November 16, 2022 08:06 ET | Source: Acumen Research and Consulting Acumen Research and Consulting
TOKYO , Nov. 16, 2022 (GLOBE NEWSWIRE) -- The Global Automotive Wiring Harness Market Size accounted for USD 47.3 Billion in 2021 and is projected to occupy a market size of USD 76.1 Billion by 2030 growing at a CAGR of 5.5% from 2022 to 2030. Connecting Automotive Wires
Automotive Wiring Harness Market Statistics
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Automotive Wiring Harness Market Report Coverage:
Automotive Wiring Harness Market Overview
Wiring harnesses are cohesively packed cables and electrical circuits that serve as a vehicle's central and peripheral nervous systems. Automobiles are outfitted with a wide range of electronic components that use control signals powered by the batteries to ensure public safety and fundamental functions such as driving, turning, and braking, as well as convenience and comfort. An automotive wire harness is a conduit through which these impulses and electricity generation are transmitted. The automotive wire harness is constructed to fit the dimensions of automobiles and is incorporated to connect various sections of the automobile including the engine, dashboard, chassis, body, and others.
Automotive Wiring Harness Market Trends
The increasing integration of electronic devices in automobiles has strongly affected the need for automobile wire harnesses. Installing wiring tackle in a car provides numerous benefits, including less electrical failure, improved eco-friendliness, and improved performance. Furthermore, the utilization of innovatively advanced structures, for instance, infotainment structures and advanced driver assist systems in automobiles, is expected to boost requests during the projection year.
The growing adoption of electric mobility in developing areas is also predicted to propel the automotive wiring harness market growth, as the variety of electronic segments used in EVs is significantly larger than that in conventional autos. Increasing tax breaks and incentives by governments throughout the world are also pushing the market for EVs, increasing the offers of wire saddles.
The demand for automotive wiring harnesses is directly proportional to the increase in vehicle manufacturing. As a result, rising levels of disposable spending in developed economies, particularly in emerging economies like India, Japan, and China, are propelling the car production industry, which is expected to drive the expansion of the wire bridle business.
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Automotive Wiring Harness Market Segmentation
The global automotive wiring harness market has been segmented by Acumen Research and Consulting based on material, component, electric vehicle, vehicle type, and application. By material, the segment is separated into aluminum, copper, and others. According to the automotive wiring harness market forecast, the copper category is predicted to develop significantly in the next years.
In terms of component, the market is categorized into electric wires, terminals, connectors, and others. Based on the electric vehicle, the market is divided into battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). By vehicle type, the market is classified into heavy vehicle, and light vehicle. Moreover, the market is split into body, engine, sensors, safety, chassis, HVAC, and cameras, based on the application.
Automotive Wiring Harness Market Regional Overview
Based on the region, the worldwide automotive wiring harness market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an automotive wiring harness industry analysis, the Asia-Pacific region lead the global market in 2021. This can be related to expanding road infrastructure initiatives as well as improving car production, especially in emerging economies such as India and China. Furthermore, an increasing trend in improved well-being and accommodation featured in mid-portion automobiles, as well as low labor expenses, are driving the expansion of bargains. Due to favorable government measures and a strengthening automobile sector, Asia Pacific is expected to see lucrative growth in the near future. Furthermore, economic expansion in nations such as China and India is expected to propel market development. The region's massive population bases, combined with rising disposable income, create a significant demand for the automotive wiring harness industry.
Besides that, the European market is expected to grow at a faster rate in the coming years. Increasing car production, advancements in drive technology, and an expanding assortment of electric cars are expected to drive demand in Europe.
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Automotive Wiring Harness Market Players
Some of the prominent automotive wiring harness market companies are Robert Furukawa Electric Co., Ltd., Samvardhana Motherson Group, Nexans, Sumitomo Electric Industries, Ltd., Aptiva PLC, YURA Tech Corporation, Lear Corporation, Leoni AG, and Yazidi Corporation.
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