(MENAFN- GlobeNewsWire - Nasdaq) Automotive Wiring Harness market size was valued at USD 50,266.88 million in 2022 and is poised to grow from USD 51975.95392 million in 2023 to USD 67915.16 million by 2031, growing at a CAGR of 3.4% during the forecast period (2024-2031).Westford, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Automotive Wiring Harness Market will attain a value of USD 67915.16 Million by 2031, with a CAGR of 3.4% during the forecast period (2024-2031). The growing consensus surrounding driving safety and security is driving up demand for driver-assistance technology like lane departure warning systems, adaptive cruise control, adaptive front lighting, and blind spot recognition. Car makers are also anticipated to fuel market expansion by adhering to strict safety regulations that have been imposed by international authorities. It's also anticipated that market participants will have new opportunities as optical fibre is used more often to produce wiring harnesses.
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Automotive Wiring Harness Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $51975.95392 Million |
| Estimated Value by 2031 | $67915.16 Million |
| Growth Rate | Poised to grow at a CAGR of 3.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increasing use of advanced driver assistance systems |
| Key Market Opportunities | Need for sophisticated features in automotive wiring harness |
| Key Market Drivers | Rising automobile production to propel market growth |
Light Vehicles to Dominate Due to their Increasing Demand for Fuel-Efficient Vehicle
Light cars dominate the global automotive wire harness market mainly due to their large production volumes and the growing consumer demand for automobiles with cutting-edge technology and fuel efficiency. As a result, complicated wiring systems become more necessary as light vehicles integrate more cutting-edge technology and safety features, further solidifying their position as the industry leaders.
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Chassis Application is Largest Growing Sub-Segment Due to its Critical Role in Stability and Performance
Due to its significance towards vehicle performance, balance, and security; chassis applications dominate global automobile wiring harness market. The escalation of demand for intricate yet dependable wiring setups required by electronic stability controls (ESC) and advanced driver assistance systems (ADAS) as they become more prevalent among manufacturers is strengthening the market position occupied by chassis applications.
Strong Presence of Manufacturers Helped Asia Pacific to Dominate the Market
With a 48.6% revenue share, the Asia Pacific region led the global automotive wiring harness market. This can be explained by the existence of significant auto markets like China and India, two of the top 5 auto-producing nations in the world. The region's widespread use of automobile wire harnesses is anticipated to fuel market growth.
Automotive Wiring Harness Market Insight
Drivers:
World's Growing Need for Automobiles
More Cars Become Hybrid and Electric
Consumers' Preferences for Infotainment Systems
Restraints:
Complexity of Car Electrical and Electronic Architectures
Supply Chain Disruptions such as Shortages of Raw Materials
High Upfront Costs Associated with Creating Specialized Wiring Harnesses
Prominent Players in Automotive Wiring Harness Market
Sumitomo Electric Industries, Ltd. (Japan) Lear Corporation (US) Yazaki Corporation (Japan) Aptiv PLC (Ireland) THB Group (China) Leoni AG (Germany) Furukawa Electric Co., Ltd. (Japan) PKC Group (Finland) Spark Minda (India) Nexans Autoelectric (Germany)
Segments covered in Automotive Wiring Harness Market are as follows:
Category General Wires, Heat-Resistant Wires, Shielded Wires, Tubed Wires
Propulsion Type Application, for ICE Vehicles Seat Harness, Engine Harness, Chassis Harness, Body & Lighting Harness, HVAC Harness, Dashboard/Cabin Harness, Battery Harness, Sunroof Harness, Door Harness
Component, for ICE Vehicles Connectors, Wires, Terminals, Others
Material Type, for ICE Vehicles Metallic (Copper, Aluminum, Other Materials), Optical Fiber (Plastic Optical Fiber (POF), Glass Optical Fiber (GOF))
ICE Vehicles Type and Application Passenger Car (Engine Harness, Chassis Harness, Body & Lighting Harness, HVAC Harness, Dashboard/Cabin Harness, Battery Harness, Seat Harness, Sunroof Harness, Door Harness), Light Commercial Vehicle (Engine Harness, Chassis Harness, Body & Lighting Harness,
Transmission Type, for ICE Vehicles Data Transmission, Electrical Wiring
Transmission Type, for Electric Vehicles Data Transmission, Electrical Wiring
Material Type, for Electric Vehicles Metallic (Copper, Aluminum, Other Materials), Optical Fiber (Plastic Optical Fiber (POF), Glass Optical Fiber (GOF))
Application Battery & Battery Management, Motor Management
Data Transfer Rate <150 Mbps, 150 Mbps To 1 Gbps
Type and Application, for Electric vehicles Battery Electric Vehicle (BEV) (Chassis Harness, Body & Lighting Harness, HVAC Harness, Dashboard/Cabin Harness, Battery Harness, Seat Harness, Sunroof Harness, Door Harness), Plug-In Hybrid Electric Vehicle (PHEV) (Traction Harness, Engine Harness, Chassis Harness, Body & Lighting Harness
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Key Questions Answered in Automotive Wiring Harness Market Report
How much is the global data centre building market likely to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market? Which kind of car now rules the global market for automobile wire harnesses, and why? Which country dominates the global automotive wire harnesses market, and what factors support this dominance?
This report provides the following insights:
Analysis of key drivers (Need for advanced and specialized wiring harnesses, increasing vehicle production, adoption of advanced driver assistance systems (ADAS) and rising consumer demand for in-vehicle connectivity), restraints (Increase in the cost of manufacturing wiring harnesses, more vehicle electronics become more complex and geopolitical tensions can disrupt the supply chain) opportunities (Shift towards autonomous and electric vehicles, increasing use of fiber optics in automotive wiring and Innovation in lightweight & durable materials), and challenges (Regulatory compliance & standards and protecting designing intellectual property) influencing the growth of automotive wiring harness market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automotive wiring harness market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automotive wiring harness market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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