Fort Collins, Colorado, Oct. 11, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the automotive wiring harness market size was valued at USD 45.2 Billion in 2022 and is expected to have a market size of USD 68.8 Billion by 2032 with a CAGR of 4.4%.
Car electronics have become more advanced, incorporating safety features like crash alerts, ADAS (advanced driver-assistance systems), hill assist ascend/descend controls, and infotainment systems. These digital systems require complex wiring to connect with mechanical systems seamlessly. Governments worldwide enforce safety and emission laws, driving automakers to implement advanced safety and emission control technologies.
The demand for advanced wiring harnesses is increasing due to the growing integration of connectivity services in cars like GPS navigation, smartphone integration, and wireless communication. Connected cars need substantial wiring systems to facilitate data transfer and communication between numerous electronic components. The market is fueled by the growing demand for personalized and aftermarket customization among consumers, especially for additional features like audio systems, lighting upgrades, and specialist equipment.
Automotive wiring harness manufacturers are seeing increased demand due to the growing popularity of ADAS and other safety features in modern vehicles. These features, including collision avoidance systems, lane departure warnings, and adaptive cruise control, require wiring harnesses to connect components such as sensors and cameras.
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Segmentation Overview:
The global automotive wiring harness market has been segmented into components, vehicle type, and applications. The terminal segment currently dominates the market, primarily due to the introduction of connected and self-driving vehicles. Passenger cars are the leading vehicle type in the market, with their growth being driven by the increasing sales of vehicles for personal and commercial use, such as taxis.
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Automotive Wiring Harness Market Report Highlights:
- The global automotive wiring harness market growth is anticipated at a CAGR of 4.4% by 2032.
- The development of vehicles with cutting-edge safety features and technological improvements drive the market's growth.
- The automotive wiring harness market is dominated by Asia Pacific, specifically China, India, and South Korea. These countries have favorable market conditions for automotive and electronics, leading to an increase in vehicle production and sales of wiring harnesses.
- Some prominent players in the automotive wiring harness market report include are Sumitomo Electric Industries, Ltd., Delphi Automotive LLP, Furukawa Electric Co. Ltd, Lear Corporation, THB Group, Yura Corporation, Leoni Ag, SPARK MINDA, Yazaki Corporation, Fujikura Ltd., QINGDAO SANYUAN GROUP, Samvardhana Motherson Group, Nexans Autoelectric.
Industry Trends and Insights:
- Nexans Autoelectric Group secures a second major order in a new business area just a year after prevailing a wiring system contract for a prestigious sports car manufacturer.
- Sumitomo Electric Industries will launch the new T-72M12+ fusion splicer, equipped with "NanoTuneTM" AI technology, to improve splicing accuracy and work efficiency for mass splicing in EMEA in autumn 2023.
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Automotive Wiring Harness Market Segmentation:
- By Components: Electric Wires, Connectors, Terminals, and Others
- By Vehicle Type: Passenger Cars, Commercial Vehicles
- By Application: Body, Engine, Chassis, HVAC Sensors, etc.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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