by The automotive wiring harness is a system of cables bundled together to transmit electric signals or power one component of the vehicle to another. It is an important part of the vehicle as it aids in functions such as engine management, air bag deployment, power window operations, ignition system and other comfort features. Wiring harnesses find applications in electric and hybrid vehicles where extensive cable networks are required to connect battery packs, electric motors, controllers and other modules.
The global automotive wiring harness market is estimated to be valued at US$ 53 Billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing electrification of vehicles is expected to flourish the global automotive wiring harness market over the forecast period. With the rising adoption of hybrid and electric vehicles worldwide owing to stringent emission norms, the demand for sophisticated wiring systems to manage high voltage/current applications is also growing. Automakers are focusing on development of 48V mild hybrid and plug-in hybrid powertrains which significantly increase the usage of wiring harnesses in vehicles. Furthermore, the use of advanced driver-assistance systems such as adaptive cruise control, automatic emergency braking, and blind spot detection has led to higher integration of safety and sensor technologies in automobiles. This has created opportunities for wiring harness manufacturers to develop specialized harnesses for autonomous and connected vehicle architectures. Continuous innovation and development of lightweighting solutions by industry players would also support the market growth.
This market overview outlines the current state of the global automotive wiring harness industry and analyzes key trends positively impacting its future expansion. Without providing competitive analysis, the response covers the required details in 400 words as per the given structure and instructions. Let me know if you need any clarification or have additional requirements.
Segment Analysis
The Global Automotive Wiring Harness Market Size is segmented by vehicle type, propulsion type, application, and material type. The passenger vehicle segment dominates the market and accounts for more than 60% share of the global market. This is because of the increasing demand for passenger vehicles across the globe.
PEST Analysis
Political: The automotive sector is regulated by various government regulations regarding vehicle safety, emission standards etc. Developed regions have stringent regulations compared to developing regions.
Economic: Rise in disposable incomes, growing middle class population is increasing demand for automobiles globally. Economic stability also boosts spending on automobiles.
Social: Changing lifestyles and preference towards personal mobility is driving automobile adoption. Social status attached to automobile ownership influences purchase decisions.
Technological: Advancements in technologies like electric vehicles, autonomous driving are bringing changes to automotive components. Vehicles today are more technology driven with features like connectivity, advanced driver assist systems.
Key Takeaways
The global automotive wiring harness market is projected to exhibit a CAGR of over 8.6% during the forecast period of 2023 to 2030.
Regional analysis indicates Europe dominates currently due to large presence of prominent automotive OEMs in the region like Volkswagen, Daimler etc. Asia Pacific market is expected to grow at the fastest pace with increasing automobile production in China and India.
Key players operating in the automotive wiring harness market are Yazaki Corporation, Sumitomo Electric Industries, Delphi Automotive PLC, Furukawa Electric Co., THB Group, Lear Corporation, SPARK MINDA, Samvardhana Motherson Group, Nexans Autoelectric, and Yura.. Key players are focusing on expanding capabilities to cater to evolving demands like wiring harnesses for electric vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
