Press release
Future of the Automotive Wiring Harness Market: Strategic Analysis and Forecast to 2034
Automotive Wiring Harness Market Growth
Automotive Wiring Harness Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been consistent expansion in the automotive wiring harness market size. It's predicted that this market, valued at $60.43 billion in 2024, will further rise to $63.44 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.0%. Factors such as regulatory mandates, an increase in passenger car sales, economic development and government backing have contributed to the growth witnessed in the historical timeframe.
Automotive Wiring Harness Market Size Forecast: What's the Projected Valuation by 2029?
The size of the automotive wiring harness market is projected to experience robust growth in the upcoming years, reaching a value of $77.58 billion in 2029 with a compound annual growth rate of 5.2%. This growth during the forecast period can be linked to an enhanced focus on vehicle safety, an increase in vehicle sales, the rise of connected vehicles, surging urbanization, and growing disposable income. Key trends to watch during this period include the adoption of environmentally-friendly materials, the integration of 5G, thermal management, modular and scalable designs, as well as collaborations and partnerships.
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What Are the Drivers Transforming the Automotive Wiring Harness Market?
The growing popularity and consumption of hybrid and electric vehicles is substantially accelerating the progression of the automotive wiring harness market. Automotive wiring harnesses are employed in hybrid vehicles to ensure superior performance even under severe conditions. These harnesses have the capability to convey high currents under extreme circumstances, making them capable of handling electric loads and resistant to high heat and electromagnetic noise. For example, a report by Kelley Blue Book, a company under US-based Cox Automotive, revealed in January 2024 that in the previous year, an unprecedented 1.2 million car purchasers in the United States opted for electric vehicles. This amounted to 7.6% of the total U.S. vehicle market, a rise from 5.9% in 2022. The surging demand for electric and hybrid vehicles is likely to spur the need for automotive wiring harnesses, consequently fueling the development of the automotive wiring harness market in the projected timeframe.
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What Long-Term Trends Will Define the Future of the Automotive Wiring Harness Market?
Advancements in technology are a leading trend influencing businesses within the automotive wiring harness market. These firms are concentrating their efforts on producing and implementing wiring harnesses that are more compact and take up less space. To illustrate, Marelli, a US-based company that develops and manufactures auto components, launched it new Wireless Distributed Battery Management System (wBMS) for electric vehicles in May 2022. This system allows communication between batteries and the control unit via wireless technology. By doing so, it eradicates the necessity for daisy-chain communication and wiring, hence simplifying the construction and installation of battery cells. This results in a 90% reduction in the wiring harness and offers increased flexibility in the positioning of battery modules.
Which Segments in the Automotive Wiring Harness Market Offer the Most Profit Potential?
The automotive wiring harness market covered in this report is segmented -
1) By Component Type: Wires, Connectors, Terminals, Other Components
2) By Material Type: Copper, Aluminum, Other Materials
3) By Harness Type: Main Harness, Auxiliary Harness, Other Types
4) By Vehicle Type: Two Wheelers, Passenger Cars, Commercial Vehicles
Subsegments:
1) By Wires: Copper Wires, Aluminum Wires, Shielded Wires
2) By Connectors: Standard Connectors, Waterproof Connectors, High-Voltage Connectors
3) By Terminals: Crimp Terminals, Solder Terminals, Insulated Terminals
4) By Other Components: Cable Ties, Heat Shrink Tubing, Protective Sleeves, Junction Boxes
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Which Firms Dominate the Automotive Wiring Harness Market by Market Share and Revenue in 2025?
Major companies operating in 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., 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, Brascabos Electrical Electronic Components, Cypress Industries, Dräxlmaier Group, 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.
Which Regions Offer the Highest Growth Potential in the Automotive Wiring Harness Market?
Asia-Pacific was the largest region in the automotive wiring harness market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive wiring harness market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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