Portland, OR, Aug. 18, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the GCC automotive wiring harness industry garnered $321.2 million in 2018, and is expected to garner $408.7 million by 2026, witnessing a CAGR of 2.9% from 2019 to 2026. The report offers a detailed analysis of changing market trends, market size & estimations, top winning strategies, business performance, major segments, and competitive scenario.
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Availability of fuel at competitive prices, lessened cost of vehicle ownership, and attractive insurance and financing options drive the growth of the GCC automotive wiring harness market. However, implementation of VAT, stringent regulations in GCC countries, and variations in exchange rates hinder the market growth. On the other hand, surge in investments in vehicle and component manufacturing along with rise in automotive aftermarket present new pathways in the industry.
Covid-19 outbreak will affect the day-to-day operations of manufacturing plants. Closure of factories due to lockdown will affect production cycle and hamper operational efficiency. Distributors and suppliers will not be able to carry out tasks regularly, affecting the entire supply chain.
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The report offers a detailed segmentation based on application, vehicle type, and country. Based on application, the chassis wiring harness segment contributed to more than one-third of the total share of the market in 2018, and is estimated to maintain its lead position in terms of revenue during the forecast period. However, the sensor wiring harness segment is projected to witness the largest CAGR of 4.4% from 2019 to 2026.
Based on vehicle type, the passenger car segment accounted for the largest market share with more than four-fifths of the total share in 2018, and is projected to maintain its highest distribution throughout the forecast period. Moreover, this segment is expected to witness the highest growth rate with a CAGR of 3.1% from 2019 to 2026. The report also analyzes the segments including commercial vehicle and two wheeler.
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Based on country, Saudi Arabia held the largest share in terms of revenue, accounting for more than half of the global market share in 2018, and will maintain its leadership status throughout the forecast period. However, Bahrain is estimated to portray the highest CAGR of 3.3% from 2019 to 2026. The research also analyzes countries including UAE, Kuwait, Qatar, and Oman.
Key players of the GCC automotive wiring harness market analyzed in the research include Kromberg & Schubert Middle East FZE, LEONI, Motherson Group, Sumitomo Electric Industries, Ltd., and Abdulla Moh’d Ibrahim Trading Est.
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