Global Vehicle Wiring Harness Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Vehicle Wiring Harness Market Overview

"The Vehicle Wiring Harness Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Wire harnesses are an assembly of electric cables used for the 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 the growth of the global vehicle wiring harness market is the rapidly growing automotive sector. In addition, the increasing adoption of high-end electronics in vehicles and the increasing demand for wire harnesses in electric vehicles are other major factors driving the growth of the global vehicle wiring harness market. Vehicle wiring harnesses provide optimum utilization of space and delivers reliable & secure connection between various systems. These are other factors expected to propel the growth of the global vehicle wiring harness market over the forecast period.

However, high maintenance costs and high raw material prices are major factors hampering the growth of the global vehicle wiring harness market. In addition, the 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.

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 the fastest growth rate over the forecast period, owing to rising vehicle manufacturing capacity and authorizing of new vehicle assembly plants in countries in the region.

Global Vehicle Wiring Harness Market Segmentation:

Global vehicle wiring harness market segmentation by vehicle type:

• Two-wheelers
• Passenger cars
• Commercial vehicles

Global vehicle wiring harness market segmentation by application:

• Body wiring harness
• Engine wiring harness
• Chassis wiring harness
• Heating, Ventilation, and Air Conditioning (HVAC) wiring harness
• Sensors wiring harness

Global vehicle wiring harness market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa