Global Automotive Wiring Harness Market, By Component: Connectors, Wires (General Wires, Heat Resistant Wires, Shielded Wires, and Tubed Wires), and Terminals, By Material Type: Metallic Wiring (Copper and Aluminum) and Optical Wiring(Glass Optical fiber and Plastic Optical fiber), By Propulsion System: IC Engine Vehicles and Electric Vehicles (Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle) and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2030 is expected to be valued at US$ 96.0 million by 2030, exhibiting a CAGR of 7.7% during the forecast period (2023-2030), as highlighted in a report published by Coherent Market Insights.
Automotive wiring harness is an organized set of component that includes connectors, wires, and terminals that run throughout the vehicle, which transmit signals with regards to speed, internal temperature and power to the respective automotive component and electric power to automotive component. This automotive harness combines many electronic and electrical devices into a single system. In addition, automotive wiring harnesses are used in motorbikes, utility vehicles, commercial vehicles, and cars. Automotive wiring harnesses are designed according to the electrical and geometrical requirements of the vehicle and are embedded in the automotive vehicle. Wiring harnesses are embedded in the dashboard, windows, and electrical components of the automotive vehicles.
Global automotive wiring harness market was valued for US$ 53.58 Mn in 2022, is expected to exhibit a CAGR of 7.7% during the forecast period (2023 to 2030).
Global Automotive Wiring Harness Market - Key Developments
- In May 2023, Sumitomo Electric Industries, a manufacturer of electric wire and optical fiber cables, in its press release, stated the development of an automotive optical harness with ultra-high-speed communication, lighter weight, and smaller diameter.
- In September 2022, Leoni, a cable and harnessing manufacturing firm based in Germany, build an additional wiring harness plant in Agadir, Morocco, to support growth perspectives in commercial vehicle segment.
- In January 2020, Tata AutoComp Systems, an automotive component manufacturer, partnered with Beijing-based Prestolite Electric, manufacturer and supplier of alternators to enter into the electric vehicle components market in India.
Global Automotive Wiring Harness Market - Impact of COVID-19
COVID-19 pandemic had a significant impact on the global automotive wiring harness market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. Many European countries such as Germany, Spain, and the U.K. also faced the second wave of the COVID-19.
The lockdowns across several countries has negatively impacted the sales of automotive vehicles, which decreases the demand for a wiring harness. For instance, according to Coherent Market Insights, in year 2020, the automotive sales in European countries such as Spain and Italy decreased drastically by 32.6% and 27.5% respectively, due to coronavirus lockdown and other restriction in year 2020.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-wiring-harness-market-3653
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Key Trends and Analysis of the Global Automotive Wiring Harness Market:
- With the evolution of automotive technology, the development of advanced wiring harness to facilitate seamless data transfer, sensor integration, and robust communication networks has become paramount. The shift towards electric vehicles necessitates adaptations in harness design to accommodate the advanced features like infotainment systems, sensors and electric powertrains of electric and hybrid vehicles. It is accompanied with the broader goal of enhancing vehicle efficiency by weight reduction through integration of lightweight materials to improve fuel efficiency and reduce emissions. Optimization of manufacturing process for expedited assembly and cost efficiency is also vital.
- Modern vehicles are incorporating electronic components and advanced safety systems which require intricate and specialized wiring harness. The complexity is expected to further increase with the development of autonomous vehicle.
- Key players operating in the global automotive wiring harness market are Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc.
