South America 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 E

South America 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 South America is expected to grow from US$ 3,091.76 million in 2022 to US$ 3,767.60 million by 2028. It is estimated to grow at a CAGR of 3.3% from 2022 to 2028.
Growing Technological Advancements in Automobiles
Automobile manufacturers are implementing various technologies in their upcoming models to stay competitive in the market. Technologies such as automatic high beam control, self-driving, cruise control, and automatic lift gates are highly adopted by automobile companies as buyers are largely lured by attractive design, specifications, quality, and features. Some of the technologically advanced vehicles have approximately 40 wire harnesses comprising ~3,000 wires and around 700 connectors. Wire harnesses are one of the most important components of a vehicle’s electrical system. It bundles up to 5 km of cables in an average car. Moreover, in modern vehicles, the majority of components, such as engine, air conditioning, instrumentation, audio speaker, lights, and battery are connected through front, rear, and roof wire harnesses. Owing to the increasing technological advancements, the demand for wire harnesses is growing in the automobile industry. In July 2022, Mahindra, an automobile giant launched new-generation Scorpio – Christened Scorpio N. This car has various technologies and features such as AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. These additional technology integration in the vehicles increase the demand wire harness for better connectivity. In July 2022, Toyota launched a teaser of its new connected car technology, Toyota i-Connect. Moreover, customers are moving toward electric vehicles (EV), which is also a driving factor for the wire harness market. In May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check how bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the wire harness market growth.

Market Overview

South America includes several developing economies such as Brazil, Argentina, Chile, Peru, and Colombia. The economy witnessed a steady growth in its infrastructure development with the construction of airports, highways, dams, and others, which created an exponential demand for commercial vehicles in the region. Also, the transport infrastructure of the region is constantly developing, thus, resulting in an increasing need for commercial vehicles. In addition to this, countries in SAM are witnessing an upsurge in the middle-class population as well as growth in urbanization. The rise in the economic condition assists regional and international car makers and government bodies in taking further initiatives concerning the growth of the automotive sector in South America. Due to this, the South America automobile industry witnessed a growth of 7% in terms of sales in the first 2 quarters of 2018, with a sales figure for light commercial vehicles accounting for 2.83 million. As a result of the growing automotive industry, the demand for wire harnessing is likely to flourish over the forecast period.
South America Wire Harness Market Revenue and Forecast to 2028 (US$ Million)

South America Wire Harness Market Segmentation

The South America 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 Brazil, Argentina, and Rest of South America. The Brazil 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.; and Motherson Sumi Systems Ltd. are the leading companies operating in the wire harness market in the region.

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