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Automotive Wiring Harness Market Surge to reach $59.5 billion by 2030

Automotive Wiring Harness Market Surge to reach $59.5 billion

The global automotive wiring harness market is projected to grow from USD 48.7 billion in 2023 to USD 59.5 billion by 2030, at a CAGR of 2.9% from 2023 to 2030

The market is driven by factors such as increasing vehicle production, increased adoption of electric vehicles, increased number of new features in modern vehicles, etc. The shift towards electric & hybrid vehicles and vehicles with ADAS features drives the demand for complex wiring harnesses with higher data transfer rates. The future challenge for the wiring harness manufacturers and OEMs would be to accommodate high-voltage systems, battery management and electric motors, and motor management systems with high-speed data wiring.

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The metallic wiring harness is expected to hold the largest market share in 2023

The metallic segment holds the largest share of the automotive wiring harness market. OEMs mostly use copper for manufacturing automotive wiring harnesses due to high conductivity, durability, limited corrosion, high tensile strength, and high data transfer. Hence, metallic wiring harnesses are extensively used in various critical automotive applications, including powertrain, chassis, body and lighting, safety systems, transmission, and interior wiring. Despite fluctuations in the prices of copper, which have impacted the profit margins of wiring harness manufacturers in the recent past, metallic materials are still expected to hold a large share of the automotive wiring harness market by 2030. Also, using aluminum in automotive wiring harnesses with gold plating helps enhance data transmission and reduce weight and costs. For instance, Positronic provides gold plating in connectors, and TE Connectivity also provides automotive terminals with either gold or nickel plating. Furukawa Electric in October 2021 developed aluminum wires in wiring harnesses used in Toyota Boshoku seats and fitted in the new Toyota Land Cruiser 300. However, aluminum has its challenges, such as corrosion and termination issues. Hence, wiring harness manufacturers are still using copper. While copper remains a preferred choice for its conductivity and reliability, there has been ongoing research and development in alternative materials, such as aluminum and conductive plastics, to reduce weight and improve vehicle fuel efficiency. The market will continue to rely on copper for its reliability and conductivity, alongside a growing use of aluminum for weight reduction and efficiency. Some automakers, such as Sumitomo, are exploring these alternatives, leading to a slight decrease in copper usage.

The body and lighting harness segment is estimated to be the largest market during the forecast period.

The body and lighting harnesses are integral components in modern vehicles, responsible for the electrical connections that power and control various aspects of a vehicle's body and lighting systems. This includes the vehicle's lighting, door locks, power windows, interior electronics, and dashboard controls. Introducing new internal applications such as ambient lighting, dashboard lighting, glovebox lighting, and exterior applications such as matrix LED headlamps, rear flashlights, and DRLs has led to technological changes in wiring harnesses and associated electronics. The presence of luxury or premium vehicles across the globe is increasing. These vehicles are equipped with cutting-edge technology, including advanced safety systems, infotainment, and autonomous driving features, requiring more harnesses. According to industry experts, body & lighting harness requires 900-1,000 wires, 5-7 harnesses, and 300-500 circuits, with a data transmission rate of 10-15% per the vehicle's length and complexity. Asia Pacific is estimated to be the largest market for this segment as this region is expected to have a higher growth rate in vehicle production, thereby driving the growth of the body and lighting harness segment.

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Europe is anticipated to be the second-largest market in 2023, driven by growing vehicle production and electrification trends.

The European market is expected to exhibit growth in vehicle production in the coming years, increasing the demand for wiring harnesses. Companies such as Aptiv PLC (Ireland), Leoni AG (Germany), and Nexans (France) are key players in the domestic wiring harness market. Germany, France, Spain, the UK, Russia, Italy, and the Rest of Europe have been considered under Europe for market analysis. The European Union (EU) has implemented a range of regulatory mandates to enhance vehicle safety by including advanced driver assistance systems (ADAS) and other safety features. These regulations are strategically designed to reduce accidents and improve overall road safety. The implications of these mandates are particularly noteworthy for the automotive wiring harness market. ADAS and safety features necessitate intricate wiring harnesses to interconnect the sensors, actuators, and control units, enabling these systems to function effectively.

Key Market Players:

Major players operating in the electric powertrain market are Yazaki Corporation (Japan), Sumitomo Electric Industries, Ltd. (Japan), Aptiv PLC (Ireland), Furukawa Electric (Japan), and Leoni AG (Germany).

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