PUBLISHER: The Business Research Company | PRODUCT CODE: 1391019
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391019
“Automotive Wiring Harness Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive wiring harness market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive wiring harness? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive wiring harness market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive wiring harness is a comprehensive assembly of wires designed to facilitate the transmission of control signals and electrical power to various electronic and electrical devices within vehicles, ensuring fundamental functionality and heightened safety standards. These harnesses play a crucial role in both signal transmission and powering up diverse electronic components.
Key components of automotive wiring harnesses encompass wires, connectors, terminals, and additional elements. Wires, essentially long, thin pieces of metal, serve the dual purpose of fastening and conducting electric current, facilitating the transmission of power or signals to operate various devices. Various materials, such as copper, aluminum, and others, are employed in the manufacturing of automotive wiring harness wires. Automotive wiring harnesses are categorized into main harnesses, auxiliary harnesses, and other specialized types tailored for different vehicles, including two-wheelers, passenger cars, and commercial vehicles. These harnesses collectively contribute to the seamless functioning of electronic systems in the automotive industry.
The automotive wiring harness market research report is one of a series of new reports from The Business Research Company that provides automotive wiring harness market statistics, including automotive wiring harness industry global market size, regional shares, competitors with automotive wiring harness market share, detailed automotive wiring harness market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive wiring harness industry. This automotive wiring harness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive wiring harness market size has grown strongly in recent years. It will grow from $58.12 billion in 2023 to $61.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth witnessed during the historical period can be attributed to several factors, including regulatory mandates, an increase in passenger car sales, overall economic growth, and government support initiatives. These combined elements contributed to a favorable environment for growth in various sectors, particularly in the context of the factors influencing the industry landscape.
The automotive wiring harness market size is expected to see strong growth in the next few years. It will grow to $75.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period is driven by a heightened focus on vehicle safety, a surge in vehicle sales, the proliferation of connected vehicles, increasing urbanization, and rising disposable income levels. Key trends expected during this period encompass the adoption of eco-friendly materials, seamless integration of 5G technology, advancements in thermal management, the implementation of modular and scalable design approaches, and an increased emphasis on collaboration and partnerships within the automotive industry.
The automotive wiring harness market is experiencing significant growth due to the increasing demand and utilization of hybrid and electric vehicles. These wiring harnesses play a crucial role in hybrid vehicles, ensuring optimal performance in challenging conditions. They have the capability to transmit high currents even in extreme environments, effectively handling electrical loads while resisting high heat and electromagnetic noise. In 2021, the sales of electric cars witnessed a doubling, reaching 6.6 million from 3 million in 2020. Notably, sales in major markets such as China, the US, and Europe experienced a remarkable 160% increase in the first half of 2021 compared to the previous year. The rising demand for electric and hybrid cars is expected to drive the demand for automotive wiring harnesses, consequently fueling the growth of the automotive wiring harness market throughout the forecast period.
The automotive wiring harness market is poised for growth due to the increased production of vehicles globally. These wiring harnesses, integrated assemblies that streamline the electrical systems in vehicles by organizing and routing wires and cables, are essential components in modern vehicles. According to the Office of the European Automobile Manufacturers' Association (ACEA), global motor vehicle production reached 85.4 million in 2022, marking a notable 5.7% increase from the previous year. This surge in vehicle production is a key factor propelling the growth of the automotive wiring harness market.
Companies in the automotive wiring harness market are actively pursuing technological advancements as a key trend. The focus is on developing and deploying more compact wiring harnesses that occupy less space while maintaining efficiency. For instance, in May 2022, Marelli, a US-based developer and manufacturer of automotive components, introduced its Wireless Distributed Battery Management System (wBMS) for electric vehicles. This innovative system facilitates communication between batteries and control units using wireless technology, eliminating the need for daisy-chain communication and extensive wiring. As a result, it simplifies battery cell construction and installation, reducing the wiring harness by an impressive 90%. This not only enhances efficiency but also provides greater flexibility for the placement of battery modules, exemplifying the industry's commitment to technological progress in the automotive wiring harness market.
Leading companies in the automotive wiring harness market are introducing advanced hybrid inline connectors, such as the Generation Y 68P Sealed Hybrid Inline Connector, to enhance multifunctional connectivity and expand their global presence. This connector integrates signal, power, and data connectivity within a single unit, providing a comprehensive solution for various automotive applications. In April 2022, TE Connectivity, a Switzerland-based connector and sensor company, introduced the Generation Y 68P Sealed Hybrid Inline Connector. Specifically designed for low-voltage applications like cameras and sensors, this connector combines a MATE-AX mini coaxial connector with various contacts and signal circuits. The goal is to simplify intricate harnesses, reduce costs and weight, and offer a compact solution to address challenges in the OEM industry.
In a strategic move in July 2021, Electrical Components International, Inc., a prominent US-based manufacturer of wire harnesses, electrical components, and sub-assemblies, acquired Promark Electronics Inc. for an undisclosed amount. This acquisition is part of Electrical Components International's commitment to supporting manufacturers in meeting the growing demand for commercial electric cars and other e-mobility verticals. Promark Electronics, based in Canada, specializes in manufacturing wire harnesses, electromechanical assemblies, and cables tailored for commercial electric vehicles and other technically challenging, mission-critical applications. This strategic acquisition aligns with the industry's focus on addressing the evolving needs of the automotive wiring harness market and positioning companies to thrive in the growing e-mobility landscape.
Major companies operating in the automotive wiring harness market include Yazaki Corporation, Sumitomo Electric Industries, Aptiv PLC, Furukawa Electric, Leoni AG, Nexans, DELPHI AUTOMOTIVE LLP, Lear Corporation, SAMVARDHANA MOTHERSON GROUP, Yura Corporation d.o.o., Fujikura Automotive, PKC Group PLC., Coroplast Fritz Muller GmbH & Co. Kg, Motherson Sumi Systems Limited, Quingdao Sanyuan Group, Kyungship Corporation, Kromberg & Schubert, Jiangsu Kyungshin Electronic Co. Ltd., Adaptronic Pruftechnik GmbH, Brascabos Electrical Electronic Components, Cypress Industries, Czech Republic Onamba S.R.O., Draxlmaier Group, United Harness Limited, Gebauer & Griller Group, General Cable Technologies Corporation, BorgWarner Inc., TE Connectivity Ltd., Spark Minda Group, Samvardhana Motherson Reflectec, THB Group Inc., K&S Wiring Systems, Hirschmann Car Communication GmbH, Minda Automotive Solutions Ltd.
Asia-Pacific was the largest region in the automotive wiring harness market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive wiring harness market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the automotive wiring harness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The automotive wiring harness market consists of sales of copper wiring harnesses, aluminum wiring harnesses, and other automotive wiring harnesses. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.