Nissan, Toyota, General Motors, and other leading players focus on developing effective chassis wiring harness systems to consolidate their position globally.

VALLEY COTTAGE, NEW YORK, UNITED STATES, August 24, 2015 /EINPresswire.com/ -- Future Market Insights (FMI) provides key insights on the key applications of automotive wiring harness systems in its research report, “Automotive Wiring Harness Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020.

According to FMI’s research report, the global automotive wiring harness will expand at a compound annual growth rate (CAGR) of 8.9% to reach a valuation of US$ 70.4 Bn.

FMI has segmented the automotive wiring harness market on the basis of application into chassis, HVAC, and sensors.

Among these, the chassis segment has the largest share, and FMI expects it to expand at a CAGR of over 8% through 2020. FMI’s research found that all the major players in the automotive market, including Nissan, General Motors, and Toyota are adopting innovative technologies to improve chassis wiring harness systems.

Nissan is developing a new chassis control that will encompass three technologies, Active Ride Control, Active Engine Braking, and Active Trace Control. These features are aimed at increasing the overall control over the suspension, steering, and brakes of the vehicle.

Browse Full: "Automotive Wiring Harness Market: Global Industry Analysis and Opportunity Assessment 2014 - 2020" Market Research Report at http://www.futuremarketinsights.com/reports/details/global-automotive-wiring-harness-market

Toyota and General Motors are also introducing Active Engine Braking in their cars, and FMI opines that owing to these trends, incorporation of wiring harnesses in chassis segment will witness an upsurge during the forecast period.

HVAC segment is anticipated to witness the fastest growth, amplifying at a CAGR of over 11% during the forecast period. This segment accounted for a market share of 13.4% in 2014, and it is expected that by 2020, the market share will increase to 15.6%.

HVAC manufacturers are focusing on product development and technological innovation to manufacture eco-friendly wiring harnesses. For example, Denso displayed the world’s first standardised HVAC component at the 2015 North American International Auto Show.

According to FMI, focus on reducing carbon footprint remains a key challenge for HVAC manufacturers. HVAC manufacturers are manufacturing eco-friendly devices such as HFO-123yf in order to reduce the harmful effects of the refrigerant R-134a that is being used currently.

Get More Insights On Automotive and Transportation Market: http://www.futuremarketinsights.com/reports/category/automotive-transportation

The sensor application segment of the automotive wiring harness market is witnessing technological innovation, especially in the dynamic high beam segment. Dynamic beam uses a combination of radar sensor and camera, and this technology detects oncoming vehicles and automatically dims the light. Owing to this, the vision of the oncoming driver is not obstructed, reducing the risk of accidents.

Demand for sensors is also anticipated to increase during the forecast period, owing to technological advancement in the field of Advanced Driver Assistance Systems (ADAS). Furthermore, growth in the sales of hybrid and electric vehicles is anticipated to boost the demand for automotive sensors market.

Demand for sensors is also anticipated to increase owing to their use in applications, such as tyre pressure monitoring, electronics stability control, and advanced driver assistance systems.

FMI has also segmented the automotive wiring harness market on the basis of regions into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Middle East & Africa (MEA), and Japan.

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Among these regions, Asia Pacific is expected to witness the highest CAGR of 10.7% during the forecast period 2014-2020. The Asia Pacific automotive wiring harness market was valued at US$ 8.6 Bn in 2014 and FMI estimates it to reach a valuation of US$ 15.9 Bn by 2020.

The key factors fuelling the automotive wiring harness market in Asia Pacific include resurgence in the region’s automotive sector and focus on enhanced safety by the governments in the region.

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