LONDON, April 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive wiring harness market, the expanding demand and usage of hybrid and electric vehicles are significantly contributing to the growth of the automotive wiring harness market. An automotive wiring harness is used in hybrid vehicles to offer good performance in harsh environments. These harnesses can transmit high currents even in extreme conditions, thus being able to handle electrical loads and resist high heat and electromagnetic noise.
In 2021, electric car sales doubled to 6.6 million from 3 million in 2020. Also, sales in China, the US, and Europe increased by 160% in the first half of 2021 over the previous year. The increasing demand for electric and hybrid cars is expected to propel the demand for automotive wiring harnesses, thus driving the market during the forecast period.
The global automotive wiring harness market share is expected to grow from $51.24 billion in 2021 to $53.35 billion in 2022 at a compound annual growth rate (CAGR) of 4.11%. Global automotive wiring harness market growth is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $64.18 billion in 2026 at a CAGR of 4.61%.
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Technology advancement is the key trend being followed by the companies operating in the automotive wiring harness market. Companies are focusing on manufacturing and deploying more compact wiring harnesses that occupy less space. For instance, in July 2019, US-based electric vehicle manufacturer, Tesla revealed its revolutionary new wiring architecture that enables more robot automation in the manufacturing process and uses fewer materials. The new wiring architecture has subsystems packaged and defined in one or multiple assemblies in certain embodiments, which helps to reduce the number and length of wiring and decrease assembly time during general assembly. The company is also working towards reducing the length of wiring harnesses in its vehicles from 1.5 kilometers to nearly 100 meters.
Major players in the automotive wiring harness market are Yazaki Corporation, Sumitomo Electric Industries, Aptiv PLC, Furukawa Electric, Leoni AG, Nexans, DELPHI AUTOMOTIVE LLP, LEAR CORPORATION, SAMVARDHANA MOTHERSON GROUP, YURA CORPORATION, Fujikura Automotive, PKC Group Plc, Coroplast Fritz Muller GmbH & Co. Kg, Motherson Sumi Systems Limited, NEXANS AUTOELECTRIC, Quingdao Sanyuan Group, Kyungship Corporation, Kromberg & Schubert, Jiangsu Kyungshin Electronic Co. Ltd, Furukawa Electric Co., Ltd, MOTHERSON SUMI Systems, Delphi Technologies, Adaptronic Pruftechnik GmbH, Brascabos, Cypress Industries, Czech Republic Onamba S.R.O., Draxlmaier, United Harness Limited, Fujikura Ltd, Gebauer & Griller Group, and General Cable Technologies Corporation.
The global automotive wiring harness market research analysis is segmented by component type into wires, connectors, terminals, others; by material type into copper, aluminum, others; by harness type into main harness, auxiliary harness, others; by vehicle type into two wheelers, passenger cars, commercial vehicles.
Asia-Pacific was the largest region in the automotive wiring harness market in 2021 and is expected to be the fastest-growing region in the global automotive wiring harness market during the forecast period. The regions covered in the global automotive wiring harness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Wiring Harness Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive wiring harness market overviews, analyze and forecast market size and growth for the whole market, automotive wiring harness market segments and geographies, automotive wiring harness market trends, automotive wiring harness market drivers, automotive wiring harness market restraints, automotive wiring harness market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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