Automotive Wiring Harness Market to Hit $73.71 Billion, Globally, by 2030 at 4.6% CAGR: Allied Market Research

The global automotive wiring harness market is expanding rapidly due to technological advancements, developments of safety features in automobiles, and increased shift towards EVs.


Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Automotive Wiring Harness Market by Material (Copper, Aluminum, and Others), Propulsion (ICE Vehicles, Electric Vehicles, and Hybrid Vehicles), Vehicle Type (Two Wheeler, Passenger Cars, and Commercial Vehicles), Voltage (Low Voltage, and High Voltage), and Application (Body & Lighting, Engine, HVAC, Chassis, Dashboard & Cabin, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." 

The report indicates that the global market for automotive wiring harness industry size is expected to generate $73.71 billion by 2030, having witnessed a value of $47.61 billion in 2020, with a notable CAGR of 4.6% throughout the forecast timeframe of 2021 to 2030.

Download Sample Pageshttps://www.alliedmarketresearch.com/request-sample/643

Factors influencing the growth of the market:

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. 

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.

Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) - https://www.alliedmarketresearch.com/automotive-wiring-harness-market/purchase-options

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.

Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/643

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

Similar Reports We Have on Automotive Industry:

India Automotive Wiring Harness Market Research Report 2023-2032

GCC Automotive Wiring Harness Market Research Report 2023-2032

Railway Wiring Harness Market Research Report 2023-2032

Electrical Wiring Interconnection System Market Research Report 2023-2032

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.

 

Contact Data