Based on the market research conducted by FMI, the automotive wiring harness market 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.
There has been an increase in automotive exploration activities across the globe. Thanks to a vast number of investments made in this niche. The flexible wires that are used in this application help in the improvement of power delivery. All of these might surge the sales of automotive wiring harness going forward.
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Moreover, the combined wiring of different electrical and electronic systems into a single system is helpful in signal transmission and driving different kinds of electrical appliances. This has undoubtedly allowed companies to achieve the aim of cost-cutting. This has also captured the attention of manufacturers from other sectors, which might improve the automotive wiring harness market outlook in the future.
Moreover, there has been a surge in the usage of autonomous vehicles, as these help in reducing the cases related to accidents. Additionally, governments worldwide are investing millions of dollars in these autonomous vehicles.
The automotive wiring harness is also an integral part of these autonomous vehicles. This is expected to increase the demand for the automotive wiring harness.
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:
- 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.
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 worlds largest power system technology. The exhibition is scheduled to be held from August 29 to September 2, 2022 in France.
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
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Key Segments Profiled In The Automotive Wiring Harness Market
By Product Type:
- Chassis & Safety
- Conventional Chassis
- Semi-Forward Chassis
- Full Forward Chassis
- Body
- Roof
- Door & Window
- Facia
- Seat
- Interior
- HVAC
- Engine
- Sensors
By Vehicle Type:
- Passenger Cars
- Compact
- Mid-Sized
- SUV
- Luxury
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- BEV
- PHEV
By Sales Channel:
- First Fit
- Replacement
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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