Pune, March 7, 2017 - The global market size in terms of value is estimated to be USD 42.70 bn in 2016 which is projected to grow to USD 61.30 bn by 2021 at a CAGR of 7.5 per cent.

The major factors behind the growth of the Automotive Wiring Harness Market are the increasing installations of advanced driver assistance systems, stringent automotive safety norms introduced by the government and rising preference of automotive electricals among end-users.

The Automotive Wiring Harness Market across globe is dominated by the chassis wiring harness in application type, followed by body harness and speed sensors harness. In terms of growth rate, the market for speed sensors harness is expected to show highest CAGR in the next five years. This can be attributed to the increasing installations of driver assistance systems in new vehicle models launched every year, the type of electronics present in the vehicles, and the increasing mandates of automotive safety.

Growing complexity in the vehicle electronics, coupled with increasingly stringent emission norms has been propelling the growth of the passenger car segment of the global Automotive Wiring Harness Market during the forecast period.

The demand for technologically advanced cars has also witnessed a boost recently in Asia-Pacific region with the convergence of the ICT sector, the automotive sector, and the transportation sector resulting in the emergence of the advanced vehicle ecosystem. Upcoming safety regulations would increase installation of automotive safety technologies in passenger cars. Also, increase in penetration rate of high end electronics features in passenger cars and growing demand for light and heavy vehicles in Asia-Pacific countries are driving this market. The emergence of advanced driving assistance technologies has given a new factor to OEMs to remain relevant in a highly competitive market. Thus it is evident that from the increasing use of technologically advanced cars, it is evident that the need for wiring harness in cars will also increase in the Asia-Pacific market.

Asia-Pacific and North America are key markets with a number of automotive wiring harness manufacturers, such as Sumitomo Electric Industries, Ltd. (Japan), Lear Corporation (U.S.A.), Delphi Automotive Plc (U.K), Yazaki Corporation (Japan), Leoni AG (Germany).