Press release
Wire Harness Market Poised for 7 % Growth, Set to Hit $91.39 Billion by 2029
Wire Harness
The automotive industry's expansion is propelling the wire harness market's development. This sector includes firms that manufacture two-wheelers, three-wheelers, and four-wheelers. Wire harnesses, crucial for automobiles' effective function and safety, are integrated into the bodies, engines, and frames of these vehicles. To illustrate, The Society of Indian Automobile Manufacturers (SIAM), a non-profit organization representing major vehicle and engine makers in India, reported that total passenger vehicle sales grew from 2,711,457 to 3,069,499 units between April 2021 and March 2022. During the same period, commercial vehicle sales jumped from 568,559 to 716,566 units, medium and heavy commercial vehicle sales rose from 160,688 to 240,577 units, and light commercial vehicle sales increased from 407,871 to 475,989 units. As a result, the automotive industry's expansion is fueling the wire harness market's growth.
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What Is the projected market size and growth rate for the wire harness market?
The wire harness market has experienced a significant expansion in recent years. Its size is anticipated to escalate from $65.81 billion in 2024 to $69.8 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. The surge in the market during the historical period is due to robust economic progress in developing markets, augmented automobile manufacturing, rise in railway projects, and an increase in construction expenditure.
The market size of the wire harness is predicted to witness robust growth in the upcoming years, escalating to $91.39 billion by 2029 with a CAGR of 7.0%. The projected progress in this forecast period can be credited to conducive governmental policies, an increase in the use of electric vehicles, the proliferation of renewable energy systems, and escalating urbanization. Key trends anticipated in the forecast period involve emphasis on devising inventive products, establishment of new facilities, forming partnerships and collaborations, and the amplification of investments to enhance financial robustness and product range.
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How are the latest trends influencing the growth of the wire harness market?
Leading businesses in the wire harness market are creating avant-garde products such as harness design and manufacturing software to bolster production accuracy and efficiency. This type of software comprises specialized computer programs that aid engineers and producers in the designing, fabrication, and assembly of wire harnesses. For instance, Zuken Inc., a software and consulting service corporation based in Japan, in May 2023, introduced Harness Builder 2023 for E3.series, a revamped software intended to boost the design and manufacturing of wire harnesses. This newer version boasts an advanced user interface for better usability, a tool for automatic dimensioning to simplify dimensioning throughout the harnesses, and improved management of twisted pairs to minimise waste. It further encompasses seamless splice documentation, a cost and weight prediction tool for precise quotes, and the capability to incorporate customisable watermarks on sketches.
What major market segments define the scope and growth of the wire harness market?
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
Subsegments:
1) By Electric Wires: Copper Wires, Aluminum Wires, Specialty Wires
2) By Connectors: Circular Connectors, Rectangular Connectors, Modular Connectors
3) By Terminals: Crimp Terminals, Solder Terminals, Insulated Terminals
4) By Other Products: Cable Assemblies, Heat Shrink Tubing, Protective Sleeves
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Which region dominates the wire harness market?
Asia-Pacific was the largest region in the wire harness market in 2024. The regions covered in the wire harness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the wire harness industry growth?
Major companies operating in the wire harness market include 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, Nexans autoelectric GmbH, Zaklad Elektroniczny Omega Sp. z o.o, SEWS Hungary Wiring Harness Ltd, PGF Technology Group 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, Milectria, ECS Global Wire & Cable FZCO, Contronic
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What Is Covered In The Wire Harness Global Market Report?
• Market Size Forecast: Examine the wire harness market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the wire harness market for a structured understanding.
• Key Players Overview: Analyze major players in the wire harness market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wire harness market.
• Segment Contributions: Evaluate how different segments drive overall growth in the wire harness market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wire harness market.
• Industry Challenges: Identify potential risks and obstacles affecting the wire harness market.
• Competitive Landscape: Review strategic developments in the wire harness market, including expansions, agreements, and new product launches.
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