Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Wire Harness Market Share Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Component, Material, and End User," the market is projected to reach US$150.70 billion by 2030 from US$ 94.19 billion in 2023; it is expected to grow at a CAGR of 6.9% from 2023 to 2030 owing to the increasing technological advancements, the demand for the global market is growing in the automobile industry. These additional technology integrations in the vehicles increase the demand for the global market for better connectivity.
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Wire harnesses (also known as cable harnesses) are used to transmit electrical power and signals in industries such as automobile, food & beverages, agriculture, and electronics. The wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Further, governments’ encouragement in various industries is one of the factors contributing to the wire harness market growth. For instance, in December 2021, the Government of India announced an extra tax deduction of US$ 1,879.46 on the purchase of an electric vehicle on loan. Due to this, electric vehicles are gaining traction, leading to the massive demand for wire harnesses, and thus propelling the wire harness market growth. Based on material, the wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses manufactured using these materials can withstand varied environmental conditions. End users purchase wire harnesses as per their needs. For instance, a wire harness made of polyethylene is suitable for use in moist environments, as polyethylene can withstand moisture.
Global Wire Harness Market: COVID-19 Overview
In 2020, many electronics and semiconductor manufacturers, including wire harness manufacturers, were operating with a limited workforce or halted their production due to the lockdown, which affected the supply chain to some extent. Thus, wire harness market players could not meet their delivery timelines. The limited availability of raw materials led to the low production of wire harnesses in the US. However, in the residential sector, the demand for appliances increased during the pandemic, as people stayed indoors. Thus, as soon as the markets reopened, the electronics manufacturers started their operations, which propelled the demand for wire harnesses.
Despite the ill effects on the demand side in 2020, wire harness market players were adopting different strategies to stay competitive in the market. In September 2020, Furukawa Automotive Systems Inc. announced the opening of its new production facilities in North America and Japan to enlarge its wire harness production capacity. As soon as industries such as automobile, food & beverages, and manufacturing started reviving in the Q3 of 2021, their revenue highlighted positive momentum, and the requirement for wire harnesses increased in the industries.
Global Wire Harness Market: Material Overview
Based on material, the wire harness market share is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment led the market in 2022. Polyvinyl chloride is a thermoplastic material known for its versatility and perhaps the most used wire/cable material. PVC has a good combination of properties which makes it suitable for cable insulation and sheathing. PVC is durable, UV resistant, and has good water and chemical resistance. Although they are gradually being replaced by other materials, PVC compounds are the most widely used polymeric materials in the cable industry. Several companies in the market are offering PVC-composed wire harnesses for different applications. For instance, Dongguan Yixian Electronic Tech., Co., Ltd., offers customized wire harnesses for automobile, home appliance, and motorcycle applications.
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Global Wire Harness Market: Competitive Landscape and Key Developments
Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation are among the key wire harness market players profiled in the study.
In 2020, Nexans developed Keylios Photovoltaic Harness, which cuts down low-voltage direct-current cabling (LVDC) costs for photovoltaic modules. This reduces installation and material wastage and cuts down the overall cost of LVDC cabling by up to 15%.
In 2021, Electrical Components International Inc, a wire harness supplier, acquired Promark Electronics, a wire harness and cable manufacturer, for expanding its physical presence and strengthening its supply chain.
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