Automotive Wiring Harness Market Worth $ 74.46 Billion by 2030. Rise in demand of Electronic Devices, Electric Vehicles and Embedded Wiring Harness in the Vehicles to Propel the Market Growth.

New York, United State, May 30, 2022 (GLOBE NEWSWIRE) -- An automotive wiring harness is regarded as an overall assembly of connectors, terminals, and wires that run all over the vehicle to transfer information and electric power. The cables are primarily bound together by a durable and strong material like vinyl, conduit, rubber, electrical tape, or a weave of extruded string. Based on Applications, the "Chassis harness" segment accounted for the maximum proportion of the total market share of approximately 27.18% and is anticipated to continue its dominance throughout the forecasted period. Moreover, on a regional basis, Asia-Pacific significantly dominated the market with the highest share of the total market of nearly 61.12% throughout the prevised period. Also, the region is prevised to grow at the highest CAGR throughout the projected period of 2020-2030.

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The segmentation outline of the latest report published by Strategic Market Research on the Automotive Wiring Harness Market is as follows:
Based on Material:

• Copper
• Aluminum
• Others
  
  

Based on Propulsion

• Electric Vehicles
• ICE Vehicles
• Hybrid Vehicles
  
  

Based on Vehicle Type:

• Passenger Cars
• Two-wheelers
• Commercial Vehicles
  
  

Based on Voltage:

• HV Automotive Harness
• LV Automotive Harness

Based on Applications:

• Chassis harness
• Engine harness
• Body & lighting harness
• Dashboard/ cabin harness
• Sunroof harness
• Battery harness
• HVAC harness
• Seat harness
• Door harness
  
  

Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

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The Market for Automotive Wiring Harness is predicted to reach a market value of USD 74.46 billion by 2030 from USD 46.82 billion in 2020, at a CAGR of 4.75percent during the forecasted period. Embedding the wiring harness in a vehicle offers various advantages like the low probability of electrical scarcity, improved fuel efficacy, and enhanced performance. Moreover, employing the installation of various technologically advanced systems like infotainment systems and advanced driver assistance systems in the vehicles are some of the factors which are expected to propel the overall market growth throughout the forecasted period of 2020-2030. Besides this, the continuous rise in the demand for electric vehicles (EVs) globally is expected to boost the Automotive Wiring Harness Market within the stipulated time period. According to BusinessToday, the worldwide sales of EVs increased by almost 39 % in the year 2020, whereas the total passenger car market has declined by 14%. Research firm Canalys forecasts that approximately 30 million electric vehicles are going to be sold by 2028.

By Material, the 'Copper' market segment held the largest share of the Automotive Wiring Harness Market.

Based on Material, the "Copper" segment held the biggest share of approximately 68.13% of the entire market in 2020. Copper has the best thermal as well as electrical conductivity. As compared to aluminum, the copper wire has the least resistance to electrical & thermal conduction & hence they are majorly used for wire harnessing in various high conductivity applications in automobiles throughout the world. 

The total usage of copper in automotive wire harnesses will continue to grow exponentially as per the new research registered by the International Copper Association (ICA). Also, the research conducted by Martec Group found that the total average weight of copper use per vehicle in automotive wire harnesses globally had increased from 11.0 kg in 2016 to 12.6 kg in the year 2019—which is an increase of around 14.5%.

By Propulsion, the 'Electric Vehicles' market segment possessed the highest share of the market.

Based on Propulsion, the "Electric Vehicles" held the largest market share of around 58.21% of the total market throughout the forecasted period of 2020-2030. It also held the fastest growth with a decent CAGR during the forecasted period. Compared to the conventional ICE vehicles, the rise in demandfor the wire harness is three times more in the electric vehicles, which in turn is expediting the overall growth of this segment.According to International Energy Agency, the overall sales of electric cars had reached a landmark of approximately 2.1 million globally in the year 2019, surpassing the previous year, 2018 which in turn will boost the market for Automotive Wiring Harness Market.

By Vehicle Type, the 'Passenger Cars'dominated the entire Automotive Wiring Harness Market.

Based on Vehicle Type, the "Passenger Cars" held the highest share of the total market ataround 48.23% in 2020. Passenger-type cars are manufacturedin abundance across the globe than any other car type, which needs a lot of wiring harnesses, therebyaugmenting the overall growth of the market in this segment. According to Statista, in 2019, around 56 million passenger cars (i.e., cars with at least four seats) were manufactured worldwide.

By Voltage, the 'LV Automotive Harness'dominated the entire Automotive Wiring HarnessMarket.

Based on Voltage, the "LV Automotive Harness" segment held the maximum portion of the market share of around 75.23% in 2020.However, the HV Automotive harness held the fastest-growing segment with a robust CAGR throughout the forecasted time period. The overall demand for HV Automotive Harness has risen up immensely due to excessive installation of HV battery ecosystems in electric vehicles. These are all the significant factors thatare fuelling the overall market growth rate extensively.

By Applications, the 'Chassis harness'dominated the entire Automotive Wiring HarnessMarket.

Based on Applications, the "Chassis harness" segment accounted for the maximum proportion of the total market share of approximately 27.18% and is anticipatedto continue its dominance throughout the forecasted period. The global demand for automotive wiring harnesses in chassis applications like air brake pumps, suspension systems, frames, etc., has risen up abruptly throughout the world, which in turn is fostering the overall growth of this segment.

The Asia-Pacific region held the maximum portion of the GlobalAutomotive Wiring Harness Market share.

In terms of region, the "Asia-Pacific" significantly dominated the market with the highest share of the total market with 61.12% throughout the prevised period of 2020-2030, followed by Europe. China is the biggest automobile manufacturer in the world. Thus, the market for Automotive Wiring Harness in China is anticipated to grow at a much higher rate. Most of the OEMs that are based in China and are focusing on the adoption of various lightweight materials for the purpose of wiring harnesses, thereby driving the overall market growth to a great extent in this region. Moreover, the Indian Automotive Wiring Harness Market is anticipated to grow at a steady rate due to the aspects like the rise in the technological advancements of the automobile industry and the highly favorable economic infrastructure prevailing in the entire country.According to a research study, it was found that the total global sales of electric vehicles in the year 2020 increased by around 39% year-on-year to 3.1 million units. Approximately 1.3 million electric vehicles were sold in China and Europe in 2020, which is around four times the sales of electric vehicles in the United States. The total EV sales in the United States represented just 2.4% of all the new cars sold in the entire country.

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The major players that are covered in the Global Automotive Wiring Harness Market report are:

• Aptiv PLC
• Yazaki Corporation
• Furukawa Electric Co., Ltd
• Lear Corporation
• Fujikura Ltd.
• NexansAutoelectricGmbh
• SamvardhanaMotherson Group
• Leoni AG
• Sumitomo Electric Industries, Ltd
• Yura Corporation

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Global Automotive Wiring Harness Market: Recent Developments

• In the month of March 2021 LearCorporationacquired M&N Plastics, the U.S.-based engineered plastic components manufacturer. Due to this acquisition, Lear had expanded its vertical integration capabilities to produce the most complex parts for electrical distribution, including the high-voltage wire harnesses and power electronics.
• On 1^st of October, 2020, the Furukawa Electric and Essex Magnet Wire (Essex) leaders entered into a new joint venture to extend their magnet wire harness collaboration between the 2 European entities. Upon implementing the customary regulatory & other approvals and some definitive collaborations, the companies would combine their magnet wire harness business operations in the upcoming years.

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