The automotive wiring harness market size was valued at USD 48.42 billion in 2017, expanding at a CAGR of 6.2%. Increasing integration of electronic devices into vehicles in order to provide enhanced safety features has positively influenced market growth. Employing these systems in a vehicle offers numerous benefits such as improved fuel efficiency, enhanced performance, and low probability of electrical shortage.
Sale of automotive wiring harnesses is directly proportional to increased manufacturing of vehicles. Factors such as rising disposable income, increased government initiatives such as Make in India, and prevailing low labour cost in countries such as China and India have led to increased manufacturing of passenger cars and light commercial vehicles in developing economies. This, in turn, is driving sales of automotive wiring harnesses.
Automotive wiring harnesses find application in chassis for various components such as fog lamps, headlamps, infotainment systems, fuel flaps, and turn indicators. Therefore, the chassis segment accounted for over 30.0% of the overall market in 2017 and is expected to develop at a considerable growth rate from 2018 to 2025.