Automotive Wiring Harness Market To Undertake Strapping Growth By The End

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.

Automotive wiring harnesses are an essential component of a vehicle's electrical system. They are responsible for connecting various electrical components and systems in the vehicle, including the engine, transmission, sensors, and other electronic components. The demand for automotive wiring harnesses is expected to grow due to several factors.

Increasing vehicle production: The production of vehicles is increasing globally, and this trend is expected to continue. As the number of vehicles produced increases, so does the demand for automotive wiring harnesses.

Advancements in vehicle technology: Modern vehicles have complex electrical systems, including advanced driver-assistance systems (ADAS), infotainment systems, and other electronic features. These systems require sophisticated wiring harnesses that can handle high-speed data transfer and complex communication protocols.

Electric and hybrid vehicles: The demand for electric and hybrid vehicles is increasing due to concerns about climate change and fuel efficiency. Electric and hybrid vehicles require specialized wiring harnesses that can handle high voltage and current loads.

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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.”

Key Takeaways:

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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.  

Some of the recent developments are:

Key Companies Profiled in the Automotive Wiring Harness Market