Technavio, an international market research organization, recently released a report saying that from 2020 to 2024, the global automotive engine wiring harness market is likely to grow by US$112.18 million, with a compound annual growth rate of 1% during the period.
The growing demand for electric vehicles has promoted the growth of the global automotive engine wiring harness market. As the government provides subsidies or other incentives to car owners, the demand for electric vehicles is growing rapidly, which will help reduce greenhouse gas emissions and reduce the average carbon dioxide emissions in the environment. The growing demand for electric vehicles will increase the demand for automotive engine wiring harnesses.
Similarly, the increasing introduction of heat-resistant and innovative materials for automotive engine wiring harnesses has also had a positive impact on market growth. The heat-resistant innovative materials used for automotive engine wiring harnesses are stronger, lighter, compatible with modern vehicles, and require fewer replacements, thus encouraging adoption by some end users. The growing demand for electric vehicles, coupled with the increasing introduction of heat resistance and innovative materials for automotive engine wiring harnesses, will drive market growth at a compound annual growth rate of approximately 1% during the forecast period.
In 2019, the Asia-Pacific region is the world's largest regional market for automotive engine wiring harnesses. During the forecast period, the region will provide some growth opportunities for market suppliers. In the past two years, the region’s economy has grown rapidly, that is, per capita income has increased significantly. This has also increased the purchasing power of consumers, leading to increased car sales, which will significantly promote the growth of the automotive engine wiring harness market in the region during the forecast period.
It is estimated that during the forecast period, 54% of the market growth will come from the Asia-Pacific region. China, Japan and India are the main markets for automotive engine wiring harnesses in the Asia-Pacific region. The market growth in this region will be faster than the market growth in other regions.
From the perspective of manufacturers, Furukawa Electric, Fujikura Cable, Leoni Cable, Nexans, Sumitomo Electric, Lear, Aptiv and Motherson Sumi Systems will become the world's leading automotive engine wiring harness manufacturers during the forecast period.
Yangzhou Fongming Cable Factory, specializing in the production of car use cables