Automotive Harness Industry Expected Growth 2019-2027
The global automotive wiring harness market accounted to US$47.08bn. in 2018 and is expected to grow at a CAGR of 4.27% during the forecast period 2019 – 2027, to account to US$68.18bn. by 2027.
It is believed that there are more than a billion cars on the road worldwide and as people are keen to keep cars for a longer time, expenditures on the aesthetics and design of vehicles are expected to be more than ever before.
In the past, automotive wire harnesses was the most overlooked suspension components in cars. However, the importance for fuel efficiencies whilst driving and surging demands for smoother rides have translated into an increase in wire harness products in cars.
Currently, the automotive wire harness market is experiencing a steady growth attributed to numerous factors. The most significant being more disposable income for consumers which has increased the number of cars on the roads; poor condition of roads in the developing and the underdeveloped economies and the parallel advancements made in the consumer products industry.
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