PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462913
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462913
Automotive Wiring Harness Market size was valued at USD 49,512.21 Million in 2023, expanding at a CAGR of 2.9% from 2024 to 2032.
An assembly of wires, terminals, and connections used throughout a vehicle to carry power and data is known as an automotive wiring harness. Automotive wire harnesses are integrated to connect various vehicle parts, including the body, engine, dashboard, chassis, and others. They are designed to meet the electrical and dimensional requirements of automobiles. To guarantee fundamental operation and improved safety, automotive wire harnesses allow control signals and electrical power to be transmitted to electronic and electrical devices in an automobile.
Automotive Wiring Harness Market- Market Dynamics
Growing vehicle production drives market growth
The global market is primarily driven by the expanding sales and manufacturing of vehicles. The need for wire harnesses increases along with the volume of vehicles produced. The demand for these components is being driven by the tremendous expansion in vehicle production that emerging markets are experiencing. The market for automotive wire harnesses is also expanding as a result of the rising demand for electric cars (EVs), which have more sophisticated wiring systems. In addition, modern automobiles come with sophisticated amenities like entertainment systems, electronic safety systems, and advanced driving assistance systems (ADAS), all of which need intricate wire configurations. Consequently, the need for increasingly advanced and robust wire harnesses is being directly driven by the growing integration of various electronic systems and features into automobiles.
Automotive Wiring Harness Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 2.9% over the forecast period (2024-2032)
Based on propulsion segmentation, the Electric Vehicles segment is expected to grow at the highest CAGR over the forecast period
Based on vehicle type segmentation, the Passenger Cars category dominates the market and is likely to maintain its dominance during the forecast period
Based on region, the Asia Pacific was the leading revenue generator in 2023
The Global Automotive Wiring Harness Market is segmented based on Propulsion, Vehicle Type, Voltage, Application, and Region.
Based on the propulsion, the market is segmented into Electric Vehicles, ICE Vehicles and Hybrid Vehicles. The Electric Vehicles segment is expected to grow at the highest CAGR over the forecast period. The segment expansion of the electric vehicle industry is attributable to the rising government initiatives and growing investment.
Based on the vehicle type, the global industry is divided into Commercial Vehicles, Passenger Cars and Two Wheeler. The Passenger Cars category dominates the market and is likely to maintain its dominance during the forecast period. The segment expansion is attributed to the incorporation of different technologies such as ADAS and many others.
Automotive Wiring Harness Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The region's growing GDP and rising disposable income are propelling the industry. The forecast period is anticipated to see a positive outlook for market growth due to factors such as the ease of manufacturing auto parts, vehicle sales, and growing government regulations that are improving the adoption of electric vehicles and robust expansion adopted by OEMs and suppliers in the region to accommodate rising demand from the automotive industry across the Asia-Pacific region.
The market players operating in the Automotive Wiring Harness market are Leoni AG, Lear Corporation, Furukawa Electric Co., Ltd, Fujikura Ltd., Aptiv PLC, NexansAutoelectricGmbh, SamvardhanaMotherson Group, Sumitomo Electric Industries, Ltd, Yazaki Corporation and Yura Corporation among others. These players adopted various strategies to hold a maximum market share such as product launches, acquisitions, expansion and others.
In May 2023, With its 2023 edition, Zuken's well-liked wire harness production product, Harness Builder for E3.series, offers increased features together with a contemporary user interface. The wire harness production process is improved by the novel, end-to-end solution offered by Harness Builder for E3.series.
GLOBAL AUTOMOTIVE WIRING HARNESS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Leoni AG
Lear Corporation
Furukawa Electric Co., Ltd
Fujikura Ltd.
Aptiv PLC
NexansAutoelectricGmbh
SamvardhanaMotherson Group
Sumitomo Electric Industries, Ltd
Yazaki Corporation
Yura Corporation