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Technavio, an international market research institute, recently released a report that the global wiring harness market will grow
at a compound annual growth rate of 4.
89% during 2018-2022.
According to the report, the growth of global automotive sales is a key driver that is expected to influence the growth of
the global wiring harness market.
Wiring harnesses are widely used in
a variety of connected automotive devices.
Wiring harnesses in the automotive sector enable energy transmission and communication
between all components in the vehicle.
Advancements in new technologies and optimization of cost and weight will drive the demand for
wire harnesses used in the automotive industry during the forecast period.
At the same time, Technavio also highlighted the rapid expansion of the electric vehicle industry as one of the major emerging trends driving the global wiring harness market: the global demand for electric vehicles is growing
rapidly due to growing environmental concerns and the need for more efficient technologies.
Many countries, such as the United States, Germany, China, the Netherlands and the United Kingdom, are already driving the development of
electric vehicles by providing subsidies to buyers and manufacturers.
Companies such as Tesla and BMW are launching efficient electric vehicles, which will increase the adoption rate of electric vehicles and further increase the demand
for wiring harnesses.
According to Technavio's senior analyst at Tools and Components Research, "The growing demand for electric vehicles will lead to an increase in the demand for wiring harnesses, thereby driving the
growth of the market during the forecast period.
" ”
From the perspective of application market, the automotive market dominates the global wiring harness market, accounting for nearly 45% of the market share in 2017, followed by telecommunications and medical fields
.
The telecom segment is expected to witness the largest growth
in market share during the forecast period.
From the perspective of regional market, in 2017, the global wire harness market was led by the Asia-Pacific region, with a market share of more than 48%.
This is followed by the United States and Europe, the Middle East and Africa
.
The Asia-Pacific region is expected to further increase its market share during the forecast period by 2022, while the market share of the other two regions will decrease.
Technavio, an international market research institute, recently released a report that the global wiring harness market will grow
at a compound annual growth rate of 4.
89% during 2018-2022.
According to the report, the growth of global automotive sales is a key driver that is expected to influence the growth of
the global wiring harness market.
Wiring harnesses are widely used in
a variety of connected automotive devices.
Wiring harnesses in the automotive sector enable energy transmission and communication
between all components in the vehicle.
Advancements in new technologies and optimization of cost and weight will drive the demand for
wire harnesses used in the automotive industry during the forecast period.
At the same time, Technavio also highlighted the rapid expansion of the electric vehicle industry as one of the major emerging trends driving the global wiring harness market: the global demand for electric vehicles is growing
rapidly due to growing environmental concerns and the need for more efficient technologies.
Many countries, such as the United States, Germany, China, the Netherlands and the United Kingdom, are already driving the development of
electric vehicles by providing subsidies to buyers and manufacturers.
Companies such as Tesla and BMW are launching efficient electric vehicles, which will increase the adoption rate of electric vehicles and further increase the demand
for wiring harnesses.
According to Technavio's senior analyst at Tools and Components Research, "The growing demand for electric vehicles will lead to an increase in the demand for wiring harnesses, thereby driving the
growth of the market during the forecast period.
" ”
From the perspective of application market, the automotive market dominates the global wiring harness market, accounting for nearly 45% of the market share in 2017, followed by telecommunications and medical fields
.
The telecom segment is expected to witness the largest growth
in market share during the forecast period.
From the perspective of regional market, in 2017, the global wire harness market was led by the Asia-Pacific region, with a market share of more than 48%.
This is followed by the United States and Europe, the Middle East and Africa
.
The Asia-Pacific region is expected to further increase its market share during the forecast period by 2022, while the market share of the other two regions will decrease.
