PUBLISHER: The Insight Partners | PRODUCT CODE: 1874075
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874075
The automotive wiring harness market is anticipated to grow from US$ 54.16 Billion in 2024 to US$ 81.35 Billion by 2031, reflecting a compound annual growth rate (CAGR) of 4.23% from 2031 to 2031. This growth is primarily fueled by rising automotive sales and production, driven by increasing disposable incomes. According to the International Organization of Motor Vehicle Manufacturers, automotive sales reached 92.72 million units in 2024, marking an 11.8% increase from 2022. This surge in automotive sales has significantly boosted the demand for automotive wiring harness products worldwide.
Automotive Wiring Harness Market Analysis
A wiring harness serves as the electrical wiring system within a vehicle, with key applications including the chassis structure, brakes, and fuel lines. It creates a comprehensive network of wiring that integrates various electrical systems throughout the car. Essentially, the automotive wiring harness functions as the vehicle's electrical distribution system, comprising a collection of terminals, wires, and connectors that span the entire vehicle, facilitating the transfer of power and information.
Automotive Wiring Harness Market Overview
Automotive wiring harnesses are extensively utilized in three-wheelers, utility vehicles, passenger cars, and commercial vehicles. These harnesses are tailored to meet the specific electrical and geometrical requirements of the vehicle's body, internal combustion engine, and chassis. Wiring harnesses in the automotive body connect various components, including dashboards, power windows, door locks, and other interior electrical systems. Engine wiring harnesses are integrated with systems such as anti-lock brakes, cruise control, speed sensors, and fuel injection systems. Chassis wiring encompasses the rear, front, and main harnesses.
Strategic Insights
Automotive Wiring Harness Market Drivers and Opportunities
Growth in Automotive Sales and Production Fuels Market Expansion
The ongoing increase in automotive sales is a key driver for the growth of the automotive wiring harness market. The International Organization of Motor Vehicle Manufacturers reported that passenger car sales rose to 65.27 million units in 2024, reflecting a 12% increase from 2022. Additionally, commercial vehicle sales reached 27.45 million units in 2024, up by 13.3% compared to the previous year. This growth in both passenger and commercial vehicle sales globally has significantly heightened the demand for automotive wiring harnesses during the forecast period.
Surge in Connected Car Sales and Adoption of Advanced Technologies Present Major Growth Opportunities
The incorporation of advanced technologies such as IoT and AI by leading industry players is expected to create substantial opportunities for the automotive wiring harness market. Several key market players are collaborating with technology providers to develop innovative solutions for automotive wiring harnesses. For example, in November 2024, Yazaki Corporation partnered with NEC Corporation to create an AI-based system for the automatic development of automotive wiring harnesses, combining NEC's Digital Robot Planning Solution with advanced robotics for harness assembly at Yazaki.
Automotive Wiring Harness Market Report Segmentation Analysis
The analysis of the automotive wiring harness market is segmented by type, platform, application, and end-user.
Automotive Wiring Harness Market Share Analysis by Geography
The geographic analysis of the automotive wiring harness market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is projected to lead the global automotive wiring harness market in 2024, with China, Japan, and India being the fastest-growing countries in this sector during the forecast period. This growth is attributed to rising automotive sales and production, alongside increasing consumer disposable incomes. In March 2024, automotive sales and production in China totaled 2.68 million units, a 4% increase from 2.694 million units in February 2024. Such growth in automotive production in China has significantly contributed to the demand for automotive wiring harnesses.
Automotive Wiring Harness Market Report Scope
Recent Developments in the Automotive Wiring Harness Market
The automotive wiring harness market is assessed through qualitative and quantitative data collected from primary and secondary research, including significant corporate publications, association data, and databases. Notable developments in the automotive wiring harness market include:
Automotive Wiring Harness Market Report Coverage and Deliverables
The report titled "Automotive Wiring Harness Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas:
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