New York, United States , Nov. 30, 2022 (GLOBE NEWSWIRE) -- The Global Wire Harness Market Size is projected to grow from USD 40.44 billion in 2021 to USD 58.4 billion by 2030, exhibiting a CAGR of 4.25% during the forecast period. A wire harness is a group of cables, connectors, and terminals that run throughout the vehicle and transmit power and data. Worldwide, governments are urging the adoption of electric vehicles. Electric cars are green and contribute to lessening pollution. Electricity powers electric automobiles, and any harm to the wiring harness could cause serious harm to the car. As a result, the need for high voltage wire harness with enhanced technology in electric vehicles is projected to propel market growth.
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Electric vehicles provide several advantages such being safer, more energy-efficient, less expensive to maintain, better for the environment, and many more. The market for hybrid and electric vehicles is expanding as a result of increased gasoline prices and environmental concerns. Customers and governments are becoming more aware of the advantages of electric vehicles, which raises demand for them. This need has led to an increase in the global wiring harness market. Due to the rising emphasis on safety solutions for electric vehicles, the market is growing.
Specialty cables are in high demand because of their smaller bundle diameter, lower price, and lighter weight. In order to further minimize the weight and expense of wiring harnesses, new techniques to combine video and camera signals into a single specialty cable will be developed due to the growing demand for cameras, screens, and other infotainment applications. Original equipment makers chose aluminium and optical fiber to make their lightweight and quick harnesses. This factor is therefore promoting the growth of the worldwide wire harness market.
The demand for optical fiber cables on the global market has been impacted by the shifting price of copper. Original equipment manufacturers emphasise the use of optical fibers because they are more durable than copper and aluminium and can tolerate inclement weather. On the other hand, it is projected that the relatively higher cost of optical fiber cables will limit their penetration in the global market. Additionally, manufacturers must spend a lot of money on research and development for complex automotive wire harnesses, which can limit market growth. The cable harness's corrosive nature may make it difficult to incorporate into electric automobiles. Due to the factors listed as major inhibitors, the global market for wire harness is anticipated to encounter growth limitations.
Browse key industry insights spread across 200 pages with 141 market data tables and figures & charts from the report, “Global Wire Harness Market Size, By Type (Engine Harness, HVAC Wiring Harness, Chassis Wiring Harness, Body & Lighting Harness, Dashboard/Cabin Harness, Others), By Material (Metallic and Optical Fiber), By Propulsion Type (Electric Vehicle and IC Engine Vehicle), By Transmission Type (Electric Wiring and Data Transmission), By Vehicle Type (Commercial Vehicle and Passenger Vehicle), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) Analysis and Forecast 2021 – 2030”. in detail along with the table of contents.
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Covid 19 Impact on Global Wire Harness Market
Global changes in the wire harness market have been accelerated by the global coronavirus pandemic. As already mentioned, the market's operations are influenced by the sophisticated features and rapid technological advancement of the luxury car industry. It is currently a very difficult period, internationally, as a result of the imposition of limits and changes to business working hours and conditions. The market is unable to produce in accordance with the anticipated demand because of operational constraints. The amount of luxury car sales in the world's major regions is declining as a result of this, which is further costing them money.
As a result, the public sector and the government are working together with major market participants from both developing and developed economies to provide cutting-edge features and technology developments in luxury cars. By the end of the worldwide forecast period in 2030, this is anticipated to have a beneficial effect and assist the market in growing at the anticipated CAGR rate, enabling it to attain the market valuation that has been discussed and projected throughout this time.
Global Wire Harness Market, By Type
Based on type, the global wire harness market is segmented into Engine Harness, HVAC Wiring Harness, Chassis Wiring Harness, Body & Lighting Harness, Dashboard/Cabin Harness, Others. The dashboard/cabin harness sector holds the largest market share in the global wire harness industry. The segment's expansion is attributed to the rising demand for a variety of different vehicle types. The dashboard/cabin harness industry presently has a monopoly on the global wire harness market as a result of the rising popularity of entertainment systems and dashboard displays in various types of automobiles. The incorporation of equipment like active health monitoring and heated seats increases the use of the wiring harness in the vehicle's seat. This increases the market's potential for growth in the seat harness segment.
Global Wire Harness Market, By Material
On the basis of material, the global wire harness market is segmented into Metallic and Optical Fiber. The optical fiber category holds the largest market share in the worldwide wire harness industry. Compared to copper and other materials, optical fiber cables move at a pace that is noticeably faster.
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Global Wire Harness Market, By Transmission
Electric wire is anticipated to indicate potential demand among the different transmission options since mid-segment and entry-level vehicles have a higher demand for energy transfer than for data transfer. Sales of fully and partially autonomous vehicles are anticipated to grow in the coming years. As a result, this will encourage the sale of extremely complex systems that use complex wire harnesses.
Global Wire Harness Market, By Vehicle Type
Due to its ability to offer a variety of societal, environmental, and health benefits, BEVs have grown in popularity. Due to the increased demand for comfort and convenience in passenger automobiles, they have been equipped with additional user-friendly features. This in turn encourages the selling of wiring harness wires.
Global Wire Harness Market, By Region
Forecasts indicate that the Asia Pacific area would see a considerable growth in the wire harness market. Famous automakers like Maserati and Lamborghini announced their best year ever for sales growth in 2016 due to the robust demand for premium vehicles in China. This rise has led to increases in automotive production in China, Japan, and India over the past few years. Several well-known luxury car rivals, like Volkswagen, BMW, Mercedes Benz, Daimler, Porsche, and Audi, have aggressively increased their market share in Asia, notably in China. Vehicle access control is also very popular in this area.
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Key Companies & Recent Developments: 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. Companies Covered: Lear Corporation (U.S.), Fujikura Ltd. (Japan), THB Group (China), Sumitomo Electric Industries Ltd. (Japan), Furukawa Electric Co., Ltd. (Japan), YAZAKI Corporation (Japan), Delphi Automotive Plc. (the U.K.), PKC Group (Finland), LEONI AG (Germany), MOTHERSON SUMI Systems (India) and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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