Automotive Wiring Harness Market Statistics 2022-2030:
The global automotive wiring harness market was valued $47,618.0 million in 2020 and is projected to reach $73,713.8 million in 2030, registering a CAGR of 4.6%.
Automotive wiring harness is defined as an assembly of wires, terminals, and connectors that run throughout the vehicle to transmit information and electric power. Automotive wire harness is designed according to electrical & dimensional requirement of automobiles and is integrated to connect different parts of vehicle such as body, engine, dashboard, chassis, and others. Automotive wiring harness enables transmission of control signals and electrical power to electronic & electrical devices in an automotive to ensure basic functionality & enhanced safety.
Development of vehicles with advanced safety features and technological advancements drive the growth of the market. Rise in adoption of electric vehicles across the globe is expected to supplement the market growth during the forecast period. Installation of flexible wires in automotive wiring harness for improved power delivery and increased use of aluminum to reduce weight of wiring harness are factors expected to further boost the growth of this market. However, high maintenance cost is expected to hamper the growth of the market. Furthermore, surge in development of autonomous vehicles and proactive government regulations associated with electric vehicles are expected to offer growth opportunities during the forecast period.
The global automotive wiring harness market is segmented on the basis of material, propulsion, vehicle type, voltage, application, and region. By material, it is fragmented into copper, aluminum, and others. On the basis of propulsion, it is segmented into ICE vehicles, electric vehicles, and hybrid vehicles. On the basis of vehicle type, it is fragmented into two wheeler, passenger cars, and commercial vehicles. The voltage segment has been bifurcated into low voltage and high voltage. The application segment has been divided into body & lightning, engine, HVAC, chassis, dashboard & cabin, and others. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some leading companies profiled in the automotive wiring harness market report include Aptiv PLC, FujiKura Ltd., Furukawa Electric Co., Ltd., Lear Corporation, Leoni AG, Nexans Autoelectric Gmbh, Samvardhana Motherson Group, Sumitomo Electric Industries, Ltd., Yazaki Corporation and Yura Corporation.
Increased Adoption Of Electric Vehicles
Governments across the globe are taking initiatives to promote the adoption of electric vehicles. For instance, in 2021, the Indian Government offered a subsidy of Rs. 1.5 lakh on purchase of four-wheel EVs by reducing GST component on electric vehicles. Electric vehicles are environment friendly and aid in reducing the pollution. Electric vehicles runs on electric power and any kind of damage in wiring harness can cause serious damage to vehicles. Therefore, need for technologically advanced high voltage wire harness in electric vehicles is expected to support the growth of the market.
Development Of Vehicles With Advanced Safety Features
Several automobile manufacturers are taking initiatives to provide enhanced safety and security features such as airbags and advanced driving systems in vehicles to comply with safety mandates. In automobiles, safety features such as Autonomous Emergency Braking (AEB), Lane departure warning system (LDWS), and others require electronic components along with high quality wiring harness system. This in turn is expected to increase demand for electronic components in vehicles, which is anticipated to further boost the demand for wire harnesses.
By Material
Aluminum is projected as the most lucrative segment
Technological Advancements
Technological advancements such as manufacturing of more flexible wires for improved power delivery, wires to withstand more heat, and use of aluminum to replace copper in wiring harness have contributed to development of innovative products. Surge in need to make vehicles safer and reduce the risk of short circuiting in vehicles have encouraged market players to invest in R&D of advanced products. Greater adoption of internet of things to stay connected is further expected to offer growth opportunities during the forecast period.
By Propulsion
Electric vehicles is projected as the most lucrative segment
Covid-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the automotive wiring harness market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have announced total lockdown and temporary shutdown of industries, thereby adversely affecting the overall production and sales.
By Vehicle Type
Two wheelers is projected as the most lucrative segment
The impact of the COVID-19 pandemic has resulted in supply-chain disruptions causing delay in manufacturing of vehicles. Several automobile manufacturers faced shortage of components related to wiring harnesses, which further resulted in delay in production of vehicles. For instance, in 2020, in South Korea, Hyundai suspended operations at Ulsan complex due to lack of parts.
By Voltage
High voltage automotive wiring harness is projected as the most lucrative segment
The COVID-19 pandemic and associated lockdowns resulted in a significant drop in global car sales. However, there was a rise experienced in the sale of electric vehicles. Europe experienced growth in sale of electric vehicles owing to increased purchase incentives in Germany, continued declines in battery costs, and technology transition initiated by fleet operators in order to meet the emissions standards set for 2020.
By Application
Dashboard and cabin is projected as the most lucrative segment
With upliftment of lockdown restrictions increased demand for vehicles are expected to be observed, which is anticipated to further aid in the growth of automotive wiring harness market. Moreover, various initiatives have been undertaken by different governments across the world to promote adoption of electric vehicles. The growing penetration of electric vehicle requires high voltage wire harnesses to be integrated in electric vehicles, which further aids in the growth of automotive wiring harness market.
By Region
LAMEA would exhibit the highest CAGR of 6.6% during 2021-2030.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive wiring harness market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall automotive wiring harness market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global automotive wiring harness market with a detailed impact analysis.
- The current automotive wiring harness market is quantitatively analyzed from 2020 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Automotive Wiring Harness Market Report Highlights
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Analyst Review
Growth of the automotive wiring harness market is driven by numerous developments carried out by top automotive wiring harness manufacturers. In addition, adoption of electric vehicles and development of autonomous vehicles have strengthened the growth of the market across the globe.
There has been increased focus on reducing weight of automotive wiring harness and promoting adoption of electric vehicles through government initiatives & schemes. Market players have developed aluminum based automotive wiring harness to replace copper. The adoption of aluminum based wiring harness is expected to increase during the forecast period to reduce weight and costs associated with copper wiring harness.
The surge in demand for automotive wiring harness from emerging economies coupled with rise in adoption of electric vehicles, and growth in demand for advanced features in vehicles in the market are expected to supplement the market growth. Collaborations and acquisitions are anticipated to enable the leading players to enhance their product portfolios and expand into different regions. Major revenue for automotive wiring harness is generated from Asia-Pacific.
Several developments have been carried out by key players that operate in the automotive wiring harness industry. In March 2021, Lear Corporation acquired M&N plastics to expand its portfolio of connection systems. The acquisition is expected to aid Lear Corporation in manufacturing high-voltage wire harness and power electronics.
Trade and legal restrictions such as closed borders and others, creates a significant shortage of required automotive parts and limits the distribution of supplies impacting the automotive wiring harness market.
The global automotive wiring harness market was valued at $47,618.0 million in 2020
Automotive wiring harness is defined as an assembly of wires, terminals and connectors that run throughout the vehicle to transmit information and electric power. Automotive wire harness is designed according to electrical & dimensional requirement of automobiles and are integrated to connect different parts of vehicle such as body, engine, dashboard, chassis, and others.
The sample/company profiles for global automotive wiring harness market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The drivers for automotive wiring harness include development of vehicles with advanced safety features, rising adoption of electric vehicles, and technological advancements.
Based on voltage, the different types of automotive wiring harness include low voltage automotive wiring harness, and high voltage automotive wiring harness
The company profiles of the top market players of automotive wiring harness market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the automotive wiring harness market.
The opportunities in the automotive wiring harness industry include growth in development of autonomous vehicles, and proactive government regulations supporting the growth of electric vehicles
In September 2020, Furukawa Electric Co., Ltd setup a new company in Vietnam as production base to increase wire harness production capacity.
The upcoming trends in the automotive wiring harness industry include increasing use of aluminum for manufacturing of automotive wiring harness for weight and cost reduction in vehicles, and development of high voltage wiring harness to cater to the growing demand of electric vehicles.
The companies manufacturing automotive wiring harness include Aptiv PLC, FujiKura Ltd., Furukawa Electric Co., Ltd., Lear Corporation, Leoni AG, Nexans Autoelectric Gmbh, Samvardhana Motherson Group, Sumitomo Electric Industries, Ltd., Yazaki Corporation and Yura Corporation
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