Wire Harness Market to hit US$ 129,995.33 Million, Globally, by 2028 at 6.6% CAGR: The Insight Partners

According to the new research report published by The Insight Partners on "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.

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.

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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 increasing in production in several regions of Asia-Pacific.

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 users, the market is segmented into automotive, agriculture, appliances, and others. The automotive segment led the global market in 2021.

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According to the Electronics Component Industry Association, in 2020, the pandemic hindered the supply chain, canceled trade events, delayed product releases, and disrupted many industries' activities. The wire harness market players had to force stop production and work in constrained supply chains. Due to the containment norms, the electronics & semiconductors industry players had to halt their operations temporarily. Further, manufacturers of various semiconductors components, which are used in these harnesses, had to experience delays in lead time, which negatively impacted the wire harness market in 2020 and 2021.

The semiconductor sector has been experiencing severe shortages since 2020. Therefore, considering all effects of the COVID-19 pandemic, the overall market was impacted somewhat negatively. However, several markets restarted in 2021, factories resumed their work, and almost all the industries restarted to produce. The wire harness market players resumed production and revenues increased substantially post the recovery from the pandemic, in 2021. Consequently, the demand for wiring harnesses began to rise globally and is expected to continue during the forecast period.

The List of Companies - Wire Harness Market

The companies profiled in the Wire Harness market 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.

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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 Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.