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Automotive Wiring Harness market Growth
Development of vehicles with advanced safety features and technological advancements drive the growth of the market.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, January 10, 2025 /EINPresswire / -- Allied Market Research recently published a report, titled, "Automotive Wiring Harness Market by Material (Copper, Aluminum, and Others), Propulsion (ICE Vehicles, Electric Vehicles, and Hybrid Vehicles), Vehicle Type (Two Wheeler, Passenger Cars, and Commercial Vehicles), Voltage (Low Voltage, and High Voltage), and Application (Body & Lighting, Engine, HVAC, Chassis, Dashboard & Cabin, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global automotive wiring harness industry was pegged at $47.61 billion in 2020, and is expected to reach $73.71 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Electric vehicles operate on electric power, while reducing maintenance costs, and carbon emissions. Various countries across the world promote the use of electric vehicles to reduce the adoption of traditional gasoline fuel based vehicles and decrease their carbon footprint. Electric vehicles are integrated with high voltage wiring harnesses. The growth in demand for electric vehicles is expected to accelerate the demand for high voltage wiring harnesses to handle complex electric vehicle systems.
Leading market players-
Leoni AG
Fujikura Ltd.
NexansAutoelectricGmbh
Yura Corporation
SamvardhanaMotherson Group
Aptiv PLC
Lear Corporation
Yazaki Corporation
Furukawa Electric Co., Ltd
Sumitomo Electric Industries, Ltd
The copper segment to dominate by 2030-
By material, the copper segment accounted for nearly three-fourths of the global automotive wiring harness market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the high efficiency of copper in automobiles, electrification of vehicles, and rise in demand for larger vehicles, such as SUVs, and vans. The aluminum segment, however, would showcase the fastest CAGR of 6.4% by 2030. The adoption of aluminum-based wiring harnesses is expected to increase during the forecast period to reduce weight and costs associated with copper wiring harnesses and this drives the growth of the segment.
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The ICE vehicles segment held the lion's share in 2020-
Based on propulsion, the ICE vehicles segment held the lion's share in 2020, contributing to more than four-fifths of the global automotive wiring harness market, and is expected to continue its lead during the forecast period. Increase in demand for passenger vehicles, development of passenger cars with advanced safety features, and growing demand from emerging economies drive the demand for the segment. However, the electric vehicles segment is expected to witness the highest CAGR of 7.5% by 2030. This is because various countries across the world are promoting the use of electric vehicles to reduce the adoption of traditional gasoline fuel-based vehicles and decrease their carbon footprint. The report also includes an analysis of the hybrid vehicles segment.
Asia-Pacific, followed by North America, to lead the trail in terms of revenue-
By region, Asia-Pacific, followed by North America, garnered the major share in 2020, contributing to nearly half of the global automotive wiring harness market, and is anticipated to continue its lead during the forecast period. This is owing to growth in demand for premium cars & advanced features in vehicles, increased disposable income in countries such as India & China, as well as rise in adoption of electric vehicles in the region. However, the LAMEA region is expected to witness the fastest CAGR of 6.6%. Factors such as the introduction of vehicle emission protocols and rise in the demand for fuel-efficient and eco-friendly vehicles drive the growth of the LAMEA automotive wiring harness market .
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Key Findings Of The Study
By material, the aluminum segment is anticipated to exhibit significant growth in the near future.
By propulsion, the electric vehicles segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the two wheeler segment is anticipated to exhibit significant growth in the near future.
By voltage, the high voltage automotive wiring harness segment is anticipated to exhibit significant growth in the near future.
By application, the dashboard and cabin segment is anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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