Press release
Automotive Wiring Harness Market Expansion Continues, with Forecast Valuation of $74.71 Billion by 2029
Automotive Wiring Harness
Automotive Wiring Harness Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the automotive wiring harness market has been witnessing consistent expansion in the past few years. This market is predicted to exhibit growth from $60.43 billion in 2024 to $62.4 billion in 2025, with a CAGR of 3.3%. The growth experienced in the earlier period can be credited to regulatory requirements, an increase in passenger car sales, overall economic growth, and governmental support.
Automotive Wiring Harness Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the automotive wiring harness market is projected to experience consistent expansion. It's expected to reach a value of $74.71 billion in 2029, growing at a compound annual growth rate of 4.6%. The reason for this surge during the forecasted period can be linked to increased focus on vehicle safety, growing vehicle sales, the prevalence of connected vehicles, urbanization growth, and rising disposable income levels. Emerging trends in the forecasted period include using environmentally friendly materials, the incorporation of 5g, thermal management, adaptable and scalable designs, and an increase in collaborations and partnerships.
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What Are the Drivers Transforming the Automotive Wiring Harness Market?
The rising need and popularity of hybrid and electric vehicles are greatly boosting the growth of the automotive wiring harness industry. Automotive wiring harnesses, utilized in hybrid cars, ensure efficient performance in severe conditions. Capable of transmitting high currents even under radical conditions, these harnesses can support electrical loads and withstand high temperatures and electromagnetic interference. As per a report by Kelley Blue Book, a Cox Automotive company based in the US, there was a record-breaking number of 1.2 million car buyers in 2023 in the United States who opted for electric vehicles. This represented 7.6% of the total U.S. vehicle market, a rise from 5.9% in 2022. The surge in demand for electric and hybrid vehicles is anticipated to fuel the need for automotive wiring harnesses, thereby fostering the growth of the automotive wiring harness market in the forecast period.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Wiring Harness Market?
The primary trend that companies in the automotive wiring harness market are adopting revolves around technological progression. These companies are honing in on producing and implementing wiring harnesses that are more compact and take up less room. A case in point occurred in May 2022 when Marelli, a US-based company involved in the development and manufacturing of automotive components, launched its new Wireless Distributed Battery Management System (wBMS) for electric vehicles. This system facilitates communication between batteries and control units using wireless technology, thereby removing the requirement for daisy-chain communication and wiring. This not only simplifies the construction and installation of battery cells but also lessens the wiring harness by 90%, providing greater flexibility for battery module placement.
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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