Based on the market research conducted by FMI, the automotive wiring harness market size is expected to grow at a considerable CAGR of 7.9% through 2032. The automotive wiring harness market is expected to hit US$ 110.78 billion by 2032. The market is valued at US$ 51.79 billion as of 2022, and in 2021 the automotive wiring harness market valuation was US$ 48 billion.
Automotive wiring harnesses are an essential component of a vehicle's electrical system. They are responsible for connecting various electrical components and systems in the vehicle, including the engine, transmission, sensors, and other electronic components. The demand for automotive wiring harnesses is expected to grow due to several factors.
Increasing vehicle production: The production of vehicles is increasing globally, and this trend is expected to continue. As the number of vehicles produced increases, so does the demand for automotive wiring harnesses.
Advancements in vehicle technology: Modern vehicles have complex electrical systems, including advanced driver-assistance systems (ADAS), infotainment systems, and other electronic features. These systems require sophisticated wiring harnesses that can handle high-speed data transfer and complex communication protocols.
Electric and hybrid vehicles: The demand for electric and hybrid vehicles is increasing due to concerns about climate change and fuel efficiency. Electric and hybrid vehicles require specialized wiring harnesses that can handle high voltage and current loads.
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Thus, from the insights obtained from FMI research, it can be inferred that, “Increased focus on passenger safety, coupled with an increase in the number of electric vehicles worldwide, and many other factors are expected to increase the demand for automotive wiring harnesses.”
Key Takeaways:
The automotive wiring harness market is expected to grow at a CAGR of 7.9% during the forecast period.
The market was valued at US$ 48 billion in 2021.
The automotive wiring harness market is valued at US$ 51.79 billion in 2022.
The automotive wiring harness market is anticipated to be valued at US$ 110.78 billion in 2032.
Based on the product type, the Chassis & Safety Segment is expected to lead the market during the forecast period.
Based on the vehicle type, the Passenger Cars had the Highest automotive wiring harness market share of nearly 49% in 2021.
Asia Pacific currently dominates the market, with a Market Share of whopping 51%
If we talk about the largest market based on the country, it is China.
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Competitive Landscape of the Automotive Wiring Harness Market
The automotive wiring harness market is growing with leading players offering everything they can. Thus, the market players have kept customer delight before everything.
In order to offer best possible services, the key players are looking at establishing strategic collaboration with global players and local regional players. This is done to gain a good understanding about the local market as well as the global market. Additionally, the growth of electric vehicle industry and automobile industry is a great news for the key players.
Some of the recent developments are:
In July 2022, Leoni defines clear targets with ‘ReWire’ on its way to offer highest form of sustainability, based on Climate neutral by 2045 agenda.
In August 2022, Sumitomo Electric announced that it would take part in CIGRE 2022 technical exhibition, which is the worlds largest power system technology. The exhibition is scheduled to be held from August 29 to September 2, 2022 in France.
Key Companies Profiled in the Automotive Wiring Harness Market
LEONI Group
Samvardhana Motherson Group
Sumitomo Electric
Yazaki Group
Fujikura Ltd.
Lear Corporation
Furukawa Electric Co. Ltd
YURA Tech Corporation
Nexans
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