Press release
Automotive Wiring Harness Market Size to Hit USD 73.71 Billion Globally by 2030, Fueled by EV Surge and Tech Integration - Allied Market Research
Automotive Wiring Harness Market
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The global automotive wiring harness market is expanding rapidly due to technological advancements, developments of safety features in automobiles, and increased shift towards EVs. However, the high cost of maintenance restrains market growth to some extent. Nevertheless, accelerated development of autonomous vehicles and dynamic government regulations are estimated to offer remunerative growth opportunities for the market in the upcoming years.
Asia-Pacific is expected to dominate the automotive wiring harness market due to growth in demand for premium cars, increased disposable income in countries such as India & China, as well as rise in adoption of electric vehicles in the region. The surge in adoption of electric vehicles is supported by government initiatives to offer benefits on purchase of electric vehicles. Moreover, integration of advanced features in vehicles requires wiring harness, which is expected to act as growth driver for the market.
The copper segment to rule the roost by 2030
Based on materials, the copper segment grabbed the highest market share of nearly three-fourths of the global automotive wiring harness market revenue in 2020 and is estimated to retain its dominance throughout the forecast timeframe. The growth is attributed to robust demand for larger vehicles like SUVs and vans, electrification of vehicles, and great efficiency of copper in automobiles. On the other hand, the aluminum segment is estimated to display the highest CAGR of 6.4% from 2021 to 2030. The segment is expected to experience growth during the forecast period as there is an increasing adoption of aluminum-based wiring harnesses, which helps reduce both the weight and costs associated with copper wiring harnesses.
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The ICE vehicles segment dominated the market in 2020
On the basis of propulsion, the ICE vehicles segment garnered the major share in 2020, accounting for more than four-fifths of the overall market revenue and is projected to retain its dominance throughout the forecast timeframe. The segment is driven by rising demand from emerging economies, development of advanced safety features in passenger cars, and robust demand for passenger vehicles. The electric vehicles segment, on the other hand, is estimated to portray the fastest CAGR of 7.5% from 2020 to 2030. Several countries across the globe are encouraging the usage of EVs to lower the adoption of conventional gasoline derived vehicles and reduce their carbon footprint. The report also discusses the hybrid vehicles segment.
Asia-Pacific followed by North America to continue its supremacy
The regional analysis in the report indicates that the North America region held the highest market share of nearly half of the total market revenue in 2020 and is estimated to retain its dominance throughout the forecast timeframe. Surge in adoption of EVs, growth in disposable income among nations such as China & India, and robust demand for advanced features in vehicles and premium cars. The LAMEA region is anticipated to display the fastest growth with 6.6% CAGR throughout the forecast timeframe. The growth of the LAMEA automotive wiring harness market is propelled by factors like the increasing demand for fuel-efficient and environmentally friendly vehicles and the implementation of vehicle emission protocols.
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Key market players:
Sumitomo Electric Industries, Ltd
Furukawa Electric Co., Ltd
Yazaki Corporation
Lear Corporation
Aptiv PLC
SamvardhanaMotherson Group
Yura Corporation
NexansAutoelectricGmbh
Fujikura Ltd.
Leoni AG
Key Findings Of The Study
By material, the aluminum segment is anticipated to exhibit significant growth in the near future.
By propulsion, the electric vehicles segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the two wheeler segment is anticipated to exhibit significant growth in the near future.
By voltage, the high voltage automotive wiring harness segment is anticipated to exhibit significant growth in the near future.
By application, the dashboard and cabin segment is anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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