Press release
Wire Harness Market is expected to reach US$ 129,995.33 Million by 2028
Wire Harness Market
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According to our latest market study, titled "Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by product type, material, and end-user," 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.
The List of Companies - Wire Harness Market
DRÄXLMAIER Group
Fujikura Ltd.
Furukawa Electric Co. Ltd.
Lear
LEONI
Motherson Group
Sumitomo Electric Industries, Ltd
THB Group
Yazaki Corporation
Yura Corporation.
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.
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.
Based on material, the market is segmented into PVC, Vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wiring harnesses of these materials are made for a variety of environments; thus, every end user can procure them as per their requirement. For instance, a harness made of polyethylene should be used for a moist environment, as polyethylene can resist moisture.
Based on product type, the market is segmented into wire harness connectors, wire harness terminals, and others. The others segment held the largest market share in 2021. Based on material, the global market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment dominated the market in 2021. Based on end user, the market is segmented into automotive, agriculture, appliances, and others. The automotive segment led the global market in 2021.
Based on geography, the wire harness market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South & Central America. Asia Pacific accounted for the largest wire harness market share in 2021.
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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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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