Pune, March 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global automotive wiring harness market is expected to grow from USD 45.6 billion in 2021 to USD 67.76 billion by 2030, at a CAGR of 4.5% during the forecast period 2022-2030.
The network of wires, terminals, connectors, and other elements throughout the body of an automobile is termed an automotive wiring harness. The function of this well-connected network is data transmission. In simple terms, wiring transmissions facilitate the transmission of power, sending & receiving sensor signals, transmitting information, all of which ensure smooth functioning of the vehicles and their systems.
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Seamless operation of the touchscreen infotainment system, automatic climate control, music system, reversing assistant, adaptive cruise control, and driver fatigue alert, among others, is ensured by a well-connected and active network of the automotive wiring harness. The increasing demand for vehicles with such advanced features and stringent government regulations about an automobile's safety measures will drive the global automotive wiring harness market in the forecast period.
The accompanying increase in the production volume of vehicles is a positive development for the market. The rising concern about climate change has increased the adoption of electric vehicles, significantly contributing to the automotive wiring harness demand. The corrosive nature of the material used in wiring harnesses will hamper the market's growth as it leads to reduced current transmission, eventually resulting in system failures or system malfunctioning. New product innovations and research into the potential use of other substitute materials can help overcome such problems. To put this into perspective, take copper & aluminum, the two most popular materials utilized in the wiring harness market. Copper is flexible, reliable, durable & its highly conductive nature makes it the most preferred choice. The manufacturing and assemblage of copper are easy; however, copper is relatively heavier than aluminum. The heavy nature of copper makes it a liability as it increases the weight of the vehicles and reduces its performance. On the other hand, aluminum is lightweight and helps in retaining the performance of the vehicle. The only drawback is aluminum's comparatively less conductive nature, which reduces transmission speed. Market players' investments in research and development for finding innovative solutions to these drawbacks will provide lucrative opportunities in the future.
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With aspirations of attaining a higher standard of living, there has been an increase in the demand for advanced vehicle features. Government policies and subsidies provided for the production of electric vehicles are promoting the increased penetration of electric vehicles in the market. All these factors combined drive the automotive wiring harness market; the requirement to improve safety & security features for clients is likely to provide an impetus for innovative product development in the automotive wiring harness market.
Key players operating in the global automotive wiring harness market are:
• Yazaki Corporation
• Leoni AG
• Lear Corporation
• Fujikura Ltd
• Furukawa Electric Co., Ltd
• APTIV PLC
• Sumitomo Electric Industries, Ltd.
• Motherson Sumi Systems
• YURA Corporation
• PKC Group Ltd.
To enhance their market position in the global automotive wiring harness market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Yazaki Corporation, a major manufacturer of wire harnesses, proposed to set up a wire harness manufacturing plant in Manipur, India. The proposal was announced in July 2021.
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The copper segment dominated the market with a market share of around 55% and a market value of around 25.08 billion in 2021.
The material type segment is divided into copper, aluminum & others. The copper segment dominated the market with a market share of around 55% and a market value of around 25.08 billion in 2021.
The terminals segment is expected to grow at the fastest CAGR of 5.6% over the forecast period.
The component segment is divided into connectors, terminals, wires & others. Over the forecast period, the terminals segment is expected to grow at the fastest CAGR of 5.6%.
The chassis wiring harness segment dominated the market, accounting for about 24% of global revenue and a market value of around 10.94 billion in 2021.
The application segment is divided into engine harness, chassis wiring harness, body & lighting harness, HVAC harness, dashboard & cabin harness, and other applications. The chasses wiring harness segment dominated the market, accounting for about 24% of global revenue and a market value of around 10.94 billion in 2021.
The passenger vehicle segment dominated the market, with a market value of around 27.81 billion in 2021.
The vehicle use segment can be divided into passenger vehicles & commercial vehicles. The passenger vehicle segment dominated the market, with a market value of around 27.81 billion in 2021. The increasing demand for passenger vehicles accompanied by a similar rise in demand for cars with advanced features has contributed to the dominance of this segment in the market.
Regional Segment Analysis of the Automotive Wiring Harness Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Among all regions, the Asia-Pacific region emerged as the largest market for the global automotive wiring harness market, with a market share of around 35.2% in 2021. The Asia Pacific is expected to be the largest market during the forecast period. China dominates the automotive wiring harness market in the Asia Pacific. The increasing demand for vehicles in the developing economies, which is catered by the equally rising production capacity of these economies, contributes to the growth of the automotive wiring harness market. China is the world's leading automobile manufacturer; to reduce carbon emissions from all these vehicles, the Chinese market is shifting towards manufacturing electric vehicles. China is hoping to retain the top spot for this market as well. Increasing infrastructure development is making India an ideal choice for automobile manufacturing. In addition to these, the favorable government policies for the manufacture of electric vehicles will help this region maintain its dominance in the global automotive wiring harness market during the forecast period.
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About the report:
The global automotive wiring harness market is analyzed based on value (USD Billion). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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