According to the latest report by IMARC Group “Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global automotive wiring harness market size reached US$ 80.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 103.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.15% during 2023-2028.
An automotive wiring harness is an organized set of wires, connectors, and terminals that run throughout the entire vehicle for supplying electric power to various components. It comprises grommets, outer coverings, insulators, relays, and an insulation jacket. It is made of durable materials, such as copper and aluminum alloy wires, on account of their strength and bending properties. It is designed according to the electrical and geometrical requirements of automobiles and embedded into the dashboards, door locks, power windows, body, and engine. Automotive wiring harness is also integrated in speed sensors, lock-breaking systems, cruise control systems, fuel injection systems, and other chassis of vehicles. It aids in reducing the installation time of the electrical components and minimizing the risks of incorrect wiring possibilities and short circuits. Moreover, as it is lightweight, carries heavy power loads, and can withstand harsh conditions, an automotive wiring harness is widely used in two-wheelers, passenger cars, utility, and commercial vehicles across the globe.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
At present, the burgeoning automotive industry, coupled with the increasing adoption of electric vehicles (EVs) on account of their environmental advantages and support in keeping vehicles safe, minimizing the risk of short circuiting and preventing serious damage, represent one of the key factors positively influencing the market. Apart from this, wiring harness offers highly stable, secure, and reliable connections of components and aids in improving the fuel efficiency of the vehicle, which is bolstering the market growth. Moreover, the rising need for new, innovative technologies and efficient design principles to develop and manufacture products that meet the requirements of the automotive industry is propelling the market growth.
Besides this, various product innovations, such as the development of lightweight aluminum harnesses that help reduce overall vehicular weight are offering a favorable market outlook. The shifting consumer preferences towards cost-effective techniques for rapidly and accurately assembling the connections is also driving the demand for automotive wiring harness systems. Additionally, stringent government regulations mandating safety norms for the electric vehicles (EVs), along with the introduction of various initiatives to promote the adoption of EVs, are bolstering the market growth. Moreover, the increasing utilization of cost-effective and reliable optical fibers and the escalating demand for Advanced Driver Assistance Systems (ADAS) in vehicles are contributing to the growth of the market. Other factors, such as rapid urbanization, inflating disposable incomes, and rising expenditure capacity of individuals, are augmenting the growth of the market.
Competitive Landscape:
The competitive landscape of the market has also been analyzed, with some of the top leading automotive wiring harness manufacturers.
Some of these key players include:
- Delphi Technologies (BorgWarner Inc.)
- Furukawa Electric Co. Ltd.
- Lear Corporation
- Leoni AG
- Nexans Autoelectric GmbH
- PKC Group Plc (Motherson Sumi Systems Ltd.)
- Samvardhana Motherson Automotive Systems Group B.V.
- Sumitomo Electric Industries Ltd.
- THB Group (AmWINS Group, Inc)
- YAZAKI Corporation
- YURA Corporation
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Application:
- Body Wiring Harness
- Engine Wiring Harness
- Chassis Wiring Harness
- HVAC Wiring Harness
- Sensors Wiring Harness
- Others
Breakup by Material Type:
- Copper
- Aluminum
- Others
Breakup by Transmission Type:
- Data Transmission
- Electrical Wiring
Breakup by Vehicle Type:
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
Breakup by Category:
- General Wires
- Heat Resistant Wires
- Shielded Wires
- Tubed Wires
Breakup by Component:
- Connectors
- Wires
- Terminals
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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