Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Automotive Wiring Harness Market (By Component: Electric Wires, Connectors, Terminals, Others; By Application: Body, Chassis, Engine, HVAC, Sensors; By Electric Vehicle: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV); By Vehicle: Light Vehicle, Heavy Vehicle) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.

LOS ANGELES, Feb. 20, 2019 (GLOBE NEWSWIRE) -- The global Automotive wiring harness market size is projected to reach around USD 78.3 billion by 2026 and the market is projected to grow with 6.1% CAGR during the forecast timeframe 2018-2026.

Rising combination of electronic gadgets in vehicles has emphatically influenced the need for car wiring tackles. Implanting wiring tackle in a vehicle gives various advantages, for example, a low likelihood of electrical lack, enhanced eco-friendliness, and upgraded execution. In addition, utilizing innovatively propelled frameworks, for example, infotainment frameworks and propelled driver help frameworks in vehicles is relied upon to drive requests over the forecast period.

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Expanding acceptance of electric vehicles (EVs) in creating areas is likewise foreseen to drive the automotive wiring harness market as the quantity of electronic segments utilized in EVs is altogether higher than that in customary autos. Expanding tax cuts and motivations by governments over the globe is likewise impelling demand for EVs, thus driving the offers of wiring saddles.

Need for automotive wiring harnesses is straightforwardly relative to increment in vehicle production. Accordingly, expanding dimensions of disposable income crosswise over created economies, especially rising economies, for example, India, Brazil, and China, are driving the automotive manufacturing industry, which, thusly, is relied upon to trigger the development of the wiring bridle industry.

The global automotive wiring harness market is segmented into component, application, electric vehicle, vehicle and region. On the basis of component, the global automotive wiring harness market is segmented electric wires, connectors, terminals, and others. On the basis of application, the global automotive wiring harness market is segmented into body, chassis, engine, HVAC, and sensors. On the basis of electric vehicle, the global automotive wiring harness market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). On the basis of vehicle, the global automotive wiring harness market is segmented into light vehicle and heavy vehicle. On the basis of region the global automotive wiring harness market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.

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The light vehicle portion represented the biggest market share of the overall industry in 2018 and is foreseen to show the most astounding CAGR amid the forthcoming years. Light vehicles are financially savvy and are significantly utilized for transportation of merchandise and travellers. The substantial vehicle fragment is additionally expected to develop at a significant rate from 2018 to 2015. This development is credited to expanding government demand in broad daylight transportation, combined with rising development and assembling offices in developing markets.

Asia Pacific represented over 42.0% of the general market in 2018. This can be licensed to growing road infrastructure activities, combined with developing automotive manufacturing, particularly in creating economies, for example, China and India. Besides, rising interest in upgraded wellbeing and accommodation included in mid-portion vehicles and low work cost are in charge of expanding deals.

The Europe market is anticipated to display a CAGR surpassing 6.4% over the forthcoming years. Developing car generation, advancement as far as drive advances, and multiplying selection of electric vehicles are foreseen to drive request in Europe.

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Asia Pacific is anticipated to observe profitable development forthcoming due to helpful government initiatives and an improving automobile sector. Furthermore, economic growths in countries, for instance, China and India, are anticipated to drive the market development. Enormous population bases with growing disposable income in the region captures to high need for automotive wiring harness market.

International trades are looking forward to capitalising in the developing countries of Asia Pacific. Consequently, many integration partnerships and planned associations are taking place with trades in this region. All these factors are anticipated to spur the automotive wiring harness market development.

The key players catering to the global automotive wiring harness market are Furukawa Electric Co., Ltd., Aptiv PLC, Lear Corporation, Sumitomo Electric Industries, Ltd., Leoni AG, and Yazaki Corporation.

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