Automotive Wire Harness Market Is Driven by Increasing Manufacturing of EVs

According to the global automotive wire harness market growth to $59.3 billion by 2030 can be ascribed to the technological improvements in the automotive industry and the increasing manufacturing of electric vehicles.

Moreover, the addition of cutting-edge features, including high-voltage wiring arrangements, in electric vehicles and lightweight harness arrangements, armed with the growth in the need for autonomous passenger vehicles and lightweight trucks, is set to support the development of the industry in the coming few years.

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On the basis of vehicle type, commercial vehicles are projected to witness the higher CAGR over this decade. This development can be credited to the growing addition of enhanced electronic modules and connectivity features, which enable data transfer to mobile phones and synchronize with the internet of things devices in the car.

Further, speed sensors are projected to experience the highest CAGR in the near future, based on application. The obtainability of a broad variety of personalized speed sensors and increasing worldwide vehicle sales are some of the key reasons boosting the advance of this category.

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In recent years, the copper category led the automotive wire harness market, on the bases of material type, and the category is also projected to remain in the leading position in the future. This is mainly because of the increasing requirement for copper wire harnesses, as copper has been the material of choice for wires for a lengthy period.

In the coming few years, the APAC region is projected to be in the leading spot, credited to the increasing manufacturing of EVs, armed with the huge customer base for ICE-based vehicles. Essentially, the increasing demand for passenger and commercial vehicles in South Korea, China, Japan, and India leads to a massive automotive manufacturing volume, which, ultimately, boosts the local market.

The LAMEA region is projected to experience the highest development rate in the near future, credited to the increasing manufacturing of vehicles in Mexico and other regional nations. Moreover, Mexico is already one of the biggest automotive component suppliers to the U.S.

Hence, as the automotive sector continues to evolve, driven by the need to V2X connectivity and EVs, the demand for wire harnesses will only rise.

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This release was published on openPR.