Market Definition / Research Scope
Wire harness is a connection of wires and data circuits that act as the vital features of a vehicle. Automobiles are integrated with a variety of electronics and electronic gadgets to enhance security. Wire harness perform functions like going, turning and stopping for convenience and comfort to the end users. The wire harness transmits signals and electronic power to enable the performance of these functions. They are made of either copper or aluminum.
Wire Harness Market size shall reach a value of $2x61.4 Million in 2031, growing with a CAGR of 12.13% during the forecast period of 2022 to 2031.
Wire harness are applied in passenger and commercial vehicles to enhance safety and reduce accidents, for entertainment purposes and for manufacturing of the vehicles body. Other applications are in medical and telecom industries. The powertrain segment has the biggest market share with Asia Pacific being the market dominator followed by North America and Europe. The market has few established players.
In 2014, as an expansion strategy, Motherson Sumi Systems Limited acquired US-based Stoneridge Incs wiring harness business for $65.7 million. In 2022, Optronics International announced its acquisition of Texas-based USA Harness Inc which manufacturers trailer harnesses and electronic control systems. The acquisition was geared towards giving Optronics the capability of delivering to light, medium and heavy duty vehicle industries with lighting and harness technologies.
Wire Harness Market Growth and Trends
Driving factors for the industry :
• Rising production and sale of hybrid and electric vehicles, trend of integrating advanced characteristics like safety solutions of electric vehicles owing to increasing number of accidents across the world and electrification of the vehicles fuels the demand for wire harnesses, thus enhancing the growth of the market.
• The market is propelled by the increasing automotive sales. Moreover, the investments in telecommunication infrastructure are expected to boost the growth of the wire harness market.
• Wire harness is an important part of automobiles as it allows energy transmission and communication between every vehicle component. With the increase in the number of vehicle sales, there will be a commensurate rise in the demand for wire harness over the forecast period.
• Increasing the integration of electronic devices into vehicles to provide better safety features has left a positive mark market growth. Employing these systems in a vehicle presents numerous advantages like improved fuel efficiency, enhanced performance, and low probability of electrical shortage and enhances the demand for the wire harness market.
Challenges for the industry :
• Although numerous technological advancements have been made in the field of the wire harness market, manufacturing of wiring harnesses is executed either as a labour-intensive task or using semi-automatic machines for selected procedures which can be challenging and pose as a restraint. To overcome this limitation, numerous original equipment manufacturers in the market are concentrating on constructing new manufacturing facilities fully equipped with automated machines for manufacturing of wiring harnesses in countries with lower labour rates, such as India and Japan.
• The durability and reliability issues associated with incorporation of wire harness in electric vehicles may hinder the growth of the market. With the perpetual rise in accidents in the country, both the consumers and government are showing high degree of interests in advanced safety features, and are focusing on enhancing the safety systems of their vehicles, which, consequently, is expected to boost the wiring harness market in the region.
• However, overheating or short circuit of the wiring harness in regions with extreme climatic conditions, such as rain and snow results in high price of replacement of the entire, which in turn is limiting the market growth. The rise in use of safety sensors, such as blind spot detection and automated steering control systems, gives multiple opportunities for market expansion.
• The non pocket friendly cost of advanced technology equipment for wire harness used in automotive applications is another major factor likely to restrain the growth of the market.
Wire Harness Market Regional Analysis
Wire Harness Market Share and Competition
Key companies operating in this industry are: Aptiv PLC, Furukawa Electric Co., Ltd., THB Group, Yazaki Corporation, and Sumitomo Electric Industries, Ltd.
Wire Harness Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Vehicle Type Analysis (Revenue, USD Million, 2022 - 2031)
• Passenger Cars
• Commercial Vehicles
Wire Type Analysis (Revenue, USD Million, 2022 - 2031)
• Copper
• Aluminum
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Powertrain
• Comfort, Convenience, and Entertainment
• Safety and Security
• Body Wiring
Region Analysis (Revenue, USD Million, 2022 - 2031)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Wire Harness Market Companies
• Aptiv PLC
• Furukawa Electric Co., Ltd.
• THB Group
• Yazaki Corporation
• Sumitomo Electric Industries, Ltd.
Available Versions: -
United States Wire Harness Market Research Report
Europe Wire Harness Market Research Report
Asia Pacific Wire Harness Market Research Report
India Wire Harness Market Research Report
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