Wire Harness Market Share, Assumptions & Limitations By Forecast To 2028

According to Premium Market Insights new research study on "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.

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Some Of the Major Players Influencing are Companies profiled in the wire harness market analysis are DR?XLMAIER 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.
The automotive industry has witnessed a surge in demand for cars equipped with advanced features and technologies in recent years. To stay competitive in the market, wiring harness manufacturers are incorporating various technologies in the latest models. With the increasing adoption of technologies like automatic high beam control, self-driving, cruise control, and automatic lift gates, automobile companies are striving to improve the design, specifications, quality, features, and price of their vehicles to attract buyers. In modern vehicles, wiring harnesses are critical components that connect various parts such as the engine, air conditioning, instrumentation, audio speakers, lights, and battery through front, rear, and roof wire harnesses. As a result, the demand for wire harnesses is growing in the automotive industry, driving the growth of the overall wiring harness market. To maintain their position in the global market, wire harness market players are implementing innovative strategies. For example, in July 2022, Mahindra, a leading automobile manufacturer, launched a new-generation Scorpio vehicle with advanced features like an AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. Additionally, Toyota also teased its new connected car technology, Toyota I-Connect, in July 2022.

The increasing popularity of electric vehicles among consumers is also contributing to the growth of the wire harness market. This trend is exemplified by Volkswagen's recent delay in launching its electric car, ID5, due to disruptions in the wire harness supply chain from Ukraine. In addition, EV manufacturers have incorporated bidirectional charging technology, which allows electric vehicles to provide power to the electric grid. For example, in May 2022, Pacific Gas and Electric Company (PG&E) announced plans to launch three pilot programs to test bidirectional EVs and their chargers' ability to supply power to the electric grid and provide benefits to customers. These developments are encouraging wire harness market players to offer customized products to their end-users and are expected to have a positive impact on the wire harness market's 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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Wire harness market players, such as HELUKABLE, Powersonic, and Marsh Electronics, are offering wire harnesses for the food & beverages industry. Further, wire harnesses for the agriculture industry are used in the harvester tractors, water pumps, disc harrows, and various other agricultural equipment. Companies, such as Car Manufacturing Company, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment.
In addition, the wire harness market is also experiencing significant growth due to the increasing production of various electronic equipment by manufacturers with the advent of new technologies. For example, the world's first burger vending machine was launched in New Jersey in April 2022, which can cook burgers without human assistance. Such equipment relies on wire harnesses, and the growing demand for such appliances is fueling the rapid expansion of the wire harness market.

Market players are implementing various strategies to expand their regional footprints. For instance, in March 2021, Cypress Industries, manufacturers of custom wire harnesses, announced the construction of its new production facility for wire harness and cable assembly in India.
COVID-19 Impact on Europe Wire Harness Market Size

The wire harness market in Europe has been negatively impacted by the COVID-19 pandemic. In 2020, the implementation of border closures and import/export restrictions led to a decline in production volumes in various industries, including electronics and semiconductor manufacturers. The limited workforce caused by the pandemic also affected the operations of wire harness market players, resulting in delayed product deliveries. Although industries resumed operations in the region in 2021, the supply chains of semiconductor manufacturing facilities continue to be impaired by constraints and nationwide lockdowns brought on by the pandemic. As a result, the wire harness market in Europe is expected to continue to experience losses in 2022 due to the ongoing shortage of semiconductor components, which is expected to persist indefinitely.

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The wire harness market analysis was conducted using both primary and secondary sources. The research process began with extensive secondary research, which involved gathering qualitative and quantitative information from internal and external sources. This helped to obtain an overview and forecast of the wire harness market size across all segments. To validate the data and gain more analytical insights, industry participants and commentators were interviewed. The participants included VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders who specialized in the wire harness market. The combination of primary and secondary research helped to provide a comprehensive understanding of the wire harness market, including its drivers, restraints, opportunities, and challenges. It also helped to identify trends and key players in the market.

Table Of Contents
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Wire Harness Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Wire Harness Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Technological Advancements in Automobiles
5.1.2 Increasing Wire and Cable Consumption
5.2 Market Restraints
5.2.1 Rising Counterfeit Products That Can Cause Catastrophe
5.3 Market Opportunities
5.3.1 Technological Advancements in Food & Beverages and Agriculture
5.4 Future Trends
5.4.1 Increasing Usage of Lightweight Wire Harness
5.5 Impact Analysis of Drivers and Restraints
Continued…...!

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