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Home » Press Releases » Global Automotive Wiring Harness Market worth $74.46 Bn by 2030

Global Automotive Wiring Harness Market worth $74.46 Bn by 2030


Published Date: Mar-2022 | Report Format:Electronic (PDF)

 

The report" Automotive Wiring Harness" Market by Material (Copper, Aluminium, and Others), By Propulsion (Electric Vehicles, ICE Vehicles, and Hybrid Vehicles), Vehicle Type (Passenger Cars, Two-Wheelers, and Commercial Vehicles), Voltage (HV Automotive Harness, and LV Automotive Harness ), By Applications (Chassis Harness, Engine harness, Body & lighting harness, Dashboard/ cabin harness, Sunroof harness, Battery harness, HVAC harness, Seat harness, and Door harness) - Global Forecast to 2030. "The Global Automotive Wiring Harness Market share was USD 46.82 Bn. It is predicted to reach USD 74.46 Bn by 2030, representing a CAGR of 4.75% throughout the forecasted period. Some of the most notable factors that are fuelling the overall growth of the market are the Evs, continuous growth in demand for electronic devices across the globe, and the embedded wiring harnesses in vehicles.

To know more about the report, Click on the link https://www.strategicmarketresearch.com/market-report/automotive-wiring-harness-market

 

By Material, the 'Copper' segment held the highest share in 2020

Based on Material, the Automotive Wiring Harness industry worldwide has been segmented into Copper, Aluminium, and Others. The "Copper" segment held the highest share of nearly 68.13% of the entire market in 2020. Copper has the best electrical & thermal conductivity. As compared to aluminum, the Cu wire has less resistance to electrical and thermal conduction, and so they are used widely across the globe for wire harnessing in high conductivity applications in automobiles. 

 

By Propulsion, the 'ICE Vehicles' segment held the largest share of the market in 2020

Based on Propulsion, the Global Automotive Wiring Harness industry has been fragmented into Electric Vehicles, ICE Vehicles, and Hybrid Vehicles. The "ICE Vehicles" held the highest largest share of approximately 58.21% of the total market throughout the forecasted period of 2020-2030. 

 

However, the "Electric Vehicles" held the fastest growth with a robust CAGR during the forecasted period. The conventional ICE vehicle's requirement of the wire harness is supplied by the auto component makers, which is 3 times more in Evs, which in turn is propelling the overall growth of this segment comprehensively.

 

By Vehicle Type, the 'Passenger Cars' accounted for the largest share of the market in 2020

Based on Vehicle Type, the Global EV Charging Station industry has been segmented into Passenger Cars, Two-Wheelers, and Commercial Vehicles. Passenger Cars held the highest share of around 48.23% of the entire market in 2020. Passenger cars are the most manufactured type of cars across the globe than any other car type, which requires a lot of wiring harnesses, and hence it's accelerating the overall growth of the market in this segment significantly.

 

By Voltage, the "LV Automotive Harness" segment held the highest market share in 2020

Based on Voltage, the Global EV Charging Station industry has been segregated into HV Automotive Harness and LV Automotive Harness. The "LV Automotive Harness" has the most significant share of the market of approximately 75.23% of the entire market in 2020. 

The HV Automotive harness segment held the fastest growth with a steady CAGR throughout the forecasted time frame. The demand for the HV Automotive Harness has increased rapidly due to the more & more installation of the HV battery ecosystems in the Evs, which is fuelling the overall market growth rate extensively.

 

By Applications, the "Chassis harness" segment held the maximum market share in 2020

Based on Applications, the Global EV Charging Station industry has been segregated into Chassis Harness, Engine harness, Body & lighting harness, Dashboard/ cabin harness, Sunroof harness, Battery harness, HVAC harness, Seat harness, and Door harness. The Chassis harness segment dominated the market with the highest share of approximately 27.18% and will continue to dominate throughout the forecasted period. The overall demand for Automotive Wiring Harnesses in chassis applications such as air brake pumps, frames, suspension systems, etc., has rapidly increased across the world, which in turn is facilitating the overall growth of this segment.

 

Based on Region, the "Asia-Pacific" segment accounted for the largest share of the market of nearly 61.12% throughout the prevised period of 2020-2030, followed by the European Union.

 

China is the largest automobile manufacturer in the world. Thus, the overall market for Automotive Wiring Harnesses in China is increasing at a much higher rate. The OEMs that are based in China are now focusing on the adoption of various lightweight materials for enhancing the purpose of wiring harnesses which is propelling the overall market growth extensively in this Region.

 

Some of the key vendors in the Global Automotive Wiring Harness Market include Yazaki Corporation, Furukawa Electric Co., Ltd, Aptiv PLC, Fujikura Ltd, NexansAutoelectricGmbh, Lear Corporation, Leoni AG, Sumitomo Electric Industries, Ltd, SamvardhanaMotherson Group, and Yura Corporation.

 

Recent Developments: -

  • On July 31st, 2021, Yazaki Corporation announced that it is planning to set up a wire harness manufacturing plant in Manipur, India, in the future. Thongam Biswajit Singh, the industries minister, is eagerly looking forward to setting up its wire harness manufacturing unit within the state and offering immense employment opportunities to the youths across the state in the upcoming times.

 

  • On October 1st, 2020, the Furukawa Electric & Essex Magnet Wire (Essex) leaders joined hands together for further expansion of their magnet wire harness partnership between the 2 European entities. Upon executing the customary regulatory & varieties of other approvals, along with the variety of definitive agreements, the companies would most likely combine their magnet wire harness business operations in the upcoming years.

 

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