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Automotive Wiring Harness Market Trends, Outlook, Demand, Insights, Overview: 2024-2033
Automotive Wiring Harness Market Trends
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According to The Business Research Company's, The automotive wiring harness market size has grown strongly in recent years. It will grow from $58.12 billion in 2023 to $61.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory mandates, rise in passenger car sales, economic growth, government support.
The automotive wiring harness market size is expected to see strong growth in the next few years. It will grow to $75.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to increasing emphasis on vehicle safety, rising vehicle sales, rising connected vehicles, rising urbanization, rising disposable income. Major trends in the forecast period include eco-friendly materials, 5g integration, thermal management, modular and scalable designs, collaboration and partnership.
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Market Drivers and Trends:
The expanding demand and usage of hybrid and electric vehicles are significantly contributing to the growth of the automotive wiring harness market. An automotive wiring harness is used in hybrid vehicles to offer good performance in harsh environments. These harnesses can transmit high currents even in extreme conditions, thus being able to handle electrical loads and resist high heat and electromagnetic noise. In 2021, electric car sales doubled to 6.6 million from 3 million in 2020. Also, sales in China, the US, and Europe increased by 160% in the first half of 2021 over the previous year. The increasing demand for electric and hybrid cars is expected to propel the demand for automotive wiring harnesses, thus driving the growth of the automotive wiring harness market during the forecast period.
Technology advancement is the key trend being followed by companies operating in the automotive wiring harness market. Companies are focusing on manufacturing and deploying more compact wiring harnesses that occupy less space. For instance, in May 2022, Marelli, a US-based developer, and manufacturer of components for the automotive industry introduced its new Wireless Distributed Battery Management System (wBMS) for electric vehicles. Wireless Distributed Battery Management System provides communication between the batteries and control unit using wireless technology and eliminates the need for daisy-chain communication and wiring, which simplifies battery cell construction and installation to reduce the wiring harness by 90% and grants more flexibility for battery modules placement.
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Major Key Players of the Market:
Yazaki Corporation, Sumitomo Electric Industries, Aptiv PLC, Furukawa Electric, Leoni AG, Nexans, DELPHI AUTOMOTIVE LLP, Lear Corporation, SAMVARDHANA MOTHERSON GROUP, Yura Corporation d.o.o., Fujikura Automotive, PKC Group PLC., Coroplast Fritz Muller GmbH & Co. Kg, Motherson Sumi Systems Limited, Quingdao Sanyuan Group, Kyungship Corporation, Kromberg & Schubert, Jiangsu Kyungshin Electronic Co. Ltd, Adaptronic Pruftechnik GmbH, Brascabos Electrical Electronic Components, Cypress Industries, Czech Republic Onamba S.R.O., Dräxlmaier Group, United Harness Limited, Gebauer & Griller Group, General Cable Technologies Corporation, BorgWarner Inc., TE Connectivity Ltd, Spark Minda Group, Samvardhana Motherson Reflectec, THB Group Inc., K&S Wiring Systems, Hirschmann Car Communication GmbH, Minda Automotive Solutions Ltd.
Automotive Wiring Harness Market 2024 Key Insights:
• The automotive wiring harness market size is expected to see strong growth in the next few years. It will grow to $75.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Surging Electric Vehicle Sales Drive Growth In The Automotive Wiring Harness Market
• Innovations In Wireless Technology Revolutionize The Automotive Wiring Harness Market
• Asia-Pacific was the largest region in the automotive wiring harness market in 2023 and is expected to be the fastest-growing region in the forecast period
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