M&A Activity in Wire Harness Market to Set New Growth Cycle

According to our latest market study, titled "Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis - By Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Marine, Aerospace and Defense, Consumer Durables, Medical, Agriculture, Industrial, and Others)," the market is expected to grow from US$ 88,639.39 million in 2022 to US$ 129,995.33 million by 2028. It is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

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Key Companies:
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 harnesses, also known as cable harnesses, are used for organizing wires and cables. They are used in various industries, such as automobiles, food & beverage, agriculture, and electronics. Market players have to follow some stringent regulations and standards for production in the overall market. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer's Association (WHMA). Demand for wiring harnesses has increased in the past few years due to the rising global wire and cable consumption. This has also led to increase in production in several regions of Asia-Pacific.

An increase in government support for various industries is one of the factors contributing to the wire harness market growth. For instance, in December 2021, the Government of India announced an extra tax deduction of US$ 1,879.46 on the purchase of an electric vehicle on loan. Due to this, the production of electric vehicles has increased, leading to the massive demand for wiring harnesses and, thus, propelling the wire harness market growth.

These products are considered one of the heaviest subsystems. Wiring harnesses weigh around 100 to 150 lbs in automobiles, depending on the size and vehicle model. Heavier the wire, the higher the weight of the equipment. Due to this, electronic manufacturers are looking for lightweight wiring harnesses. In weight reduction of wiring harness, conductor plays a major role. A flexible cable or 0.13 mm2 wire reduces the weight of the wire. For instance, LEONI, a prominent wiring harness manufacturer, manufactures lightweight wires such as 0.22mm2 and 0.13mm2. Thus, the abovementioned factors justify the rising trend of lightweight wiring harnesses in the market.

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Market Insights - Wire Harness Market
The Asia Pacific region dominated the wire harness market in 2021. Europe is the second-largest contributor to the global market, followed by North America.
The APAC wire harness market size is highly concentrated, and the vendors are rolling out organic and inorganic growth strategies to compete in the overall global market. For instance, in October 2020, BASF and leading auto parts manufacturer Kunshan Hugung Auto Harness Co., Ltd. signed a memorandum of understanding (MoU) to develop applications for high and low-voltage wiring harnesses and low emission polyurethane (PU) system products. Under the MOU, BASF company will provide materials and technical know-how to develop Kunshan Huguang's innovative product applications. Hence, the robust electronics across the region and ongoing development are anticipated to boost the market over the forecast period.

Impact of COVID-19 Pandemic on Wire Harness Market

The COVID-19 pandemic has shaken several industries, such as manufacturing, consumer electronics, IT & telecommunication, and automotive. Due to the outbreak of the COVID-19 virus, the wire harness market share considerably dropped in several regions. The COVID-19 crisis slightly negatively impacted the electronics & semiconductors industry in 2020. Components for several consumer electronics goods, such as laptops and televisions, are produced by semiconductor businesses. Consumers buy the majority of items in this category with discretionary money; hence, the local GDP strongly correlates with demand. As a result, the decline in demand for consumer electronics semiconductors is expected to continue by Q4 of 2022.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.