New York, United States , Aug. 28, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Wiring Harness Market Size is to Grow from USD 48.16 Billion in 2023 to USD 82.45 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.52% during the projected period.
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An automotive wire harness is an electrical and electronic arrangement of various car parts that is critical in linking all electronic and electrical systems for communication between sensors and energy supply, along with transferring data to enhance the car's efficiency. HVAC (heating, ventilation, and air conditioning) mechanisms, speed sensors, and other electronic elements are among the integrated components. The industry has grown as a result of the greater integration of electrical and electronic technologies into vehicles to provide greater security and protection features. This leads to increased fuel economy, better performance, and reduced risk of electrical failure. These wires decrease the assembly time and assembly time of various electrical components because they come in pre-defined sizes and are pre-crimped and pre-stripped. However, the market faces challenges due to the primitive raw materials used, and improper maintenance and configuration will lead to decreased acceptance of these wire harnesses in the market.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Wiring Harness Market Size, Share, and COVID-19 Impact Analysis, By Application (Engine, HVAC, Chassis, And Body), By Components (Connectors, Terminals, And Electrical Wires), By Vehicle Type (Passenger Cars, Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The chassis segment is expected to hold the largest share of the global automotive wiring harness market during the projected timeframe.
Based on the application, the global automotive wiring harness market is divided into engine, HVAC, chassis, and body. Among these, the chassis segment is expected to hold the largest share of the global automotive wiring harness market during the projected timeframe. This is due to its extensive application in various electrical components along with the need to improve driving dynamics and the rising electrification and interconnection of chassis components.
The terminal segment is anticipated to grow at the fastest pace in the automotive wiring harness market during the projected timeframe.
Based on the components, the global automotive wiring harness market is divided into connectors, terminals, and electrical wires. Among these, the terminal segment is expected to grow at the fastest pace in the global automotive wiring harness market during the projected timeframe. The rising applications of innovative advancements in the field of autonomous and integrated cars and high investments in the automotive wires are the factors that will fuel the segment’s growth.
The passenger cars segment is expected to grow at the fastest pace in the global automotive wiring harness market during the projected timeframe.
Based on the electric vehicle type, the global automotive wiring harness market is divided into passenger cars and commercial vehicles. Among these, the passenger cars segment is expected to grow at the fastest pace in the global automotive wiring harness market during the projected timeframe. The increased focus on the safety and security enhancements in these cars and the rising shift towards electric vehicle cars are the factors that will lead to the segment’s growth.
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Asia Pacific is expected to hold the largest share of the automotive wiring harness market over the forecast period.
Asia Pacific is expected to hold the largest share of the automotive wiring harness market over the forecast period. This has been brought up due to the rising need for security features in automobiles, expanding facilities, affordable labor, and the growing automotive industry. Also, the increasing popularity of Electric Vehicles (EVs) will further boost the vehicular wire harness market in this region.
North America is predicted to grow at the fastest pace in the Automotive Wiring Harness market during the projected timeframe. Due to the Rising EV adoption, innovative powertrain technologies, and expanding vehicle manufacturing are anticipated to fuel demand in this region. Also, the technological advancements in battery technology in this region by the top automobile EV manufacturers like Tesla, Ford, and BMW will further fuel the market in the region
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Wiring Harness Market are Kromberg & Schubert GmbH Cable & Wire, Sumitomo Electric Industries, Ltd., THB Group, China Auto Electronics Group Limited (THB Group), Aptiv PLC, Yura Corporation, Spark Minda, PKC Group, Motherson, Delphi Technologies PLC (Aptiv PLC), Nexans autoelectric GmbH, Furukawa Electric Co., Ltd., LEONI AG, Lear Corporation, Yazaki Corporation, and Other Key Vendors.
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Recent Developments
- In September 2022, Aptiv Plc and Intercable Srl finalized a deal to purchase Intercable Automotive Solutions for a sum of EUR 595 million (USD 600.95 million). After the acquisition Aptiv Plc owns an 85% stake in Intercable Automotive Solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive wiring harness market based on the below-mentioned segments:
Global Automotive Wiring Harness Market, By Application
- Engine
- HVAC
- Chassis
- Body
Global Automotive Wiring Harness Market, By Components
- Connector
- Terminals
- Electrical wires
Global Automotive Wiring Harness Market, By Vehicle Type
- Passenger cars
- Commercial Vehicles
Automotive Wiring Harness Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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