According to a recent report published by Allied Market Research, titled, โAutomotive Wiring Harness Marketย by Material, Propulsion, Vehicle Type, Voltage, and Application: Global Opportunity Analysis and Industry Forecast, 2021โ2030,โ the global automotive wiring harness market was valued at $47,618.0 million in 2020, and is projected to reach $73,713.8 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ –https://www.alliedmarketresearch.com/request-sample/643
Electric vehicles operate on electric power, while reducing maintenance costs, and carbon emissions. Various countries across the world promote the use of electric vehicles to reduce the adoption of traditional gasoline fuel based vehicles and decrease their carbon footprint. Electric vehicles are integrated with high voltage wiring harnesses. The growth in demand for electric vehicles is expected to accelerate the demand for high voltage wiring harnesses to handle complex electric vehicle systems.
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โ๏ธThe impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing delay in manufacturing of vehicles. Several automobile manufacturers faced shortage of components related to wiring harnesses that further resulted in delay in production of vehicles. For instance, in 2020, in South Korea, Hyundai suspended operations at Ulsan complex due to lack of parts.
โ๏ธThe COVID-19 pandemic and associated lockdowns resulted in a significant drop in global car sales. However, there was a rise experienced in the sale of electric vehicles. Europe experienced growth in sale of electric vehicles owing to increased purchase incentives in Germany, continued declines in battery costs, and technology transition initiated by fleet operators in order to meet the emissions standards set for 2020.
โ๏ธWith the uplifting of lockdown restrictions, increased demand for vehicles is expected to be observed, which is anticipated to further aid in the growth of automotive wiring harness market. Moreover, various initiatives have been undertaken by different governments across the world to promote adoption of electric vehicles.
Based on material, the automotive wiring harness market is segregated into copper, aluminum, and others. In 2020, copper dominated the global market. The high demand for copper based wiring harness is driven by electrification of vehicles and rise in demand for larger vehicles, such as SUVs, and full-sized vans. Copper based wiring harnesses have experienced significant growth from developing countries such as China, South Asia, and South America.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ –https://www.alliedmarketresearch.com/automotive-wiring-harness-market/purchase-options
The significant factors that impact the growth of theย automotive wiring harness market include increased adoption of electric vehicles, development of vehicles with advanced safety features, and technological advancements. Moreover, high maintenance cost is expected to hinder the market growth. Development of autonomous vehicles and proactive government regulations are expected to offer growth opportunities during the forecast period.
๐๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐ฐ๐ข๐ซ๐ข๐ง๐ ๐ก๐๐ซ๐ง๐๐ฌ๐ฌ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐ Aptiv PLC, FujiKura Ltd., Furukawa Electric Co., Ltd., Lear Corporation, Leoni AG, Nexans Autoelectric Gmbh, Samvardhana Motherson Group, Sumitomo Electric Industries, Ltd., Yazaki Corporation and Yura Corporation.
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โฆ๏ธBy material, the aluminum segment is anticipated to exhibit significant growth in the near future.
โฆ๏ธBy propulsion, the electric vehicles segment is anticipated to exhibit significant growth in the near future.
โฆ๏ธBy vehicle type, the two wheeler segment is anticipated to exhibit significant growth in the near future.
โฆ๏ธBy voltage, the high voltage automotive wiring harness segment is anticipated to exhibit significant growth in the near future.
โฆ๏ธBy application, the dashboard and cabin segment is anticipated to exhibit significant growth in the near future.
โฆ๏ธBy region, LAMEA is anticipated to register the highest CAGR during the forecast period.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ – https://www.alliedmarketresearch.com/purchase-enquiry/643
Asia-Pacific is expected to dominate the automotive wiring harness market due to growth in demand for premium cars, increased disposable income in countries such as India & China, as well as rise in adoption of electric vehicles in the region. The surge in adoption of electric vehicles is supported by government initiatives to offer benefits on purchase of electric vehicles. Moreover, integration of advanced features in vehicles requires wiring harness, which is expected to act as growth driver for the market.
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