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The Asia-Pacific (APAC) Automotive Wiring Harness Market size is estimated to grow at a CAGR of 4.88% between 2022 and 2027. The market size is forecast to increase by USD 6.59 billion. The growth of the market depends on several factors such as the increasing penetration of automotive electronics, the increasing demand for battery electric vehicles (BEVs), and the increasing use of advanced materials for wire harnesses.
This APAC automotive wiring harness market report extensively covers market segmentation by vehicle type (passenger vehicles and commercial vehicles), application (chassis, engine, HVAC, sensors, and body), geography (China, Japan, South Korea, India, and the Rest of APAC). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the APAC automotive wiring harness market growth is the increasing penetration of automotive electronics. The main factor that is significantly fuelling the APAC - automotive wiring harness market is the increasing penetration of electronics in automobile development and manufacturing. There has been an increase in the use of electronic components and software in automobiles which is contributing to the market growth.
Moreover, the advancement in technology and developments in the automotive industry has made automotive electronics become an integral part of automobiles. The increasing focus on fuel efficiency, the reduction of vehicular emissions, and the increasing demand for advanced safety systems are positively impacting the Asia-Pacific automotive wiring harness market. Hence, such factors are expected to drive market growth during the forecast period.
A key factor shaping the APAC automotive wiring harness market growth is the advances in autonomous vehicles. There has been an increase in R&D in autonomous vehicles over the past few years. Thus, such R&D activities and developments are significantly contributing to the Asia-Pacific automotive wiring harness market growth. In addition, there is an increasing demand for advanced wiring harnesses due to the advanced connectivity and electronic systems in autonomous vehicles.
Moreover, there has been a significant development in terms of prototype development and testing in the global autonomous vehicle industry. Several automotive OEMs, tier-1 suppliers, and shared mobility service providers are heavily testing the vehicles with autonomous technologies. Therefore the rising investments to develop autonomous technologies are expected to drive the market growth during the forecast period.
Declining sales of automobiles are one of the key challenges hindering the APAC automotive wiring harness market growth. In 2020, there has been a major setback in the automotive market in APAC in terms of volume. Therefore, the decline in automobile sales will negatively affect the market. Some of the key factors that resulted in the decline in sales of automobiles include trade tensions between the US and China, liquidity tightness, higher insurance and tax rates, political instability, and currency fluctuations in China and India.
Moreover, other factors that significantly impact the market in the region include inflation, supply chain bottlenecks, COVID-19 cases in some countries, and a significant shortage of semiconductor chips. Furthermore, the price-conservative nature of the population and the increasing popularity of car-sharing have also contributed to the decline in the volume of car sales. Hence, such factors are negatively impacting the APAC - automotive wiring harness market. Therefore, it is expected to hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
APAC Automotive Wiring Harness Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of advanced automotive systems across passenger vehicles (PVs) especially in engines, chassis, brakes, transmission, steering, and other systems. As a result, there is a rising requirement for wiring for such systems in order to transfer data and signals from the sensors to the control unit. Thus, the increasing adoption of electronic components in passenger vehicles will significantly contribute to the market growth.
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The passenger vehicles segment was the largest segment and was valued at USD 16.49 billion in 2017. Some of the key classifications of the passenger vehicle segment include entry-segment, mid-segment, and premium or luxury-segment vehicles. The amount of wiring harnesses used varies from segment to segment due to the difference in the requirement of electric components and systems in various segments of vehicles. For instance, there is a high requirement for high volumes of wires, terminals, connectors, and harness assemblies in mid-segment and luxury-segment vehicles due to the use of advanced powertrain, safety, comfort, and convenience systems in these vehicles. Hence, such factors are fuelling the growth of this segment which, in turn, will drive the market growth during the forecast period.
The APAC automotive wiring harness market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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APAC Automotive Wiring Harness Market Scope |
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Report Coverage |
Details |
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Page number |
154 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
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Market growth 2023-2027 |
USD 6.59 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.0 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aptiv Plc, Coroplast Fritz Muller GmbH and Co. KG, DENSO Corp., Fujikura Co. Ltd., Furukawa Electric Co. Ltd., Lear Corp., Leoni AG, Minda Corp. Ltd., Nexans SA, Robert Bosch GmbH, Samvardhana Motherson International Ltd., Schaeffler AG, Sumitomo Electric Industries Ltd., Tianhai Auto Electronics Group Co. Ltd., Yazaki Corp., and YURA Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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