Hyderabad, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Automotive Wiring Harness Market Report (2023-2028)," the market is estimated at USD 38.65 billion in 2023. It is expected to register a CAGR of 4.19% during the forecast period.
Wiring harness systems are assemblies of electrical cables or wires that transmit electric signals within a vehicle's electrical functions. The adoption of navigation and infotainment systems in vehicles is becoming more common. The rise in electric vehicle sales is driving the demand for automotive wiring harnesses, as they play a crucial role in controlling various functions in electric vehicles. Increased concern over automation-related accidents is pushing customers and governments to seek advanced safety features, which is expected to boost the wire harness market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 38.65 billion |
| Market Size (2028) | USD 47.46 billion |
| CAGR (2023-2028) | 4.19% |
| Study Period | 2018-2028 |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Focus on safety solutions. |
| Increasing electrification of vehicles. |
Who are the Top Companies in the Global Automotive Wiring Harness Market?
The market is highly consolidated, with some global and a few local players dominating the market. The competition in the market is at a medium level. Many companies are forming partnerships to bring the latest features to their products and expand their production capacities.
The significant players in the global automotive wiring harness market are,
- LEONI AG
- Yazaki Corporation
- Aptiv PLC
- Sumitomo Electric Industries Ltd
- Lear Corporation
- Motherson Sumi Systems Ltd
- Furukawa Electric Co. Ltd
- Fujikura Ltd
- Coroplast Fritz Müller GmbH & Co.
- Jiangsu Kyungshin Electronic Co. Ltd
- Nexans
- THB Group
Other Reports That Might Be of Your Interest:
- United States Automotive Service Market Report - The US automotive service market size is estimated at USD 177.51 billion in 2023. It is expected to reach USD 237.33 billion by 2028, at a CAGR of 5.98% during the forecast period (2023-2028).
- Automotive Suspension System Market Report - The automotive suspension system market size is estimated at USD 126.76 billion in 2023. It is expected to reach USD 170.84 billion by 2028, at a CAGR of 6.15% during the forecast period (2023-2028).
Key Highlights from the Global Automotive Wiring Harness Market Report:
Increasing Demand for Electric Vehicles
- Electric vehicles (EVs) are gaining popularity in the automotive industry due to their cost-saving benefits and positive environmental impacts.
- Favorable government initiatives and increasing environmental concerns are driving the global adoption of electric mobility.
- Europe is leading in the sale of electric vehicles, followed by China and the United States. Battery-electric passenger car sales are projected to exceed 7 million annually by the end of 2027, accounting for around 15% of total vehicle sales.
- As EV adoption continues to rise, wire and cable manufacturers are investing in increasing production capacity to meet the growing demand.
Asia-Pacific Dominating the Market
- The Asia-Pacific region is anticipated to hold a significant share of the automotive wiring harness market in the coming years due to rising disposable income, growing GDP, ease of auto parts manufacturing, vehicle sales, and government regulations promoting electric vehicle adoption in the region.
- The robust expansion strategies adopted by OEMs and suppliers in the region, especially in China, are contributing to the positive market outlook. China has already surpassed its 20% EV market share target set for 2025.
- India's automotive wiring harness market benefits from the government's allowance of 100% foreign equity investment in the automobile sector. The increasing number of new vehicle registrations in India provides a favorable environment for the growth of automotive wiring harness manufacturing companies.
- Traditional wiring methods are being replaced by advanced wiring harness systems to accommodate new features offered by automakers, enhance fuel efficiency, and comply with government regulations.
What are the Latest Developments in the Global Automotive Wiring Harness Market?
- In September 2022, Aptiv PLC signed a definitive agreement to acquire Intercable Automotive Solutions from Intercable Srl for USD 600.95 million.
- In the same month, Motherson Sumi Ltd inaugurated its third manufacturing facility for automotive harness products in Serbia at Požarevac.
Mordor Intelligence has Segmented the Global Automotive Wiring Harness Market Based on Application Type, Wire Type, Vehicle Type, and Geography.
- By Application Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Ignition System
- Charging System
- Drivetrain and Powertrain System
- Infotainment System and Dashboard
- Vehicle Control and Safety Systems
- Body and Cabin Wiring Harness
- By Wire Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Copper
- Aluminum
- By Vehicle Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Passenger Cars
- Commercial Vehicles
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Russia
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Automotive Wiring Harness Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Automotive Metal Stamping Market Report - The automotive metal stamping market size is estimated at USD 112.04 billion in 2023. It is expected to reach USD 142.93 billion by 2028, at a CAGR of 4.99% during the forecast period (2023-2028).
- Automotive Connector Market Report - The automotive connector market size is expected to grow from USD 6.71 billion in 2023 to USD 8.38 billion by 2028, at a CAGR of 4.53% during the forecast period (2023-2028).
- Automotive Cylinder Liner Market Report - The automotive cylinder liner market size is estimated at USD 4.89 billion in 2023. It is expected to reach USD 6.08 billion by 2028, at a CAGR of 4.47% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Attachment
