According to the latest report by IMARC Group, titled "Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global automotive wiring harness market reached a value of US$ 76.1 Billion in 2021. An automotive wiring harness is an electrical assembly of numerous components of a vehicle, including wires, connectors and terminals, that are utilized to transmit power and data to a single system. Some of the commonly transmitted information includes the performance and operation of the automobile, along with sending and receiving sensor signals. It further acts as a safety casing that assists in safeguarding users by preventing fires caused by short circuits. The use of these components ensures reliable transmission of energy while being subjected to high noise, temperatures, vibration, and moisture. As a result, the wiring harness finds widespread applications in the wiring of sensors, engines, chassis and heating, ventilation and air conditioning (HVAC).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Wiring Harness Market Trends:
The global market is primarily driven by considerable growth in the automotive sector. This can be accredited to the inflating disposable incomes of the masses and a significant increase in the vehicle fleet across the globe. Since the usage of automotive wiring harness improves the security and reliability of the vehicles while enhancing their fuel efficiency, it is widely gaining prominence among end users. Moreover, due to an enhanced focus on sustainable development, there has been a rise in the adoption of electric vehicles (EVs), which is providing an impetus to the uptake of automotive wiring harnesses. The market is further driven by the rising integration of automobiles with advanced driver assistance systems (ADAS). Since wiring harnesses are extensively employed for securing safety sensors, such as blind-spot detection and automated control systems, in numerous models for superior vehicle performance, this is creating a positive outlook for the market. Some of the other factors contributing to the market growth include escalating utilization of affordable and reliable optical fibers, the advent of aluminum harnesses in the market that are widely used for reducing vehicular weight, and the extensive research and development (R&D) conducted by key players. On account of the aforementioned factors, the market is expected to grow at a CAGR of 4.4% during 2022-2027.
- On the basis of the application, the market has been divided into body wiring harness, engine wiring harness, chassis wiring harness, HVAC wiring harness, sensors wiring harness, and others.
- Based on the material type, the market has been classified into copper, aluminum and others.
- On the basis of the transmission type, the market has been bifurcated into data transmission and electrical wiring.
- Based on the vehicle type, the market has been categorized into two wheelers, passenger cars, and commercial vehicles.
- On the basis of the category, the market has been segmented into general wires, heat resistant wires, shielded wires and tubed wires.
- Based on the component, the market has been classified into connectors, wires, terminals and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Delphi Technologies (BorgWarner Inc.), Furukawa Electric Co. Ltd., Lear Corporation, Leoni AG, Nexans Auto electric GmbH, PKC Group Plc (Motherson Sumi Systems Ltd.), SamvardhanaMotherson Automotive Systems Group B.V., Sumitomo Electric Industries Ltd., THB Group (AmWINS Group, Inc), YAZAKI Corporation, and YURA Corporation.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal