The global automotive wiring harness market is estimated to be valued at USD 48,614.7 million in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The automotive wiring harness market involves the production of wiring harnesses for vehicles, which are used in electrical systems to transmit signals and electrical power. Wiring harnesses are essential for the functioning of various electrical components in a vehicle, including sensors, lights, infotainment systems, and more. With the increasing demand for advanced features and technologies in vehicles, such as electric and autonomous vehicles, the demand for automotive wiring harnesses is also growing.
B) Market Dynamics:
The automotive wiring harness market is driven by two main factors. The first driver is the rising demand for electric vehicles (EVs). As the automotive industry witnesses a shift towards cleaner and greener transportation, the demand for EVs is increasing significantly. EVs require extensive wiring harnesses to accommodate the complex electrical systems and components. This drives the demand for automotive wiring harnesses.
Another driver is the increasing focus on vehicle safety. Wiring harnesses play a vital role in ensuring the safety of vehicles. They protect electrical systems from potential hazards, prevent overheating or short circuits, and help in efficient transmission of electrical signals. With the increasing emphasis on vehicle safety standards and regulations, the demand for high-quality wiring harnesses is expected to surge.
C) Segment Analysis:
In terms of segments, the automotive wiring harness market can be categorized based on vehicle type, component type, and region. The passenger vehicle segment dominates the market, owing to the rising demand for passenger cars globally. Within the passenger vehicle segment, the mid-size and compact cars sub-segment is expected to dominate, due to their affordability and popularity among consumers.
D) PEST Analysis:
- Political: Government regulations promoting electric and hybrid vehicles.
- Economic: Increasing disposable income and purchasing power of consumers.
- Social: Growing awareness about the environmental impact of conventional vehicles.
- Technological: Advancements in electrical systems and components, as well as the development of smart wiring harnesses with built-in sensors and diagnostic capabilities.
E) Key Takeaways:
- The global automotive wiring harness market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing demand for electric vehicles and a growing focus on vehicle safety.
- Asia Pacific is the fastest-growing and dominating region in the automotive wiring harness market, driven by factors such as the presence of key automotive manufacturers, increasing production capacities, and rising consumer demand.
- Key players operating in the global automotive wiring harness market include Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Nexans Autoelectric, Yura Corporation, and BorgWarner, Inc.
In conclusion, the global automotive wiring harness market is expected to witness significant growth, driven by the increasing demand for electric vehicles and the growing focus on vehicle safety. The market offers immense opportunities for key players to capitalize on the rising demand and expand their market presence.
