Future Market Insights (FMI) recently announced the release of its report titled “Automotive Wiring Harness Market: Global Industry Analysis and Opportunity Assessment 2015-2025”. According to the report, the global automotive wiring harness market was valued at US$ 36.82 Bn in 2014 and is anticipated to reach US$ 91.53 Bn by 2025, expanding at a CAGR of 8.7% throughout the forecast period.
Automotive Wiring Harness Market: Drivers and Restraints
The global automobile industry registered an annual growth rate of over 5.5% from 2010 to 2015, and is estimated to be valued at US$ 5.1 trillion by end of 2015. Consistent growth in the parent industry is expected to fuel demand for automotive wiring harness in the near future.
Currently, increasing fuel costs and stringent government regulations regarding CO2 emissions are boosting demand for electric vehicles in regions such as North America, Western Europe, Eastern Europe and Asia Pacific.
Governments across various geographies have mandated use of certain electronic safety features such as Anti-Lock Braking System (ABS), Electronic Stability Program (ESP) and other features in both passenger and commercial vehicles. Furthermore, rise in demand for high-end electronics and safety features in vehicles, particularly passenger cars, along with cost reduction and enhanced reliability is leading to increase in global demand for automotive wiring harnesses.