Asia Pacific Turning into a Lucrative Market for Automotive Wiring Harnesses due to Demand for Light Vehicles
Automotive wiring harnesses are a complete assembly of cables used as a smart communication network in every modern car. Automotive wiring harnesses can be compared to the veins and arteries in our body. Used in interconnecting the several electronic components in a car, this cable assembly helps transmit power to various modules in automobiles.
The innovations in automotive technology over the years have led to the development of vehicles with many advanced features. Automotive wiring harnesses are one of those effective technologies that are efficient, lightweight, and durable, and cater to the emerging demands from the global automotive industry.
The market for automotive wiring harnesses is expected to rise rapidly and reach an estimated value of US$80.50 billion by the end of 2021. The market was valued at US$45.40 billion in 2014; however, due to the rise of the automotive industry, the automotive wiring harness market is estimated to grow at a robust CAGR of 8.6% from 2015 to 2021.
Browse Market Research Report of Automotive Wiring Harness:
There is a constant need for automotive wiring harnesses to evolve and meet the future requirements of the automotive industry. This is helped by numerous trends and growth factors acting on this market.
Need for Automotive Wiring Harnesses Rises with Changing Demands from Automotive Industry
In the past few years, the automotive industry has enjoyed a period of strong growth and profitability. The strong growth in the automotive sector has provided an impetus to the global automotive wiring harness market.
Demand for Automotive Wiring Harnesses Soars in Asia Pacific
Growing demand for automobiles from countries in Asia Pacific is the main reason for the substantial growth of the global automotive wiring harness market. Improving infrastructure in Asia Pacific has increased the demand for heavy vehicles, which require advanced automobile wires and cable assemblies along with heat insulation features. All these factors are responsible for the increase in demand for automobile wiring harnesses from Asia Pacific.
Emerging countries in Asia Pacific such as China and India manufacture a large number of light vehicles and heavy vehicles. The demand for light passenger cars is high in this region owing to their better fuel combustion and low maintenance. India is the prime market for light vehicles, followed by China. Thus, Asia Pacific is the most attractive regional segment of the global automotive wiring harness market across the globe.
Browse Press Release of Automotive Wiring Harness Market:
Motorists Seek Advanced Features
Today, the amount of electronics in cars is rapidly increasing. Consumer demand more advanced features in cars, such as parking sensors, Bluetooth, navigation, GPS systems, and zero-emission engines in order to reduce CO2 emission levels has grown widely across major regions. As a result, automobile manufacturers are continuously developing new systems, innovating advanced technological assemblies, and increasing the safety of the car through stabilization programs and adaptive cruise control systems.