Wire Harness Market Size Worth US$ 129,995.33 Million By 2028 | CAGR 6.6%: The Insight Partners

According to The Insight Partners' research, the "Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the wire harness market is expected to reach US$ 129,995.33 million by 2028, registering a CAGR of 6.6% from 2022 to 2028. The global industry Losses Caused by Corrosion-Related Damages Increasing Demand from End-Use Industries and Emerging Industrial Sectors in Topical Regions

In recent years, customers have been looking for automobiles that have upgraded features and technologies. Wiring harness manufacturers for the automotive industry are implementing various technologies in recent models to stay competitive in the wire harness market. compare vehicles to the model design, specifications, quality, features, and price. Some technologically advanced vehicles have approximately 40 wire harnesses comprised of ~3000 wires and around 700 connectors. Wiring harnesses are one of the most important parts of the vehicle's electrical system. It bundles up to 5 kilometers of cables in an average car.

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In modern vehicles, the majority of the components, such as engine, air conditioning, instrumentation, audio speaker, lights, and battery, are connected through the front, rear, and roof wire harnesses.

Due to the increasing technological advancements, the demand for wire harnesses is growing in the automobile industry, driving the growth in the overall wiring harness market. Due to this, the wire harness market players are adopting innovative strategies to stay ahead in the global market. In July 2022, Mahindra, an automobile giant, launched a new-generation Scorpio vehicle, Scorpio N. This car has various techniques and features, such as an AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. In July 2022, Toyota launched a teaser of its new connected car technology, Toyota i-Connect.

Moreover, customers are moving toward electric vehicles (EV), which is also increasing the wire harness market share. In May 2022, Volkswagen delayed the launch of its electric car, ID5, due to wire harnesses supply chain disruption from Ukraine. Recently, bidirectional charging is a new technology that EV manufacturers have implemented. For instance, in May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce 3 pilot programs to check how bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are being instrumental to force the wire harness market players to provide customized products to their end-users and acting positively to propel the wire harness market growth.

The wire harness market is segmented into product type, material, and end user. Based on material, the market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. In 2021, the PVC segment dominated the market. PVC has a good combination of properties which explains why it is popularly used for cable insulation and sheathing. It is durable, UV resistant, and has good water and chemical resistance, which is one of the major factors for segmental growth. PVC has a good combination of properties which explains why it is popularly used for cable insulation and sheathing. PVC is durable, UV resistant, and has good water and chemical resistance, which is one of the major factors for segmental growth.

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Key Findings of Wire Harness Market Study

The global wire harness market is segmented into 5 major regions: North America, Europe, APAC, MEA, and SAM. The wire harness market share by region was led by Asia-Pacific, which also registered a value CAGR of 7.9% in the market in 2021. The region comprises some of the world's fastest growing and leading economies. The Asia Pacific wire harness market is segmented as China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. The region is characterized by the presence of developed economies such as Japan and Australia along with emerging economies such as China, India, Vietnam, and Malaysia. Some of these are agriculture dominated countries. Moreover, the rise in GDP, large-scale industrialization, and rise in the standard of living are some of the factors positively impacting the wire harness market growth in the region.

The North American wire harness market is segmented into US, Canada, and Mexico. The growth of market in North America can be attributed to the growth of the electric vehicles industry owing to environmental regulations and green initiatives. The Europe wire harness market is segmented on the basis of Germany, France, the UK, Italy, Russia, and the Rest of Europe. Owing to factors such as high GDP, high GDP per capita, favorable economic policies & a positive outlook for the adoption of modern technology, and transport robust infrastructure the automotive and aerospace industry is flourished in Europe.

The Middle East and Africa wire harness market is segmented into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. The Middle Eastern countries are highly advanced economies, while the African countries are still developing economies. The South America (SAM) wire harness market is segmented as Brazil, Argentina, and the Rest of the SAM. South America is currently facing economic and political instability, which is hampering the region's economic growth. The South American region has the presence of prominent automobile companies such as General Motors, Volkswagen, Hyundai, Ford, Toyota, Peugeot, and Renault. These automobile companies are contributing to the growth of the market in the South American region.

The List of Companies - Wire Harness Market

Companies profiled in the wire harness market analysis are DRÄXLMAIER Group; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation. Wire harness market players are following both organic and inorganic growth strategies to sustain the competitive edge. For instance, in May 2022, Leoni AG sold its Business Group Automotive Cable Solution (BG AM) to STARK Corporation. This step allows Leoni to focus more on its wiring systems business. Such initiatives by key players will contribute to the wire harness market growth during the forecast period.

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