Automotive Wiring Harness Market worth $59.5 billion by 2030 – Exclusive Report by MarketsandMarkets™


Chicago, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Automotive Wiring Harness Market is projected to grow from USD 48.7 billion in 2023 to USD 59.5 billion by 2030, at a CAGR of 2.9% from 2023 to 2030, according to a new report by MarketsandMarkets™. 

Browse and in-depth TOC on " Automotive Wiring Harness Market"   
355 – Tables
64 – Figures      
339 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=170344950

Report Attributes Details
Market size value in 2023: USD 48.7 billion
Projected to reach 2030: USD 59.5 billion
CAGR: 2.9%
Forecast Period: 2023-2030
Largest Market: Asia Pacific
Region Covered: Asia Pacific, North America, Europe, and Rest of the World
Segments Covered: Application (Engine, Chassis, Cabin, Body & Lighting, HVAC, Battery, Dashboard/Cabin, Seat, Sunroof, Door), ICE & EV Transmission Type, Data Rate, Component Material & Region
Companies Covered: Yazaki Corporation (Japan), Sumitomo Electric Industries (Japan), Aptiv PLC (Ireland), Furukawa Electric (Japan), and Leoni AG (Germany)

The market is driven by factors such as increasing vehicle production, increased adoption of electric vehicles, increased number of new features in modern vehicles, etc. The shift towards electric & hybrid vehicles and vehicles with ADAS features drives the demand for complex wiring harnesses with higher data transfer rates. The future challenge for the wiring harness manufacturers and OEMs would be to accommodate high-voltage systems, battery management and electric motors, and motor management systems with high-speed data wiring.

The metallic wiring harness is expected to hold the largest market share in 2023

The metallic segment holds the largest share of the automotive wiring harness industry. OEMs mostly use copper for manufacturing automotive wiring harnesses due to high conductivity, durability, limited corrosion, high tensile strength, and high data transfer. Hence, metallic wiring harnesses are extensively used in various critical automotive applications, including powertrain, chassis, body and lighting, safety systems, transmission, and interior wiring. Despite fluctuations in the prices of copper, which have impacted the profit margins of wiring harness manufacturers in the recent past, metallic materials are still expected to hold a large share of the automotive wiring harness market by 2030. Also, using aluminium in automotive wiring harnesses with gold plating helps enhance data transmission and reduce weight and costs. For instance, Positronic provides gold plating in connectors, and TE Connectivity also provides automotive terminals with either gold or nickel plating. Furukawa Electric in October 2021 developed aluminium wires in wiring harnesses used in Toyota Boshoku seats and fitted in the new Toyota Land Cruiser 300. However, aluminium has its challenges, such as corrosion and termination issues. Hence, wiring harness manufacturers are still using copper. While copper remains a preferred choice for its conductivity and reliability, there has been ongoing research and development in alternative materials, such as aluminium and conductive plastics, to reduce weight and improve vehicle fuel efficiency. The market will continue to rely on copper for its reliability and conductivity, alongside a growing use of aluminium for weight reduction and efficiency. Some automakers, such as Sumitomo, are exploring these alternatives, leading to a slight decrease in copper usage.

The body and lighting harness segment is estimated to be the largest market during the forecast period.

The body and lighting harnesses are integral components in modern vehicles, responsible for the electrical connections that power and control various aspects of a vehicle’s body and lighting systems. This includes the vehicle’s lighting, door locks, power windows, interior electronics, and dashboard controls. Introducing new internal applications such as ambient lighting, dashboard lighting, glovebox lighting, and exterior applications such as matrix LED headlamps, rear flashlights, and DRLs has led to technological changes in wiring harnesses and associated electronics. The presence of luxury or premium vehicles across the globe is increasing. These vehicles are equipped with cutting-edge technology, including advanced safety systems, infotainment, and autonomous driving features, requiring more harnesses. According to industry experts, body & lighting harness requires 900-1,000 wires, 5-7 harnesses, and 300-500 circuits, with a data transmission rate of 10-15% per the vehicle’s length and complexity. Asia Pacific is estimated to be the largest market for this segment as this region is expected to have a higher growth rate in vehicle production, thereby driving the growth of the body and lighting harness segment.

Make an Inquiry:  https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=170344950

Europe is anticipated to be the second-largest market in 2023, driven by growing vehicle production and electrification trends.

The European market is expected to exhibit growth in vehicle production in the coming years, increasing the demand for wiring harnesses. Companies such as Aptiv PLC (Ireland), Leoni AG (Germany), and Nexans (France) are key players in the domestic wiring harness market. Germany, France, Spain, the UK, Russia, Italy, and the Rest of Europe have been considered under Europe for market analysis. The European Union (EU) has implemented a range of regulatory mandates to enhance vehicle safety by including advanced driver assistance systems (ADAS) and other safety features. These regulations are strategically designed to reduce accidents and improve overall road safety. The implications of these mandates are particularly noteworthy for the automotive wiring harness market. ADAS and safety features necessitate intricate wiring harnesses to interconnect the sensors, actuators, and control units, enabling these systems to function effectively.

Consequently, there is a growing demand for automotive wiring harnesses in Europe as an increasing number of vehicles are equipped with these advanced features. The growing production of luxury vehicles in Germany and the UK drives the demand for automotive wiring harnesses. Luxury vehicles stand out for their extensive advanced features, including heated and cooled seats, power windows and locks, sunroofs, and cutting-edge safety systems like automatic emergency braking, lane departure warning, and adaptive cruise control. These features necessitate integrated wiring harnesses to establish connections among the various components and systems that enable their functionality. Bentley, Cadillac, Lincoln, Mercedes-Maybach, Porsche, and Rolls-Royce are some luxury cars that will continue driving sales in this region, further driving the need for advanced wiring harness technology. In Europe, the accelerated shift toward electric vehicles, backed by government targets for widespread electrification by 2030, is transforming the automotive wiring harness market. Norway, Finland, Germany, etc., dominate the electric vehicle market, further driving the demand for advanced wiring harnesses. Electric vehicles demand high voltage wiring harnesses to connect critical components like batteries and inverters. Additionally, advanced features in EVs require supplementary harnesses. As a result, the demand for automotive wiring harnesses is poised for substantial growth, driven by the expanding production of EVs and the integration of advanced technologies, presenting business opportunities for manufacturers.

Key Market Players

The Automotive Wiring Harness Companies are Yazaki Corporation (Japan), Sumitomo Electric Industries (Japan), Aptiv PLC (Ireland), Furukawa Electric (Japan), and Leoni AG (Germany)

Get 10% Free Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=170344950

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Browse Related Reports:

Automotive Airbags & Seatbelts Market - Global Forecast to 2025

Automotive Smart Antenna Market - Global Forecast to 2025

Railway Wiring Harness Market - Global Forecast to 2026

Connected Car Market - Global Forecast to 2026

 

Contact Data