Press release
Wire Harness Market: Detailed Market Overview, Industry Statistics, Growth Factors, and Future Projections
Wire Harness Market
Wire Harness Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $85.43 billion In 2028 At A CAGR Of 6.5% :
The wire harness market size has grown strongly in recent years. It will grow from $62.36 billion in 2023 to $66.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased automobile production, the increased railway projects, and boost in construction spending.
The wire harness market size is expected to see strong growth in the next few years. It will grow to $85.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to supportive government initiatives, the surge in the adoption of electric vehicles, the growing use of renewable energy systems, and the rising urbanization. Major trends in the forecast period include focus on developing innovative products, new facility expansions, partnerships and collaborations, and increasing investments to improve financial strength and product portfolio.
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Wire Harness Market Major Segments
The wire harness market covered in this report is segmented -
1) By Product Type: Electric Wires, Connectors, Terminals, Other Products
2) By Material: PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, Polyethylene
3) By Application: Automotive, Telecom, Medical, Other Applications
Key Driver - Automotive Sector Surge Propels Wire Harness Market Growth
Growth in the automotive sector is driving the growth of the wire harness market going forward. The automotive sector refers to all the companies involved in manufacturing vehicles that, include two-wheelers, three-wheelers, and four-wheelers. The wiring harness is embedded in automobiles' bodies, engines, and chassis and is essential for their efficient performance and safety. For instance, according to The Society of Indian Automobile Manufacturers (SIAM), an India-based not-for-profit body representing all major vehicle and vehicular engine manufacturers, total passenger vehicle sales in India increased from 2,711,457 to 3,069,499 units in April 2021 to March 2022. Commercial vehicle sales increased from 568,559 to 716,566 units. Sales of medium and heavy commercial vehicles increased from 160,688 to 240,577 units, and light commercial vehicles increased from 407,871 to 475,989 units from April 2021 to March 2022. Therefore, the growth in the automotive sector is driving the growth of the wire harness market.
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Prominent Trend - A Key Trend Reshaping The Wire Harness Market
Process innovation has emerged as a key trend gaining popularity in the wire harness market. Major companies operating in the wire harness market are focused on offering innovative services such as automating the process of wire harness production. For instance, in April 2021, Zuken, a US-based software company introduced the E3.series. Harness Builder for E3.series is a state-of-the-art method for effectively handling the wire harness production process from start to finish. It includes improvements in the manufacturing documentation and modularization of wire harness designs. It helps the designer to apply intelligent designs to streamline the quoting process, automate the harness documentation process, and drive next-generation manufacturing processes.
Wire Harness Market Players
Major companies operating in the wire harness market report are Aptiv PLC, Yazaki Corporation, The Dräxlmaier Group, Molex LLC, Leoni AG, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd., Sumitomo Electric Industries Ltd., Nexans S.A., AME Systems Wiring Harnesses Australia, Spark Minda, Motherson, Yazaki Corporation, Sumitomo Electric Industries Ltd, Bucheon Industrial Co Ltd, TaeSung Electro-Circuit System, Kunshan Huguang Auto Electric Limited, THB Group, Shenzhen Deren Electronics Co Ltd, Shanghai JinTing Automobile Harness Co Ltd, Shenzhen Qiaoyun Electronics Co Ltd, Jiangsu Huakai Wire Harness Co Ltd, Delfingen Industry, era-contact GmbH, Ernst & Engbring GmbH, Lacon Electronic GmbH, SINBON Hypermotive Ltd Raffenday Limited, Nexans autoelectric GmbH, Zakład Elektroniczny Omega Sp. z o.o, SEWS Hungary Wiring Harness Ltd, PGF Technology Group Inc, Texas Industrial Remcor Inc, Absolute Quality Mfg Inc, Connective Design Inc, Precision Mfg Co Inc, Amphenol Canada, AQ Wiring Systems Canada Inc, Dena Technologies Inc, Kromberg & Schubert do brasil ltda, Furukawa electric group, Prysmian group, Motherson sumi systems limited, Amphenol TFC, Power Plus Cable Co LLC, Fahad Cables industry fze, Milectria, ECS Global Wire & Cable FZCO, Macrall Timbers, Siyavuya Power Projects (Pty) Ltd, Salchain (Pty) Ltd, Screenex Manufacturing (Pty) Ltd, Contronic
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the wire harness market in 2023. The regions covered in the wire harness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Wire Harness Market Report Structure
3. Wire Harness Market Trends And Strategies
4. Wire Harness Market - Macro Economic Scenario
5. Wire Harness Market Size And Growth
…..
27. Wire Harness Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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