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According to a research report released by Technavio, an international market research institution, the global automotive secondary wiring market demand is expected to increase by $8.
02 billion from 2021 to 2026, with a compound annual growth rate of 13.
18%
during the period.
The growing demand for battery electric vehicles is significantly driving the growth
of the automotive secondary wiring market.
The rise in sales of electric vehicles, which use all-electric powertrain systems and components, is estimated to drive the growth of the market during the forecast period
.
Improvements in technology and charging infrastructure for these vehicles along with improved socio-economic conditions are driving sales of electric vehicles and stimulating the growth of
automotive secondary wiring worldwide.
However, the implementation of strict regulatory norms and standards for automotive cabling is a major challenge
for the growth of the automotive secondary cabling market.
Regulatory norms are used to manage safe vehicle emissions, which poses a challenge
for manufacturers of secondary wiring harnesses.
As an integral part of the vehicle, automotive wiring harnesses transmit electrical signals and data
.
Regulations and strict policies
are implemented to achieve quality standards for wire harness manufacturers to achieve automotive safety.
As a result, regulatory norms are expected to become stricter during the forecast period, which will create difficulties
for automotive secondary wiring market vendors.
58% of the market growth will come from Asia Pacific
during the forecast period.
China, Japan, and South Korea are the major regional markets
for the automotive secondary cabling market in the Asia-Pacific region.
The growth in automotive production and sales will boost the growth of the automotive secondary wiring market in Asia Pacific during the forecast period
.
The market in this region will grow faster than other regions
.
According to a research report released by Technavio, an international market research institution, the global automotive secondary wiring market demand is expected to increase by $8.
02 billion from 2021 to 2026, with a compound annual growth rate of 13.
18%
during the period.
The growing demand for battery electric vehicles is significantly driving the growth
of the automotive secondary wiring market.
The rise in sales of electric vehicles, which use all-electric powertrain systems and components, is estimated to drive the growth of the market during the forecast period
.
Improvements in technology and charging infrastructure for these vehicles along with improved socio-economic conditions are driving sales of electric vehicles and stimulating the growth of
automotive secondary wiring worldwide.
However, the implementation of strict regulatory norms and standards for automotive cabling is a major challenge
for the growth of the automotive secondary cabling market.
Regulatory norms are used to manage safe vehicle emissions, which poses a challenge
for manufacturers of secondary wiring harnesses.
As an integral part of the vehicle, automotive wiring harnesses transmit electrical signals and data
.
Regulations and strict policies
are implemented to achieve quality standards for wire harness manufacturers to achieve automotive safety.
As a result, regulatory norms are expected to become stricter during the forecast period, which will create difficulties
for automotive secondary wiring market vendors.
58% of the market growth will come from Asia Pacific
during the forecast period.
China, Japan, and South Korea are the major regional markets
for the automotive secondary cabling market in the Asia-Pacific region.
The growth in automotive production and sales will boost the growth of the automotive secondary wiring market in Asia Pacific during the forecast period
.
The market in this region will grow faster than other regions
.
