Automotive Engine Wiring Harness Market – Increasing Demand for Electric Vehicles Drives Growth| Technavio
LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global automotive engine wiring harness market to grow at a CAGR of approximately 5% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive engine wiring harness market into the following applications (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the increasing demand for EVs as a key factor contributing to the growth of the global automotive engine wiring harness market:
Increasing demand for EVs
The number of electronic components in the vehicles has been increasing because of the growing introduction of safety features such as ADAS. The number of electronic contents in EVs is higher than ICE-based vehicles due to the electrification of powertrain and advanced safety features. Engine wiring harnesses used in EVs have also evolved with time. At present, the demand is high for environment-friendly components such as hi-voltage and lightweight engine wiring harnesses as these provide improved average mileage in a single charge. The increasing demand for EVs will boost the sales of automotive engine wiring harnesses.
According to a senior analyst at Technavio for automotive electronics, “The government bodies across all major economies are trying to control emissions caused by the ICE vehicles. This is increasing the demand for EVs. Presently, the traditional ICE vehicles dominate the automotive market. But, EVs are gaining prominence with the growing emphasis on the need to comply with stringent emission and fuel efficiency regulations.”
The demand for EVs is growing because of the numerous benefits and perks provided by governments across the world. These include increased consumer awareness to curb greenhouse gas emissions, stringent carbon emission norms to reduce the average CO₂ emission by OEMs and increased collaboration of foreign and regional EV manufacturers. Most of the sales volume of the EVs arises from APAC followed by Europe and the Americas. In APAC, the majority of the EV sales arise from China, followed by Japan.
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Global automotive engine wiring harness market segmentation
In 2017, the passenger car segment accounted for around 72% share of the global automotive engine wiring harness market. This segment is expected to dominate the market throughout the forecast period.
EMEA was the leading region for the global automotive engine wiring harness market in 2017, accounting for a market share of almost 36%. The market in this region is anticipated to grow significantly during the forecast period.
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