Press release
Automotive Wiring Harness Market Size, Share, Growth and Report 2023-2030
Automotive Wiring Harness Market-DataM Intelligence
The global Automotive Wiring Harness Market is poised to experience a substantial Compound Annual Growth Rate (CAGR) throughout the forecast period spanning from 2023 to 2030. A wiring harness, encompassing wires, terminals, and connectors, serves as the circulatory and respiratory system of a vehicle, transmitting vital information and electric power. The surge in electric vehicle sales worldwide is a key driver propelling the automotive wiring harness market.
Market Metrics and Segmentation
Metrics:
Market CAGR: High
Segments Covered: By Vehicle Type, By Component, By Application, and By Region
Report Insights Covered:
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights.
Largest Market Share: Asia Pacific
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Market Dynamics
The global Automotive Wiring Harness Market is witnessing significant growth propelled by the rising sales of passenger cars and commercial vehicles worldwide. Notably, the surge in electric vehicle sales in countries like Norway, Sweden, and the Netherlands is contributing substantially to market expansion.
According to the International Organization of Motor Vehicle Manufacturers (OICA), key automotive markets such as China, Japan, the USA, Germany, India, and France have reported substantial sales figures. Despite a 13.8% decline in global car sales in 2020, the market is bouncing back, with electric vehicles accounting for a growing share.
The demand for electric vehicles is escalating globally, driven by government initiatives to reduce pollution and dependence on traditional fuels. The market has experienced a 39% increase in electric vehicle sales in 2020, with notable contributions from best-selling models such as Tesla Model 3 and Wuling Hongguang mini EV.
However, challenges such as high maintenance costs due to metal rusting and the availability of alternative connectors are hindering the market's growth.
Segment Analysis
The global Automotive Wiring Harness Market is segmented based on Vehicle Type, Component, Application, and Region.
Vehicle Type:
Two Wheelers
Passenger Cars
Commercial Vehicles
Component:
Electric Wire
Connectors
Terminals
Others
Application:
Body Wiring Harness
Engine Wiring Harness
Chassis Wiring Harness
HVAC Wiring Harness
Sensors Wiring Harness
Geographical Share
The Asia-Pacific region dominates the market, holding a significant share in 2020 and is expected to maintain this position by 2028. The robust demand from countries like India, China, Japan, and South Korea is a key contributor to the region's market share.
For More Insights about the Market: https://www.datamintelligence.com/research-report/automotive-wiring-harness-market
Key Companies
The global Automotive Wiring Harness Market is fragmented, featuring key players such as Delphi Automotive LLP, Furukawa Electric Co. Ltd, Sumitomo Electric Industries Ltd., Lear Corporation, THB Group, SPARK MINDA, Samvardhana Motherson Group, Nexans Auto electric, Yazaki Corporation, Yura Corporation, among others.
Mergers and Acquisitions, Agreements, Expansions, and New Innovations Drive Competition
Prominent market players are actively engaging in mergers and acquisitions, agreements, and expansions to strengthen their foothold. Recent notable instances include Dhoot Transmission's acquisition of San Electromec, Lear Corporation's acquisition of M&N plastics, and Furukawa Electric Co. Ltd's establishment of a new base in Vietnam to enhance wire harness production capacity.
Innovations, New Products, and Collaborations Foster Competitive Landscape
Ongoing innovations, product launches, and collaborations among companies intensify market competition. Companies are investing in cutting-edge technologies to stay ahead. Noteworthy developments include partnerships and collaborations that enhance competitiveness, while divestments, investments, and company splits further contribute to market dynamism.
Related Reports:
Automotive IoT Market: https://www.datamintelligence.com/research-report/automotive-iot-market
Automotive LiDAR Market: https://www.datamintelligence.com/research-report/automotive-lidar-market
Electric Vehicle Connectors Market: https://www.datamintelligence.com/research-report/electric-vehicle-connectors-market
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Company Name: DataM Intelligence
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com
About Us -
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.
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