Automotive wiring harness Market Forecasts to 2028 – Global Analysis By Material (Copper, Aluminum and Other Materials), Vehicle Type (Commercial Vehicles, Two Wheeler, Passenger Cars and Other Vehicle Types), Propulsion, Voltage, Application and By Geogr

Automotive wiring harness Market Forecasts to 2028 – Global Analysis By Material (Copper, Aluminum and Other Materials), Vehicle Type (Commercial Vehicles, Two Wheeler, Passenger Cars and Other Vehicle Types), Propulsion, Voltage, Application and By Geography

According to Stratistics MRC, the Global Automotive Wiring Harness Market is accounted for $50.1 billion in 2022 and is expected to reach $73.7 billion by 2028 growing at a CAGR of 6.6% during the forecast period. 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. This enables transmission of control signals and electrical power to electronic & electrical devices in an automotive to ensure basic functionality & enhanced safety.

According to Business Today, the worldwide sales of EVs has increased by 39 % in the year 2020, whereas the total passenger car market has declined by 14%. Research firm Canalys forecasts that approximately 30 million electric vehicles are going to be sold.

Market Dynamics:

Driver:

Increasing Electric Vehicles

Electric vehicles have become an integral part of the automotive industry, and they represent a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. Electric vehicles runs on electric power and any kind of damage in wiring harness can cause serious damage to vehicles. The increasing environmental concerns and favorable government initiatives are the major factors driving this growth.

Restraint:

Continuous growing risk

The vehicle has various electrical failures, such as battery, lights, alternator, non-functional front & rear lights, and ignition failure, which can sometimes occur due to wiring harness failures. Sometimes, the wiring harness bends due to the rapidly changing environments like extreme cold to severely hot temperatures, as well as rapid shifts from one temperature level to another. These problems can decay the overall wiring harness & largely decreases the rate of its overall lifespan.

Opportunity:

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 like 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.

Threat:

Corrosive Nature

The issues of reliability and durability associated with the incorporation of wiring harnesses in Electric vehicles are projected to hinder the market growth. Further, the corrosive nature of the wiring harness makes it challenging to incorporate into EVs. The manufacturers must invest comprehensively in the research and development of advanced wiring harnesses, which nay limit the market growth.

Covid-19 Impact

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. 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.

The dashboard & cabin segment is expected to be the largest during the forecast period

The dashboard & cabin segment is estimated to have a lucrative growth, due to the increasing use of entertainment systems and dashboard displays in various types of vehicles, the dashboard/cabin harness sector now holds a monopoly on the automotive wiring harness market. Utilization of the wiring harness in the vehicle’s seat is increased by the integration of devices like active health monitoring and heated seats.

The sensor segment is expected to have the highest CAGR during the forecast period

The sensor segment is anticipated to witness the fastest CAGR growth during the forecast period, due to he rising concerns about safety among drivers and passengers and the growing focus of key manufacturers to enhance safety features in automobiles. Furthermore, sensors are vital in a vehicle as they can monitor fuel consumption and emissions. They can also be utilised to incorporate high-tech features like ADAS, augmented dashboards, and automatic door locking system, among others in vehicles. Therefore, the increasing utilisation of sensors to enhance vehicle safety and provide advanced features is likely to aid the market growth in the forecast period.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to rising disposable income, thriving transportation and logistics sector, and increasing population, is likely to bolster the market growth in the region. The increasing investment to improve transportation infrastructure and the growing penetration of the leading automotive manufacturers in countries are expected to drive the market.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to increasing electric vehicle adoption, innovation in drive technologies, and growing automobile production. Meanwhile, it is likely to hold a significant share in the market owing to the availability of advanced technologies, increased demand for luxury and autonomous cars, and the presence of key automotive wiring harness manufacturers in the region. Also, the key manufacturers have headquarters, logistical centres and design and testing labs in the region. Hence, these are the factors augmenting the region growth.

Key players in the market

Some of the key players profiled in the Automotive Wiring Harness Market include THB Group, Delphi Automotive LLP, Lear Corporation, Furukawa Electric Co. Ltd., Mitusbishi Corporation, Leoni Ag, Fujikura Ltd., Yazaki Corporation, SPARK MINDA, SamvardhanaMotherson Group, PKC Group, Yura Corporation, NexansAutoelectric, Aptiv, Borg Warner Inc., Sumitomo Electric Industries Ltd., Robert Bosch GmbH, Nidec Motors & Actuators and Hitachi Ltd.

Key Developments:

In March 2022, Sumitomo Electric announced the launch of the New Z2C fusion splicer, which is based on AI-programmed fusion technology. It will enhance the work efficiency at its construction sites and the business organization is committed to its advancements in technologies and quality product deliveries.

In January 2022, Aptiv announced the acquisition of wind river, which is a prominent software firm. Aptiv is advanced software and systems integration business organization. The business move will lead to increased investments in software development.

In March 2021, Lear Corporation completed the acquisition of M&N Plastics, a Michigan-based injection molding professional and manufacturer of engineered plastic elements. This acquisition aimed to boost Lear’s vertical integration abilities to engineer and create intricate parts for electrical dispersals, such as high-voltage wire harnesses and power electronics.

Materials Covered:
• Copper
• Aluminum
• Other Materials

Vehicle Types Covered:
• Commercial Vehicles
• Two Wheeler
• Passenger Cars
• Other Vehicle Types

Propulsions Covered:
• Electric Vehicles
• ICE Vehicles
• Hybrid Vehicles
• Other Propulsions

Voltages Covered:
• High Voltage
• Low Voltage
• Other Voltages

Applications Covered:
• Chassis
• Dashboard & Cabin
• Engine
• HVAC
• Body & Lighting
• Battery
• Sunroof
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements