Selbyville, Delaware, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Automotive Harness System Market is expected to reach more than USD 85 billion by 2032, as per a recent study by Global Market Insights Inc.
As per the report, the market is being driven by several factors, including the increasing adoption of advanced technologies in automobiles, such as electric vehicles, autonomous driving systems, and infotainment systems. Automotive harness system, also known as wiring harness, is responsible for connecting various electrical and electronic components in vehicles, ensuring smooth communication and functionality. Moreover, stringent safety and emission regulations imposed by governments worldwide are compelling automakers to integrate sophisticated wiring systems. Additionally, the rising demand for lightweight and energy-efficient harness systems is further propelling the market, as manufacturers focus on improving fuel economy and reducing vehicle weight.
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Increasing automotive electrification to boost battery harness system demand
Based on application, the market is divided into HVAC, seat, engine, battery, body & lighting, chassis, dashboard & cabin, and others. The automotive harness system market share from the battery segment is predicted to witness significant growth through 2032. Batteries, especially in electric vehicles (EVs), require a complex wiring infrastructure to connect them to the vehicle's electrical system. The harness system ensures efficient power distribution, allowing the battery to supply energy to various components, including the motor, lights, HVAC system, and infotainment system. The system also enables the battery to communicate with other vehicle systems, providing information on battery health, charge levels, and temperature. Furthermore, the harness system ensures the safe and secure routing of high-voltage cables, protecting against electrical hazards. The need for efficient and reliable operation of batteries in modern vehicles will boost the demand for battery harness systems.
Lightweight & recyclability of aluminum harness systems
In terms of material, the market is bifurcated into aluminum, copper, and others. The automotive harness system market size from the aluminum segment is expected to grow significantly from 2023 to 2032. The lightweight nature of aluminum makes it an ideal choice for reducing the overall weight of the vehicle, resulting in improved fuel efficiency and reduced emissions. Aluminum harness systems also offer excellent corrosion resistance, ensuring long-term durability and reliability in harsh environments. Moreover, aluminum's high conductivity allows for efficient power transmission, minimizing power loss and maximizing the performance of electrical and electronic components. Additionally, aluminum is recyclable, making it an environmentally friendly option. The use of aluminum in automotive harness systems is steadily increasing, driven by the focus on vehicle fuel efficiency and sustainability.
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Booming automotive sector in the North America region
Regionally, North America automotive harness system market is showcasing strong growth trends and is poised for a promising future through 2032. The region's robust automotive industry, technological advancements, and stringent safety and emission regulations are driving the market expansion. Additionally, the rising adoption of electric vehicles (EVs) and autonomous driving systems in North America is creating a surge in demand for sophisticated wiring harness systems. Moreover, the increasing integration of advanced features and infotainment systems in vehicles, coupled with the presence of key automotive manufacturers and a well-established supply chain network are shaping the industry dynamics in North America.
Speaking of the competitive landscape, some major automotive harness system market players are Lear Corporation, Aptiv, Fujikura Ltd., Gencor Industries, Inc., LEONI, Furukawa Electric Co., Ltd., Molex, and Continental AG. The business space is witnessing numerous mergers, acquisitions, and collaborations, resulting in lucrative opportunities.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
