation of the automobile.
However, automotive Ethernet cables may act as a restraining factor in the growth of the market. Along with that the substitution of alternate energy vehicles in place of wireness harness may hinder the growth of the automotive wiring harness market in the future years.
Nevertheless, the major factors anticipated to drive the market for automotive wiring harness market are the utilization of new technology and the up-gradation of the existing ones. Due to the increase in demand worldwide, the global automotive wiring harness market is presumed to grow at a stable pace.
The global automotive wiring harness market is presumed to be worth US$80.5 bn within the forecast period of 2015 to 2021. The CAGR growth of the market at the aforementioned forecast period is expected to be 8.60%.
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Light Vehicles Contributing More Revenue Generation Owing to Low Maintenance Costs
Based on segmentation by vehicle type, the automotive wiring harness market is classified into heavy vehicles and light vehicles. Among these, the light vehicle type segment has been overpowering the global market. This is because light vehicles have lower maintenance as compared to the heavy ones. Also, light vehicles gives better fuel combustion. Thus, light vehicles are expected to bring about more revenue share in the future years.
On the basis of application, the market for automotive wiring harness is categorized into speed sensors wiring harness, body wiring harness, HVAC wiring harness, engine wiring harness, and chassis wiring harness. Wiring harness for vehicles run on alternate energy and is presumed to open new opportunities for the development of more advanced vehicle wiring harness and draw more revenue to the overall market share.
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Steady Growth for Global Automotive Wiring Harness Market at 8.60% CAGR Between 2015 and 2021