Wire Harness Market Anticipated to Reach USD 136.7 billion, Globally By 2031, Registering at a CAGR of 5.6% Says, Transparency Market Research Inc

Wilmington, Delaware, United States , Aug. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The wire harness market on a global scale is poised to thrive, exhibiting a robust CAGR of 5.6% between 2023 and 2031. TMR's latest report envisions a substantial market valuation of approximately US$ 136.7 billion by 2031. Presently, in 2023, the wire harness market is anticipated to conclude at a value of around US$ 88.5 billion.

The rapidly growing automotive industry, the rise of electric vehicles (EVs), hybrid vehicles, and advanced driver-assistance systems (ADAS), and the demand for complex wiring system is the major factor driving the growth of the wire harness market

The growing aerospace industry and increasing demand for commercial and defense aircraft contribute to the growth of the wire harness market as intricate wiring systems require for avionics, communication, navigation, and other critical functions in aerospace.

Increasing application of wire harnesses in various end-use industries such as aerospace, automotive, commercial refrigeration, food machines, and agriculture equipment drive the market demand

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the wire harness market was valued at US$ 83.9 billion
• By application, the automotive segment enjoys high demand, accumulating a high revenue share during the forecast period. The rise in adoption and surge in the number of electric vehicles are supporting the wire harness market
• Based on sales type, the aftermarket segment accounts for the highest market share
  

Wire Harness: Key Trends and Opportunistic Frontiers

• The growing urbanization and increased infrastructure developments such as construction, transportation, and public utilities, drive the demand for wire harnesses used in lighting, communication, and control systems.
• Growth in safety awareness, stringent government regulations, connected car ecosystem, and increasing installation of communicative devices in vehicles are likely to boost the market.
• Increasing technological advances, automation & higher electrification of vehicles, and increased demand for electric, and hybrid vehicles boosting the wire harness market growth
• Increasing technological advancements in wiring technologies, connectors, and materials improve the efficiency, durability, and reliability of wire harnesses, contributing to the growing demand for wire harnesses.

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Wire Harness Market- Regional Analysis

• Asia Pacific is expected to dominate the market and account for a higher share owing to favorable government initiatives, technical advancements, and increasing adoption of electric vehicles. Rapidly growing automotive markets in countries like China and India fuel the demand for wire harnesses in conventional and electric vehicles, accelerating the market sales in the region.
• North America is expected to grow at a steady rate owing to the presence of significant automotive and aerospace industries, driving the demand for wire harnesses in vehicles and aircraft. Increasing government regulations, industrial automation, and a rise in focus on lightweight wiring solutions, boost the market demand in the region.

Competitive Landscape

The global wire harness market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global wire harness market report:

• AME Systems
• Aptiv Plc
• BorgWarner, Inc.
• Coroplast Group (WeWire)
• Draexlmaier
• Elcom International
• Fujikura Ltd.
• Furukawa Electric Co. Ltd.
• Kromberg & Schubert
• Kunshan Huguang Auto Harness Co. Ltd.

Key Developments in the Wire Harness Market

• In December 2022 - Aptiv PLC, has completed the acquisition of an 85% equity stake in Intercable Automotive Solutions from Intercable S.r.l. As an industry. Intercable Automotive Solutions will enhance Aptiv’s position as a global leader in vehicle architecture systems.
• Aptiv announced the launch of its Smart Vehicle Architecture™ platform, which includes advanced wiring solutions to support the increasing connectivity and automation in vehicles.
• Furukawa Automotive Systems Inc. worked on lightweight and compact wiring solutions for electric vehicles, aiming to enhance vehicle efficiency and performance.
• Molex focused on innovations in miniaturization and high-speed data transmission, contributing to the development of compact and efficient wire harnesses for various applications.

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Wire Harness Market – Key Segments

By Application

• Automotive
  • Trucks & Bus
  • Motorbikes & Scooters
  • Fleet Truck Cargo Vans
  • Electric Vehicles
  • Others (Recreational Vehicles, etc.)
• Marine & Marine Engine
• Aerospace
  • Passenger Aircraft
  • Cargo Aircraft
  • Helicopters
• Defense
  • Vehicles
    • Combat Vehicles
    • Non-combat Vehicles
  • Aircrafts & Helicopters
• Gaming & Amusement
  • Electronic / Casino Gaming Machines
  • Amusement Vending Machines
  • Crane & Gift Gaming Machines
  • Others (Medal Gaming Machines, etc.)
• Medical Equipment & Devices (Wheel Chairs, etc.)
• Commercial Refrigeration & Food Machines
• Consumer Technology & Durables
  • Computing Devices
  • Networking & Communication
  • Appliances
  • Lawn & Garden Equipment
  • Others (Other Consumer Electronics)
• Fitness Equipment / Machines
• Power & Energy
  • Power Generation (Large Engine)
  • HVAC Equipment
  • Solar Panels
• Agricultural Equipment
• Industrial
  • Automation Equipment/Robotics
  • Construction Equipment
  • Material Handling Equipment
  • Fuel Dispenser System
  • Production Machinery
  • Floor Scrubbers
    • Ride on
    • Battery operated
• Electric Motors

• Others
  • Elevators & Escalators
  • Others (Mechanical Lifts, Scissor Lifts, Telescopic Booms, SkyJack, etc.)

By Sales Type

• OEM
• Aftermarket

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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