Automotive Wiring Harness Market to Surpass US$ 96.0 Million by 2030 - Coherent Market Insights
BURLINGAME, Calif., Nov. 27, 2023 /PRNewswire/ -- According to Coherent Market Insights, Global Automotive Wiring Harness market size was valued at US$ 53.58 Million in 2022 and is expected to surpass US$ 96.0 Million by 2030 and is anticipated to witness a compound annual growth rate (CAGR) of 7.7% from 2023 to 2030. The global automotive wiring harness market is experiencing strong growth owing to rising vehicle production, growing demand for electric vehicle, advancement in vehicle technology, and integration of advanced driver assistance system.
Key Trends and Analysis of the Global Automotive Wiring Harness Market:
Growing integration of electronic devices into vehicles will drive the demand for automotive wiring harness market during the forecast period. In the last few years, many electronic devices have been integrated into vehicles to provide enhanced features. For instance, automotive car manufacturers have been offering advanced automotive features such as sunroof, touch infotainment system, airbags, and tire pressure monitoring system. Moreover, employing safety features in automotive cars enhances the security of passengers in the vehicle, which has positively impacted the growth of the automotive wiring harness market.
In addition, factors such as increasing disposable income and initiatives taken by various governments for boosting product manufacturing in their countries, such as 'Make in India initiative' in India, are driving the growth of global automotive wiring harness market.
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Key Market Takeaways:
Global Automotive Wiring Harness market is expected to surpass US$ 96.0 Million by 2030 and is anticipated to witness a CAGR of 7.7% during the forecast period 2023-2030, owing to growing emphasis on electric vehicles (EVs), increasing sales of luxury cars, and integration of advanced technologies, including advanced driver-assistance systems (ADAS) and infotainment systems.
On the basis of Component, Connectors division are estimated to lead the global automotive wiring harness market owing to its critical role in facilitating seamless electrical connections within the vehicle and also contribute to efficient data transmission.
On the basis of Material Type, Metallic Wiring segment is estimated to dominate the market over the forecast period owing to its excellent conductivity, ensuring efficient transmission of electrical signals and vehicles and it provides cost-effective solutions compared to some alternatives materials.
On the basis of Propulsion System, Electric Vehicles segment is projected to hold mammoth shares in the global market throughout the forecast period owing to its complexity of wiring in EVs due to various components such as batteries, electric motors, and sophisticated control system.
On the basis of Region, Asia Pacific is expected to show the highest growth rate over the forecast period, owing to the increasing sales of luxury cars in countries such as India and China. For instance, according to China Internet Information Center is a state-run web portal of the People's Republic of China report published in 2020, a total of 2.53 billion luxury vehicles were sold in China, which showed growth of 14.7% from 2019. Sales of luxury car brands such as Lamborghini and Maserati increased in China in year 2019.
Key players in the global automotive wiring harness market include Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc.
Global Automotive Wiring Harness Market Key Developments
In September 2022, Lear, a global automotivetechnology leader in Seating and E-Systems, announced as a supplier of electrification technologies like Battery Disconnect Units (BDU), Intercell Connect Boards (ICB) and Wire Harnesses for General Motors Co., an American multinational automotive manufacturing company.
In December 2022, Spark Minda, an India-based manufacturing company, added its 28th wiring harness plant in Pune, India of about 1.90 lakh square feet.
Read complete market research report, "Automotive Wiring Harness Market, By Component, By Material Type, By Propulsion System, By Geography and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Global Automotive Wiring Harness Market Segmentation:
- By Components
- Connectors
- Wires (General Wires, Heat Resistant Wires, Shielded Wires, and Tubed Wires)
- Terminals
- By Material Type
- Metallic Wiring (Copper and Aluminum)
- Optical Wiring (Glass Optical Fiber and Plastic Optical Fiber)
- By Propulsion System
- IC Engine Vehicles
- Electric Vehicles (Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle
- By Region
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Spain
- France
- Italy
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East & Africa
- By Country:
- Africa
- By Country:
- South Africa
- North Africa
- Central Africa
- By Country:
- North America
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