Asia Pacific Wire Harness Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and En

Asia Pacific Wire Harness Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Agriculture, Appliances, and Others)

The wire harness market in Asia Pacific is expected to grow from US$ 38,722.01 million in 2022 to US$ 61,247.68 million by 2028. It is estimated to grow at a CAGR of 7.9% from 2022 to 2028.
Developing Wire and Cable Consumption
The growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors has resulted in the high consumption of wires and cables. The consumption is further driven by renewable energy development and government initiatives. For instance, the Government of India has been launching several initiatives (such as “Power for All”) and providing the necessary infrastructure to ensure uninterrupted electricity supply across the country. These government-promoted initiatives have exponentially increased the consumption of wire and cables in the power industry in India over the last five years. Further, countries, such as China and Indonesia are among the prominent countries with high wire consumption. These countries produce a high number of electronic appliances. In April 2021, Department of Trade and Industry (DTI) discussed about the expansion opportunities with six Japanese FDI under the new ‘Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act’ for wire harness operations. Moreover, Philippines is one of the world’s largest exporters of wire harness. As the consumption of wires and cables increases, the installation complexities and risk of shorts also increase. Wire harnesses help secure many masses of wires that could stretch for several kilometers and significantly overcome the shortcomings. Therefore, the demand for wire harnesses is directly proportional to the growing consumption of wires and cables.

Market Overview

lectronics manufacturing is an important part of the manufacturing export sector for many East Asian countries, including China, South Korea, Taiwan, Malaysia, Singapore, Philippines, Thailand, and Vietnam. In addition, the electrical device supply chain is highly integrated into various economies. China is a major supplier of electrical device intermediaries to many electrical device sectors in Southeast Asia. Hence, the region offers a suitable ecosystem for the wire harness market vendors to channel their sales growth. Furthermore, the region accounts for the largest consumer appliance industry globally, which is another key market driver. Companies in the wire harness market are developing innovative solutions for electronic consumer devices and high-strength and low-strength applications of varying degrees of equipment. The surprisingly high prevalence of connected devices among consumers is creating a stable source of revenue for companies in the wire harness market. Most foreign automakers in China have strict requirements for wire harnesses for vehicles, so they mainly choose China's leading international wire harness manufacturers.
Asia Pacific Wire Harness Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Wire Harness Market Segmentation

The Asia Pacific wire harness market is segmented into product, material, end user, and country. Based on product, the market is segmented into wire harness connector, wire harness terminal, and others. The others segment held the largest market share in 2022.
Based on material, the market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held the largest market share in 2022.
Based on end user, the market is segmented into automotive, agriculture, appliances, and others. The automotive segment held the largest market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific. The China dominated the market share in 2022.
DRAXLMAIER GROUP; Fujikura Ltd.; Lear Corporation; Sumitomo Electric Industries, Ltd.; LEONI AG; THB Group; Yazaki Corporation; FURUKAWA ELECTRIC CO., LTD.; Motherson Sumi Systems Ltd.; and YURA Corporation are the leading companies operating in the wire harness market in the region.

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