The Global Wire Harness Market is projected to grow from USD 40.44 billion in 2021 to USD 58.4 billion by 2030, exhibiting a CAGR of 4.25% during the forecast period.
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The need for automotive wire harness is anticipated to rise as a result of more attention being paid to passenger safety, as well as an increase in the number of electric vehicles on the road globally and numerous other causes.
An organised system of wires, terminals, and connectors that run throughout the entire vehicle and transmit data and electrical power is known as a wiring harness. As a result, wiring harnesses are crucial in connecting a number of components. The progress of cars means that more and more of their component elements need electronics to be able to meet other needs. It is clear that wiring harnesses play a significant role in the growth and development of auto manufacturers all over the world.
Safer, more energy-efficient, less expensive to maintain, better for the environment, and many other benefits are provided by electric vehicles. Due to rising fuel prices and environmental concerns, there is a growing market for hybrid and electric automobiles. The benefits of electric vehicles are also becoming more widely known among customers and governments, which increases demand for them. Due to this need, the global wiring harness market has expanded. The market is expanding as a result of the increased focus on safety solutions for electric vehicles.
Some of the key factors propelling the growth of the automotive wiring harness market include increasing consumer demand, the manufacturing sector's rapid expansion, the presence and development activities of vehicle OEMs, and increased adoption of advanced vehicle technologies due to an increase in per capita income. Furthermore, the importance of wire harness is increasing across the automotive industry due to the electrification of vehicles and preference for minimal human effort. The market's growth has been significantly impacted by the increasing integration of technological devices within automobiles to provide greater safety features. The benefits of utilising these systems in a vehicle are numerous, including improved performance, increased fuel efficiency, and a low risk of an electrical shortage.
Due to their smaller bundle diameter, lower price, and lighter weight, specialty cables are in high demand. Since there will be a high demand for cameras, screens, and other infotainment applications, new methods to merge video and camera signals into a single speciality cable will be developed, which will reduce the weight and cost of wiring harnesses even more. Aluminum and optical fibre were the materials of choice for original equipment manufacturers to create lightweight and fast harnesses. As a result, this element is fueling the expansion of the global wiring harness market.
Global Wire Harness Market Report Coverage
|Market Size in 2021:||USD 40.44 billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||141|
|Segments covered:||By Type, By Material, By Propulsion Type, By Transmission Type, By Vehicle Type, By Region|
|Companies Covered:||Lear Corporation (U.S.), Fujikura Ltd. (Japan), THB Group (China), Sumitomo Electric Industries Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), YAZAKI Corporation (Japan), Delphi Automotive Plc. (the U.K.), PKC Group (Finland), LEONI AG (Germany), MOTHERSON SUMI Systems (India)|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The fluctuating price of copper has impacted the demand for optical fibre cables on the global market. The usage of optical fibres, which are more resilient than copper and aluminium and can withstand harsh conditions and weather, is emphasised by original equipment manufacturers. On the other hand, the relatively greater cost of optical fibre cables is anticipated to restrict its uptake in the international market.
The increased per capita income of customers is driving up automobile sales all across the world. The tendency of incorporating cutting-edge features into automobiles, or simulatenosy, is what spurs the demand for automotive wire harnesses. Contrary to the aforementioned driver, there are several barriers and difficulties that slow the market's expansion. The reliability and durability concerns related to using automotive wiring harnesses in electric vehicles are predicted to slow the growth of the wiring harness market.
Additionally, producers must make significant investments in the research and development of sophisticated automotive wire harnesses, which may restrain the market's expansion. Incorporating the wiring harness into electric vehicles may also be challenging due to its corrosive nature. The global automotive wiring harness market is expected to experience growth restrictions due to the factors cited as its inhibitors.
Covid 19 Impact
The global pandemic of coronavirus is to blame for hastening change in the automotive wire harness market. As previously mentioned, the market's operations are tied to the luxury automobile industry's cutting-edge features and technical advancements. Globally, it is a very difficult moment as a result of limits and changes to business working hours and conditions. Due to operational limitations, the market is unable to supply enough goods to meet anticipated demand. Additionally costing them money, this is resulting in a decrease in the volume of luxury car sales in the world's key regions.
The global wire harness market is segmented into Type, Material, Transmission Type, Propulsion Type, Vehicle Type, and Region
Global Wire Harness Market, By Type
Based on type, the global wire harness market is segmented into Engine Harness, HVAC Wiring Harness, Chassis Wiring Harness, Body & Lighting Harness, Dashboard/Cabin Harness, Others. In the global wire harness market, the dashboard/cabin harness segment has the greatest market share. The increasing demand for diverse vehicle kinds is blamed for the segment's growth. Due to the increasing use of entertainment systems and dashboard displays in various types of vehicles, the dashboard/cabin harness sector now holds a monopoly on the global wire harness market. Utilization of the wiring harness in the vehicle's seat is increased by the integration of devices like active health monitoring and heated seats. This advances the seat harness section of this market's growth possibilities.
Global Wire Harness Market, By Material
On the basis of material, the global wire harness market is segmented into Metallic and Optical Fiber. In the global wire harness market, the optical fibre category has the greatest market share. The speed of optical fibre cables is significantly faster than that of copper and other materials.
Global Wire Harness Market, By Transmission
As mid-segment and entry-level vehicles have a higher demand for energy transfer than for data transfer, electric wire is predicted to demonstrate potential demand among the various transmission types. It is projected that sales of driverless and semi-autonomous vehicles would soar in the next years. As a result, this will support the selling of highly sophisticated systems with sophisticated wire harnesses.
Global Wire Harness Market, By Vehicle Type
The passenger car category held a significant market share among the various types of vehicles in the global wire harness market. The acceptability of automobile wiring harness is anticipated to increase over the next few years due to improved fuel combustion and reduced maintenance requirements.
A four-wheeled vehicle having at least two axles and its own driver is referred to as a passenger vehicle. Passenger transportation is its primary objective. Public transit uses a large percentage of passenger cars.
Global Wire Harness Market, By Region
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According to forecasts, the wire harness industry would increase significantly in the Asia Pacific region. Due to China's strong demand for luxury vehicles, well-known manufacturers like Maserati and Lamborghini reported their best year ever for sales growth in 2016. Over the past few years, China, Japan, and India have all seen increases in automobile production as a result of this growth. Volkswagen, BMW, Mercedes Benz, Daimler, Porsche, and Audi are a few well-known luxury automobile competitors that have aggressively expanded their footprint in Asian countries, particularly in China. In this location, vehicle access control is also in high demand.
Recent Developments in Global Wire Harness Market
- March 2022: The New Z2C fusion splicer, which is based on AI-programmed fusion technology, was introduced by Sumitomo Electric. The business organisation is committed to its improvements in technology and the delivery of high-quality products, which will increase work efficiency at its building sites.
- January 2022: The well-known software company Wind River has been acquired by Aptiv. Aptiv is a company that develops cutting-edge software and integrates systems. The corporate decision will result in higher spending on software development.
List of Key Market Players
- Lear Corporation (U.S.)
- Fujikura Ltd. (Japan)
- THB Group (China)
- Sumitomo Electric Industries Ltd. (Japan)
- Furukawa Electric Co., Ltd. (Japan)
- YAZAKI Corporation (Japan)
- Delphi Automotive Plc. (the U.K.)
- PKC Group (Finland)
- LEONI AG (Germany)
- MOTHERSON SUMI Systems (India)
- Engine Harness
- Dashboard/ Cabin Harness
- Battery Wiring Harness
- Chassis Wiring Harness
- Body & Lighting Harness
- HVAC Wiring Harness
- Seat Wiring Harness
- Door Wiring Harness
- Sunroof Wiring Harness
- Optical Fibre
- IC Engine Vehicle
- Electric Vehicle
- Electric Wiring
- Data Transmission
- Commercial Vehicle
- Passenger Vehicle
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- South America
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