Accelerating Connections : The Growing Automotive Wiring Harness Market and Its $73.71 Billion Potential by 2030

Automotive Wiring Harness Share

OREGAON, PORTLAND, UNITED STATESย , March 5, 2024 / -- A report published by Allied Market Research on the global automotive wiring harness market indicates that the industry was valued at $47,618.0 million in 2020 and is projected to reach $73,713.8 million in 2030, registering a CAGR of 4.6% from 2022 to 2031. This report provides an in-depth analysis of the global automotive wiring harness industry scenario, the prevailing trends and driving forces, and the current state and potential future growth of the market. It also outlines the main investment pockets, the top market segments, regional analysis, pricing factors, and the competitive environment.

๐‘๐ž๐ช๐ฎ๐ž๐ฌ๐ญ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐๐š๐ ๐ž๐ฌ -

An automotive wiring harness serves as the central nervous system in modern vehicles, providing the electrical infrastructure necessary for seamless operation of various systems. It links various electronic components and systems throughout the vehicle to ensure proper functioning. Some modern wiring harnesses incorporate diagnostic features, allowing for easier identification and troubleshooting of electrical issues.

Moreover, an array of advancements collectively contributes to the overall efficiency, safety, and performance of modern automotive wiring harnesses, aligning with the evolving needs of the automotive industry. Recent advancements in automotive wiring harness technology include the use of high voltage wiring for electric vehicles, lightweight materials to enhance fuel efficiency, and improved connectivity for advanced driver assistance systems (ADAS) and in-car entertainment.

Additionally, manufacturers are exploring smart wiring harnesses with embedded sensors for real time monitoring and diagnostics, contributing to overall vehicle safety and performance. The integration of data communication capabilities for connected vehicles and the implementation of smart diagnostics to facilitate predictive maintenance are anticipated trends in the future of automotive wiring harness technology.

๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ž๐ญ๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ:

๐Œ๐š๐ซ๐ค๐ž๐ญ ๐๐ฒ๐ง๐š๐ฆ๐ข๐œ๐ฌ:

The development of vehicles with advanced safety features, rise in adoption of electric vehicles across the globe, and technological advancements drive the growth of the global automotive wiring harness market. At the same time, installation of flexible wires in automotive wiring harness for improved power delivery and increased use of aluminum to reduce weight of wiring harness are boosting the growth of the market. However, high maintenance cost restrains the market growth to some extent. Nevertheless, the surge in development of autonomous vehicles and proactive government regulations associated with electric vehicles are expected to offer remunerative growth opportunities in the upcoming years.

๐“๐ก๐ž ๐ˆ๐‚๐„ ๐ฏ๐ž๐ก๐ข๐œ๐ฅ๐ž๐ฌ ๐ฌ๐ž๐ ๐ฆ๐ž๐ง๐ญ ๐ก๐ž๐ฅ๐ ๐ญ๐ก๐ž ๐ฅ๐ข๐จ๐ง'๐ฌ ๐ฌ๐ก๐š๐ซ๐ž ๐ข๐ง ๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ-

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.

๐“๐ก๐ž ๐œ๐จ๐ฉ๐ฉ๐ž๐ซ ๐ฌ๐ž๐ ๐ฆ๐ž๐ง๐ญ ๐ญ๐จ ๐๐จ๐ฆ๐ข๐ง๐š๐ญ๐ž ๐›๐ฒ ๐Ÿ๐ŸŽ๐Ÿ‘๐ŸŽ-

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.

๐ˆ๐ง๐ญ๐ž๐ซ๐ž๐ฌ๐ญ๐ž๐ ๐ญ๐จ ๐๐ซ๐จ๐œ๐ฎ๐ซ๐ž ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก ๐‘๐ž๐ฉ๐จ๐ซ๐ญ? ๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐๐ž๐Ÿ๐จ๐ซ๐ž ๐๐ฎ๐ฒ๐ข๐ง๐  -

๐“๐จ๐ฉ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐ฉ๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ฅ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ž ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ:

Aptiv PLC

Fujikura Ltd.

Furukawa Electric Co., Ltd

Lear Corporation

Leoni AG

Nexans Auto electric Gmbh

Samvardhana Motherson Group

Sumitomo Electric Industries, Ltd

Yazaki Corporation

Yura Corporation

๐Š๐ž๐ฒ ๐…๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐Ž๐Ÿ ๐“๐ก๐ž ๐’๐ญ๐ฎ๐๐ฒ

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.

David Correa
Allied Market Research
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