Automotive Wiring Harness Market Size to Hit $59.5 Billion by 2030
The global Automotive
Wiring Harness Market Size is projected to grow from USD 47.0 billion in
2021 to USD 57.4 billion by 2026, at a CAGR of 4.1% during the forecast period.
Increasing vehicle production, increase in demand for
advanced features in vehicles, and growing penetration of electric vehicles are
the major factors driving the growth of the automotive wiring harness market.
However, a projected recovery in Q1-Q2 of 2021 in vehicle production
supports the growth of the automotive wiring harness market. According to the OICA (Organisation Internationale des
Constructeurs d'Automobiles), passenger car production hit 55.83 million in
2020, with the Asia Pacific and North America estimated to be the leading
regions.
The economic growth in China, India, and Brazil has improved
consumer lifestyle, which, in turn, has impacted the sales of passenger cars,
electric vehicles, and premium vehicles. With an increase in disposable income,
the demand for premium vehicles has increased significantly.
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The passenger car segment is estimated to lead the market in terms
of value during the forecast period due to the higher demand for automotive
wiring harnesses in economy and premium vehicles with advanced features. The
increase in vehicle production is the key factor driving the growth of the
automotive wiring harness market in all types of vehicles. Technological
advancements have also driven market growth in all vehicle types. ICE vehicles,
especially passenger cars, are now equipped with advanced features and
technologies to enhance passenger safety and comfort, and hence, more wiring
harnesses are installed.
The body & lighting segment holds the largest share as
passengers demand comfort and premium features, and with such features, the
number of harnesses in the body & lighting increases. Also, to enhance the
driving experience, many luxurious features are likely to be added in passenger
cars and to suffice the requirement, dashboards are becoming the most
interactive part of a vehicle. Manufacturers are introducing AR dashboards that
require more wiring harnesses. The passenger car automotive wiring harness market
in the body & lighting harness application is anticipated to grow from USD
9,436.3 million in 2021 to USD 12,016.0 million by 2026, at a CAGR of 5.0%.
The metallic segment holds the largest share in the automotive
wiring harness market. OEMs mostly use copper for manufacturing automotive
wiring harnesses due to high conductivity, limited corrosion, high tensile
strength, and high data transfer. In recent years, with the increasing need for
CO2 emission reduction, the demand for weight reduction has
increased significantly. Also, the fluctuating copper prices have largely
impacted Tier-I players in the market. Hence, in recent years, some
manufacturers have been considering the use of aluminum in automotive wiring
harnesses. The use of aluminum in automotive wiring harnesses with gold plating
helps enhance data transmission and reduce weight and costs. For instance, in
October 2021, Furukawa Electric developed aluminum wires in wiring harnesses,
which are used in Toyota Boshoku seats and fitted in the new Toyota Land
Cruiser 300. The wiring harnesses in seats use aluminum electrical wire in 115
of 152 circuits (an aluminum adoption rate of 75%), reducing weight by 44%
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The growing demand for premium vehicles is expected to increase the
automotive wiring harness demand. This is because vehicle electrification and
more advanced features would lead to more usage of connectors and electronics
in the vehicle for its various functions. This is expected to drive growth for
the automotive wiring harness market globally. Premium vehicle technologies are
becoming affordable with time. These vehicles use electronic control units and
other electronics that completely enhance the requirement of automotive wiring
harnesses, thereby driving its market.
Electronic control units and infotainment electronics are installed
in all types of vehicles. Thus, the increase in vehicle production will drive
market growth for the automotive wiring harness. Additionally, upcoming trends
in high voltage data transfer and specialty cables are expected to contribute
to the growth of the market. Thus, the increase in demand for premium vehicles
further rises the growth of wiring harnesses during the forecast period.
The increase in vehicle sales and manufacturing of mid-size premium
vehicles have fueled the demand for automotive wiring harnesses. The rising
electrification in vehicles and technological advancements are also expected to
drive the automotive wiring harness market. Due to the presence of advanced
technologies and features, premium vehicles have 40–50% more wiring harnesses
than the economy segment. Increased demand has encouraged the manufacturers of
automotive wiring harness to offer advanced wiring harness that helps in all
automotive applications. The chassis harness segment is estimated to lead the
market, in terms of value, during the forecast period due to higher demand for
automotive wiring harnesses in chassis applications such as frame, air brake
pump, suspension systems, and others.
Key Market Players:
Yazaki
Corporation (Japan), Sumitomo Electric Industries (Japan), Aptiv PLC (Ireland),
Furukawa Electric (Japan), and Leoni AG (Germany) are the prominent players in
the automotive wiring harness market. These companies adopted new product
development, and acquisition to gain traction in the automotive wiring harness
market.
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