Automotive Wiring Harness Market to witness growth opportunities worth USD 68.68 Bn during the forecast period, Latest Advancements and Growth Prospects

Jan 07, 2024

Automotive Wiring Harness Market size was valued at USD 47.2 Bn. in 2021 and the total revenue is expected to grow at 4.8% of CAGR through 2022 to 2029, reaching nearly USD 68.68 Bn.

Pune, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, an Automotive and Transportation business research firm has published a market intelligence report on "Automotive Wiring Harness Market". The total market opportunity for Automotive Wiring Harnesses was USD 47.2 Bn in 2021 and is expected to grow at 4.8 percent CAGR through the forecast period to reach USD 68.68 Bn by 2029. As per the report, the Asia Pacific region held the largest share of the market in 2021.

Automotive Wiring Harness Market Report Scope and Research Methodology

The aim of the report is to provide a comprehensive analysis of the Automotive Wiring Harness Market to the stakeholders in the industry in simple language. The report provides an in-depth analysis of the factors driving and restraining the market growth at local, regional and global levels. It covers all the major aspects and the external and internal factors that are expected to affect the business during the forecast period. For easy understanding, the market has been divided into three major segments: component, application and vehicle type. These major segments of the Automotive Wiring Harness Market are further divided into many sub-segments. For the competitive landscape, the report includes key manufacturers with their market share based on production capacity, sales, revenue, geographical presence and other major factors.

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The bottom-up approach was employed to collect the data and estimate the market size by country. To collect the data, primary and secondary research methods were used and data collected by using both these methods were combined to draw accurate and error-free inferences. Online interviews were conducted with selected respondents. These respondents were selected by keeping the whole business ecosystem into account. The primary respondents were representatives from manufacturing TIER 1, TIER 2 companies, and OEMs. To validate the key findings, the industry experts were also interviewed. The secondary sources such as GENIVI Alliance, National Highway Traffic Safety Administration (NHTSA), European Automobile Manufacturers Association (ACEA), Japan Automobile Manufacturers Association (JAMA), Korea Automobile Manufacturers Association (KAMA) and Canadian Automobile Association (CAA) have been referred. Apart from these annual reports for listed companies, government databases and paid databases for unorganized players are referred. The report provides Porter analysis and PESTLE analysis which helps to better understand the Automotive Wiring Harness Market scenario on macro and micro levels. To provide the strengths and weaknesses of the market in the report, a SWOT analysis was used.

Automotive Wiring Harness Market Overview

Automotive wiring harness helps in transferring information and power to numerous modules in the automotive vehicle. It is an electrical assembly of many electronic components. It is used to handle current flow in the vehicle including electrical devices, wipers and electrical components. Wiring is protected from vehicle vibrations, abrasions and moisture by the automotive wiring harness. Different components like electrical tape, cable ties, conduits or a combination of them are used to tie electrical wires together into a single coverage for a more organized system. The massive growth of the automotive industry coupled with growing demand for electric vehicles is expected to drive the Automotive Wiring Harness Market.

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Automotive Wiring Harness Market Dynamics

The global market is majorly growing due to the growth in the automotive industry. The demand for the product is mainly increasing due to the increasing adoption of electric vehicles owing to the rising environmental consciousness. During the forecast period, the automotive wiring harness market is expected to be driven by the utilization of cost-effective and reliable optical fibers, along with increasing demand for Advanced Driver Assistance Systems (ADAS) in vehicles. Over the forecast period, the weight and cost of wiring harnesses is expected to be reduced due to the high demand for displays, cameras and other infotainment applications, which is expected to lead to the development of methods to combine video and camera signals into a single specialist cable. Corrosion damages the wire harness, which could be a restraining factor for the automotive wiring harness market.

Automotive Wiring Harness Market Regional Insights

In 2021, the Automotive Wiring Harness Market in the Asia Pacific region held the largest market share in terms of value at more than 55 percent. The growth of the market in the region is attributed to the increased vehicle production in China, Japan and India. China's contribution to automotive wiring harness sales in the region was around 60 percent in 2021. China is expected to dominate the regional market during the forecast period due to it being the world's largest manufacturer of automobiles.

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In the Europe region, the demand for automotive wiring harnesses is expected to increase because Germany is the largest importer of them. The increasing adoption of EVs and increasing automobile production are the main reasons why the import of automotive wiring harnesses is expected to rise during the forecast period.

Market Size in 2021

USD 47.2 Bn.

Market Size in 2029

USD 68.68 Bn.

CAGR

4.8% (2022-2029)

Forecast Period

2022-2029

Base Year

2021

Number of Pages

265

No. of Tables

112

No. of Charts and Figures

108

Segment Covered

Component, Application and Vehicle Type

Regional Scope

North America, Europe, Asia Pacific, Middle East and Africa, South America

Report Coverage

Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.

Automotive Wiring Harness Market Segmentation

By Component

Electric wire

Connector

Terminals

Other

By Application

Body

Engine

Chassis

HVAC

Sensors

By Vehicle type

Passenger car

Commercial vehicles

Automotive Wiring Harness Market Key Competitors include:

Aptiv PLC (US)

Delphi Automotive LLP (US)

The Harness Connection (US)

Lear Corporation (US)

QINGDAO SANYUAN GROUP (US)

Fujikura Ltd (Japan)

Furukawa Electric Co. Ltd. (Japan)

Sumitomo Electric Industries, Ltd. (Japan)

THB Group (UK)

Nexans (France)

Yura Corporation (Korea)

Leoni Ag (Germany)

PKC Group (Finland)

Minda Spark (India)

Devise Electronics Pvt. Ltd. (India)

EMDEP TestBoards (India)

Samvardhana Motherson Group (India)

AutoelectricYazaki Corporation (India)

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Key questions answered in the Automotive Wiring Harness Market are:

What is Automotive Wiring Harness?

What is the global Automotive Wiring Harness Market structure?

What are the global trends in the Automotive Wiring Harness Market?

What are the upcoming industry applications and trends for the Automotive Wiring Harness Market?

What are the recent industry trends that can be implemented to generate additional revenue streams for Automotive Wiring Harness Market?

What growth strategies are the players considering to increase their presence in Automotive Wiring Harness Market?

Who are the leading companies and what are their portfolios in Automotive Wiring Harness Market?

What are the major challenges that the Automotive Wiring Harness Market could face in the future?

Who held the largest market share in Automotive Wiring Harness Market?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2022−2029

Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends

Market Segmentation – A detailed analysis by Component, Application, Vehicle type and Region

Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.