Press release
Surge in Automotive Wiring Harness Market: Expected to Reach $77.58 billion by 2029 at a 5.2% CAGR
Automotive Wiring Harness Market
Increasing Demand & Advanced Trends Propel Growth in the Automotive Wiring Harness Industry
What Is The Projected Market Size Of The Global Automotive Wiring Harness Market And Its Growth Rate?
The automotive wiring harness market has shown a steady growth rate and is projected to continue expanding:
• 2024 Market Size: $60.43 billion
• 2025 Market Size: $63.44 billion (5.0% CAGR)
• Forecasted 2029 Market Size: $77.58 billion (5.2% CAGR)
Historic growth can be attributed to regulatory mandates, rising car sales, economic growth, and government support among other factors. Meanwhile, future expansion is anticipated due to increasing vehicle safety measures, surging vehicle sales, connected vehicle advancements, urbanization, and rising disposable income.
What Is Driving The Growth In The Automotive Wiring Harness Market?
The rise in demand and usage for hybrid and electric vehicles significantly boosts the automotive wiring harness market growth. Automotive wiring harnesses are utilized in hybrid vehicles to provide superior performance under harsh conditions, transmitting high currents in extreme conditions, thus handling electrical loads and resisting high heat and electromagnetic noise. The increasing demand for electric and hybrid cars, accounted for 7.6% of the U.S. vehicle market in 2023, shows promise for the growth of the automotive wiring harness market during the forecast period.
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Who Are the Key Players Driving Automotive Wiring Harness Market Growth?
Significant contributors to the automotive wiring harness market include:
• 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.
What Are The Key Trends In The Automotive Wiring Harness Market?
Trends forecast in the development of the automotive wiring harness market include:
• Eco-friendly materials
• 5G integration
• Thermal management
• Modular and scalable designs
• Collaboration and partnership
What Are The Segments Of The Global Automotive Wiring Harness Market?
The global automotive wiring harness market can be segmented by:
1) Component Type: Wires, Connectors, Terminals, Other Components
2) Material Type: Copper, Aluminum, Other Materials
3) Harness Type: Main Harness, Auxiliary Harness, Other Types
4) Vehicle Type: Two Wheelers, Passenger Cars, Commercial Vehicles
Which Region Leads The Automotive Wiring Harness Market?
Asia-Pacific dominated the automotive wiring harness market in 2024 and is anticipated to be the fastest-growing region in the forecast period. The market report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Wiring Harness Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Wiring Harness Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Wiring Harness Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Wiring Harness Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Wiring Harness Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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