Wire Harness Market Size, Share, Analysis, Growth, Trends, Industry Report And Outlook

As per The Business Research Company's Wire Harness Opportunities And Strategies Market Report 2023, The global wire harness market reached a value of nearly $58,820.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.9% since 2017. The market is expected to grow from $58,820.0 million in 2022 to $78,520.9 million in 2027 at a rate of 5.9%. The market is then expected to grow at a CAGR of 7.3% from 2027 and reach $111,923.5 million in 2032.

Supportive government initiatives are expected to propel the growth of the wire harness market. For example, The US Energy Department issued $362 million loan to California startup CelLink to help finance construction of a US manufacturing facility to improve key vehicle wiring components. The conditional commitment from the government's Advanced Technology Vehicles Manufacturing loan program is for the development of lighter, more efficient flexible circuit wiring harnesses for automotive and other industries. Therefore, such supportive government initiatives will drive the growth of the wire harness market.

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Companies operating in the wire harness market are focusing on new facility expansion to grow in the market. For example, in January 2023, Leoni AG, a Germany-based cable and harnessing manufacturing firm, expanded its production facility for automotive wiring systems in Cuauhtémoc, Mexico. This is the company's response to the increasing demand for electric cars in North America. Over the next five years, Leoni will invest a further approx. $16.8 million in corresponding production facilities. Similarly, in October 2022, Aptiv, an Ireland-based provider of an integrated vehicle brain and nervous system, inaugurated a second plant in the municipality of Linares, Nuevo Leon, Mexico where it will manufacture harnesses for electric vehicles, considered part of the nervous system and brain of next-generation automobiles. Aptiv invested $14.9 million to improve the industrialization of the plant.

The top opportunities in the wire harness market segmented by product type will arise in the terminals segment, which will gain $8,268.2 million of global annual sales by 2027. The top opportunities in the wire harness market segmented by material will arise in the PVC segment, which will gain $9,216.1 million of global annual sales by 2027. The top opportunities in the wire harness market segmented by application will arise in the automotive segment, which will gain $8,627.9 million of global annual sales by 2027. The wire harness market size will gain the most in China at $4,769.1 million

Wire Harness Market Segmentation:
The Wire Harness market is segmented by product type, by material, and by application.
By Product Type -
a) Electric Wires
b) Connectors
c) Terminals
d) Other Products

By Material-
a) PVC
b) Vinyl
c) Thermoplastic Elastomer
d) Polyurethane
e) Polyethylene

By Application-
a) Automotive
b) Telecom
c) Medical
d) Other Applications

Major players in the Wire Harness market include Aptiv PLC, Yazaki Corporation, The Dräxlmaier Group, Molex LLC, Leoni AG

The regions covered in the global Wire Harness market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Wire Harness Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Wire Harness Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
.......
19. Company Profiles
20. Key Mergers and Acquisitions
21. Opportunities And Strategies
22. Wire Harness Market, Conclusions And Recommendations
23. Appendix

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