2014-01-30 05:09:02 - Global Automotive Wiring Harness Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Automotive Wiring Harness market is to grow at a CAGR of 11.09 percent over the period 2012-2016. One of the key factors contributing to this market growth is the global increasing demand for automobiles. The Global Automotive Wiring Harness market has also been witnessing the increasing demand for automotive wiring harness from the BRIC countries. However, increasing manufacturing costs could pose a challenge to the growth of this market.
One of the main trends witnessed in the Global Automotive Wiring Harness market is the increasing demand from BRIC Countries. The steady and continuous economic growth in the BRIC countries has improved the financial status of the people in these countries, resulting in the rising per capita income of the
population. This in turn has increased the demand for automobiles in these nations. Hence, by 2016, the BRIC countries are expected to account for more than 50 percent of the global light vehicle sales. Moreover, China alone is expected to account for 31 percent of the light vehicle being sold across the world. In China, automobiles sales are expected to increase by 111 percent by 2025. Among the other BRIC nations, the Passenger Vehicle market in India is expected to become the fourth- largest in the world by 2016. Moreover, by 2020, India is expected to emerge as the third-largest passenger car market in the world
One of the main factors driving the market is the increase in global automobile production and sales. The increasing demand for automobiles directly influences the demand for automotive wiring harness. Therefore, the continuously growing global demand for automobiles, especially for passenger vehicles, is driving the demand for wiring harnesses.
One of the main challenges is the increasing manufacturing cost. The increasing wage rates and raw material prices have resulted in a drastic increase in the overall manufacturing costs. This in turn has adversely affected the financial status of manufacturers, leading to low profits, thereby restricting their spending on R&D activities.
The key vendors dominating this space include Delphi Automotive plc, Lear Corp., Leoni AG, Sumitomo Electric Industries Ltd., and Yazaki Corp.
The other vendors mentioned are Fujikura Ltd., Furukawa Electric Co. Ltd., Kromberg & Schubert GmbH, Kyungshin Corp., and Yura Co. Ltd.
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