Based on the market research conducted by FMI, the automotive wiring harness market size is expected to grow at a considerable CAGR of 7.9% through 2032. The automotive wiring harness market is expected to hit US$ 110.78 billion by 2032. The market is valued at US$ 51.79 billion as of 2022, and in 2021 the automotive wiring harness market valuation was US$ 48 billion.
Key Takeaways:
The automotive wiring harness market is expected to grow at a CAGR of 7.9% during the forecast period.
The market was valued at US$ 48 billion in 2021.
The automotive wiring harness market is valued at US$ 51.79 billion in 2022.
The automotive wiring harness market is anticipated to be valued at US$ 110.78 billion in 2032.
Based on the product type, the Chassis & Safety Segment is expected to lead the market during the forecast period.
Based on the vehicle type, the Passenger Cars had the Highest automotive wiring harness market share of nearly 49% in 2021.
Asia Pacific currently dominates the market, with a Market Share of whopping 51%
If we talk about the largest market based on the country, it is China.
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Competitive Landscape of the Automotive Wiring Harness Market
The automotive wiring harness market is growing with leading players offering everything they can. Thus, the market players have kept customer delight before everything.
In order to offer best possible services, the key players are looking at establishing strategic collaboration with global players and local regional players. This is done to gain a good understanding about the local market as well as the global market. Additionally, the growth of electric vehicle industry and automobile industry is a great news for the key players.
Key Companies Profiled in the Automotive Wiring Harness Market
LEONI Group, Samvardhana Motherson Group, Sumitomo Electric, Yazaki Group, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd, YURA Tech Corporation, Nexans.
Some of the recent developments are:
In July 2022, Leoni defines clear targets with ‘ReWire’ on its way to offer highest form of sustainability, based on Climate neutral by 2045 agenda.
In August 2022, Sumitomo Electric announced that it would take part in CIGRE 2022 technical exhibition, which is the world’s largest power system technology. The exhibition is scheduled to be held from August 29 to September 2, 2022 in France.
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Around the world, there has been a growth in automobile exploration activity. due to the massive amount of investments made in this market. The use of flexible wires in this application aids in improving power delivery. Future sales of automobile wire harness may increase as a result of all of these.
Additionally, the integration of many electrical and electronic systems into a single system aids in the transmission of signals and the operation of various electrical appliances. Without a question, this has made it possible for businesses to minimise costs. Manufacturers in other industries have taken notice of this, which could enhance the outlook for the automotive wire harness market in the future.
Additionally, the use of autonomous vehicles has increased as a result of its ability to lower accident-related incidents. Governments from all across the world are also spending millions on these autonomous vehicles.
These autonomous vehicles also include an essential automotive wiring harness. It is anticipated that this will result in a rise in demand for vehicle wire harnesses.
Thus, from the insights obtained from FMI research, it can be inferred that, “Increased focus on passenger safety, coupled with an increase in the number of electric vehicles worldwide, and many other factors are expected to increase the demand for automotive wiring harnesses.”